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Balance of trade in an open economy.

 

An open economy has the following pattern of income and domestic expenditure:

Variable / Year Year 1 (£) Year 2 (£) Year 3 (£)
National income 500 250 200
Government expenditure 200 250 200
Private consumption 250 300 250
Investment 50 200 200

For each of the three years, show the balance of trade facing the economy.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M921585

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