The Ratio Between a Country's Imports and Exports of Goods

question 16

Multiple Choice

The ratio between a country's imports and exports of goods or services to their gross domestic product (GDP) is a measure of that country's:

• A)microeconomics
• B)openness as an economy
• C)macroeconomics
• D)economic interdependence

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Definitions:

Journal

A chronological record where financial transactions are initially recorded using the double-entry accounting system before being transferred to accounts in the ledger.

Chronological Order

This is the arrangement of events, or information, according to the time sequence in which they occurred or were created.

Account Number Order

The sequence or arrangement of account numbers, often used in organizing financial records or transactions for easy access and reference.

Journal

A detailed record where all financial transactions are initially recorded, chronologically, before being posted to ledger accounts.