a) What is the main cause of the differences in living standards today compared to those of a century ago? b) Explain the difference between countries like Norway and countries like USA using the circular flow model. c) Using the key accounting identify, explain how it is possible for a country to have a current account deficit, and a balanced private financial account.

a) What is the main cause of the differences in living standards today compared to those of a century ago? b) Explain the difference between countries like Norway and countries like USA using the circular flow model. c) Using the key accounting identify, explain how it is possible for a country to have a current account deficit, and a balanced private financial account.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter1: The Role And Method Of Economics

Section: Chapter Questions

Problem 8P

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