The Openness Ratio Is Measured by a Country's

question 6

Multiple Choice

The openness ratio is measured by a country's

• A) exports as a percent of GDP.
• B) imports as a percent of GDP.
• C) exports minus imports as a percent of GDP.
• D) exports plus imports as a percent of GDP.

---

Definitions:

Refuses to Pay

Describes a situation where an individual or entity declines or fails to fulfill a financial obligation, such as debts or invoices.

Accepted Goods

Items that have been received and approved by a buyer, indicating satisfaction with their condition according to the terms of the purchase agreement.

Repudiated the Contract

A situation where one party refuses to fulfill their obligations under the contract, effectively renouncing or rejecting it.

Contract Obligations

Duties that are legally binding and arise from agreements made between parties to perform or refrain from performing certain acts.