pophw1-fin - POP HOMEWORK ASSIGNMENT - I JANUARY 23...

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POP HOMEWORK ASSIGNMENT - I JANUARY 23 (January 23 rd is the day you (if your last name initial is one of the letters announced at the end of the lecture on January 23 rd ) should submit your answers for the following question in class.) Q: What is the index of openness? What does a higher number indicate? Country Utopia exports goods and services valued at $20 million while its GNP is $140 million. What is Utopia's index of openness? Please show your work. A: The index of openness is exports divided by the GNP. It tells us the proportion of production for exports as compared to the total production of the economy. A higher number indicates a greater reliance on the world economy as a market, a higher interdependence with the rest of the world. In the example provided, Utopia's index of openness can be calculated as follows: ($20 million divided by $140 million) times 100. The result is about 14.3. INITIALS: P S U
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This note was uploaded on 09/22/2008 for the course ECON 333 taught by Professor Yavas,cemilepan,lu during the Fall '06 term at Pennsylvania State University, University Park.

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pophw1-fin - POP HOMEWORK ASSIGNMENT - I JANUARY 23...

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