In an open economy,total income is the sum of exports and imports.

Name: In an open economy,total income is the sum of exports and imports.
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Total income in an open economy is not just the sum of exports and imports. It includes domestic income, which is a function of factors such as consumption, investment, government spending, and exports. Imports are subtracted from this to calculate the net income or GDP.

In an Open Economy,total Income Is the Sum of Exports