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Discuss the circular flow diagram of an open economy. Apply the circular flow diagram
to a country of your choice.
Step by step
Solved in 3 steps
- Create a table that identifies the macroeconomic policies for a high-income country, a middle-income country, and a low-income countryFully examine the circular flow diagram of an open economy. Apply the circular flow diagram to a country of your choice.What is the International Monetary Fund? Discuss its relationship with the World Bank.
- What aspects of the international economy are different to those of a single economy? What comparisons can be made between the two?The source for this dataset is The World Bank. data.worldbank.org/indicator/NY.GDP.PCAP.CD(a) In 2022, what are the 6 richest countries in the world?(b) In 2022, what are the 6 poorest countries in the world(c) In 2022, how many times richer is the average person of the richest country thanthe average person of the poorest country in the world?2. For the countries that have data for 1960, compute the average ANNUAL growth rate ofper capita GDP between 1960 and 2022.(a) What 5 countries have grown the MOST over this period? What are their growthrates?(b) What 5 countries have grown the LEAST over this period? What are their growthrates?3. Write down some of your thoughts about WHY some countries are rich and some countriesare poor.What is the World Bank and what are its purpose?
