Which of the following is the best definition of openness?
A. The average of imports expressed as a share of GDP.
B. The average of goods traded in markets expressed as a share of GDP.
C. The average of imports and exports expressed as a share of GDP.
D. The average trade balance expressed as a share of GDP.
E. The average of exports expressed as a share of GDP.
Answer: C
You might also like to view...
If a fair game is played many times the monetary losses or gains will:
a. approach zero. b. be negative. c. be positive. d. result in an outcome that cannot be determined without more information.
The marginal revenue product of a resource:
a. is defined as the marginal product of the resource multiplied by the resource price. b. simply means that a firm should add to its capital stock as long as competition requires it. c. equals the extra output produced by an additional unit of the resource multiplied by the price of that output. d. equals the average product of the resource multiplied by the cost of hiring an additional (marginal) unit of the resource.
Which of the following is a possible budget reform?
a. a quarterly budget b. adding more line items to the budget c. a biennial budget d. none of the above would reform the budget process
A commercial bank's reserve ratio equals the ratio of its reserves to its:
A. required reserves. B. assets. C. deposits. D. excess reserves.