Deck 31: 0: Sec 310 Mc Open Economy Macroeconomics Basic Concepts

Question 1

Which type(s)of economies interact with other economies?

A)only closed economies
B)only open economies
C)closed economies and open economies
D)neither closed nor open economies

Answer 1

C

Question 2

International trade

A)raises the standard of living in all trading countries.
B)lowers the standard of living in all trading countries.
C)leaves the standard of living unchanged.
D)raises the standard of living for importing countries and lowers it for exporting countries.

Answer 2

B