Examlex
The text includes a discussion about Christopher C.Hood's comparison of public administration to a collection of tools.Briefly, what does Hood mean by this? What are the two distinct types of tools? Describe each and discuss a few specific examples of each in use.
Net Exports
The sum total of a country's exports minus its imports, showcasing the balance of trade.
Goods And Services
The output of economic activity; goods are tangible items, while services are intangible acts or efforts.
Nominal Exchange Rate
The rate at which one country's currency can be exchanged for another country's currency, not adjusted for inflation.
Real Exchange Rate
The real exchange rate compares the relative price of goods and services between countries, adjusted for differences in price levels.
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