1. Measuring the openness of an economy The following table contains information on two hypothetical nations, Ravenia and Bearistan, that exist as part of a larger hypothetical international economy. Use the information provided to compute the openness measure for each country. Exports Imports GDP Country (Billions of dollars) (Billions of dollars) (Billions of dollars) Openness Measure Ravenia 179 56 125 Bearistan 54 58 64 Based on your calculations, you can conclude that Ravenia is relatively open than Bearistan.

1. Measuring the openness of an economy The following table contains information on two hypothetical nations, Ravenia and Bearistan, that exist as part of a larger hypothetical international economy. Use the information provided to compute the openness measure for each country. Exports Imports GDP Country (Billions of dollars) (Billions of dollars) (Billions of dollars) Openness Measure Ravenia 179 56 125 Bearistan 54 58 64 Based on your calculations, you can conclude that Ravenia is relatively open than Bearistan.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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