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What is the difference between a closed and open economy. Define in a well manner.
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Solved in 2 steps
- Explain only one difference between the closed and open economy?In the long run, what happens to investment, and the interest rate when the government increases taxes in a closed economy?a. Identify a country that could be considered as having the most closed economy. b. Discuss THREE benefits that the country identified could experience as a result of being closed.
- What difficulties has Russia encountered in its move from a command economy to a market economy?In the long run, what happens to consumption, investment, and the interest rate when the government increases taxes in a closed economy?What is the relationship between national saving and investment in a closed economy? Start by explaining what is a closed economy.