A Small Open Economy Is an Economy

question 54

Multiple Choice

A small open economy is an economy

• A) in which both imports and exports are less than 5% of GDP.
• B) whose firms and consumers are individually, but not collectively price takers.
• C) whose firms and consumers are collectively, but not individually price takers.
• D) whose firms and consumers are individually and collectively price takers.
• E) that is open to ideas.

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Definitions:

Carrier

A person who carries and transmits characteristics but does not exhibit them.

Recessive Gene

A genetic trait that is expressed only when two copies of the gene are present, often overshadowed by a dominant counterpart.

Sickle Cell

A genetic blood disorder that results in red blood cells assuming a sickle shape, leading to problems such as pain, infections, and anemia.

Recessive Gene

A type of gene that is not expressed in the phenotype unless two copies of the gene (one from each parent) are present.