If the Price of a Good in a Closed Economy

question 152

Multiple Choice

If the price of a good in a closed economy is lower than the world price, then with an open economy this country will be a ________ of that good.

• A)net importer
• B)net exporter
• C)price taker
• D)price setter

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Definitions:

Britain and France

Two major European powers with a long history of rivalry, conflict, and cooperation that have had significant influences on global politics, culture, and economics.

Piedmont-Sardinia

A kingdom in northwestern Italy, which played a leading role in the Italian unification movement of the 19th century, led by its Prime Minister, Count Camillo di Cavour.

Giuseppe Mazzini

An Italian politician, journalist, and activist for the unification of Italy in the 19th century, who passionately promoted democracy and republicanism.

Italian Nationalism

A political and social movement that emerged in the 19th century, aimed at the unification of the various states and territories of Italy into a single nation-state.