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Homework 5 2010 Homework Problem Solutions

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Queen's University
ECON 231
Huang Hui

Homework 5201003011 What distinguishes macroeconomics and microeconomics What are the key aspects of economics that comprise international monetary economics the macro side of international economics What additional aspect of macroeconomics distinguishes an open economy from a closed economyMacroeconomics is the study of economics on a whole market basis of how people and markets interact to form actions and reactions in our open economyMicroeconomics is the study of more specific parts of the economy and the actions and reactions changes have to specific parts and people International monetary economics is a framework for analyzing money in its functions as a medium of exchange store of value and unit of account It considers how money for example fiat currency can gain acceptance purely because of its convenience as a public goodIt examines the effects of monetary systems including regulation of money and associated financial institutions and international aspects wiki monetary economics An additional aspect that distinguishes an open economy from a closed economy is the influence that aggregate demand for output has on the economy 2 The balance of payments of Canada records debit entries when an international transaction gives rise to a debit entry in the books of a resident of Canada a credit entry is made in the balance of p
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