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pophw1-fin

# pophw1-fin - POP HOMEWORK ASSIGNMENT I JANUARY 23(January...

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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 JANUARY 25 Q: If the price of a bagel is \$.80 and the price of a muffin is \$1.20, what is the relative price of bagels in terms of muffins? Draw the relative price line for

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

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