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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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