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Choose one of the questions below to discuss. (200 word min) 1. What is meant by...

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Economics

Choose one of the questions below to discuss. (200 word min)

1. What is meant by the term \"open economy\"? \"Closedeconomy?\"

2. What imported goods do you often buy? How would you beaffected if the U.S. restricted international trade or stoppedtrading with other nations entirely?

3. What happens to the trade from either developed orunderdeveloped nations when monopoly export and import agencies areset up? Why?

4. What are the differences between common markets, customunions and free trade agreements? Which of these is the mostcomprehensive form of trade agreement.

5. What was the basic role of GATT? What is the basic objectiveof the WTO?

6. What are the major threats to further world tradeliberalization?

7. What are the differences between the static vie ofcomparative advantage and the dynamic view of growth?

Answer & Explanation Solved by verified expert
4.2 Ratings (538 Votes)
An open economy is generally referred to as an economy which takes part in international trade In other words an open economy is an economy which is open to trading of goods and services An economy which sells its goods and services to a foreign economy is said to be the exporter of the good    See Answer
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