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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text: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
more
Bearistan
54
58
less
Based on your calculations, you can conclude that Ravenia is relatively
open than Bearistan.

Transcribed Image Text: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.
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