In an Open Economy,total Income Is the Sum of Exports

question 103

True/False

In an open economy,total income is the sum of exports and imports.

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Definitions:

Remedies

The methods used to uphold a right or address and remedy the infringement or breach of a right.

Cumulative

Describing something that increases or accumulates over time by successive additions.

Replevy

Replevy is a legal process whereby seized goods are returned to their owner upon posting security, usually in situations where goods were wrongfully taken or retained.

Insolvent

Refers to a financial state where an entity or individual is unable to pay debts as they become due.