The Diagrams Below Show the Import,export,and Net Export Functions for an Economy

question 7

Multiple Choice

The diagrams below show the import,export,and net export functions for an economy. FIGURE 22-1 Refer to Figure 22-1.The function for desired imports for this economy can be expressed as

• A)NX = 450 - Y.
• B)IM = 450 - 0.5(
• Y).
• C)NX = 0.5(
• Y).
• D)IM = 0.5(
• Y).
• E)IM = 0.2(

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Definitions:

Reciprocal Treatment

An approach where actions or attitudes are mutually exchanged or reflected between parties.

Law of Equity

A body of law that provides remedies and relief in situations where strict legal rules would be unfairly rigid, focusing on fairness and justice.

Gratuitous Promise

A vow or commitment to do something for someone else without expecting anything in return.

Breach of Contract

The act of breaking any terms and conditions that were mutually agreed upon in a legally enforceable contract.