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Explain Why Exports Are Added To, and Imports Are Subtracted

question 23

Essay

Explain why exports are added to, and imports are subtracted from, aggregate expenditures in moving from a closed to an open economy.


Definitions:

Postmodernism

is a broad movement that developed in the mid- to late-20th century across philosophy, the arts, architecture, and criticism, marking a departure from modernism with its skepticism towards grand narratives and emphasis on relativism and individuality.

Modern Conceptions

Concepts or ideas that are current and widely accepted in the present time.

Hyperspace

A concept from mathematics and science fiction referring to a space with more dimensions than those of the observable universe.

Simulacrum

An image or representation of someone or something that is not true to the original but is accepted as real.

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