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An economy that has interactions in trade or finance with other economies is referred to as:
 
A) A closed economy
B) A net foreign investment economy
C) A trade-balanced economy
D) An open economy

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Joshua Stredder
Joshua StredderLv10
14 Oct 2020
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Related questions

Suppose a new technology is developed that increases investment demand in both a closed economy and in a small open economy that is in other ways identical. Holding other factors constant, will the quantity of investment spending increase more in the closed economy or in the small open economy? Explain. Assume prices are flexible and that factors of production are fully employed in both economies. Assume there is perfect capital mobility for the small open economy.

An article in the Economist quotes the finance minister of Peru as saying, "We are one of the most open economies of Latin America." Source: "Hold on Tight," Economist, February 2, 2013. Is the fiscal policy in Peru likely to be more or less effective than it would be in a less open economy? Briefly explain.

A. Contractionary fiscal policy will be more effective in an open economy than in a less open economy.

B. Fiscal policy will have a larger impact on aggregate demand in an open economy than in a less open economy.

C. Expansionary fiscal policy will be more effective in an open economy than in a less open economy.

D. Fiscal policy will have a smaller impact on aggregate demand in an open economy than in a less open economy.

Timmy is rather confused. He thinks all of the following are part of the Washington Consensus. He is wrong. Which of the following is NOT part of the Washington Consensus?

a) Balanced government budgets are good for stabilizing the economy.

b) Foreign ownership of local commercial banks will help an economy to stabilize.

c) A better educated workforce will be more productive and help an economy grow.

d) Selling off state-owned enterprises will give the government more revenue.

e) Free trade helps poor economies develop economically.

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