Which of the Following Equations Represents GDP for an Open

question 59

Multiple Choice

Which of the following equations represents GDP for an open economy?

• A)Y = C + I + G + NX
• B)NX = I - G
• C)I = Y - C + G + NX
• D)Y = C + I + G

Understand the role of concentration ratio in measuring market concentration.

Explain how the Five Forces Model helps analyze competition and profitability within an industry.

Describe the conditions for entry and exit in different market structures, including contestable markets.

Identify real-world examples of oligopolistic industries.

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Definitions:

Reflexive Constant

A principle in sociology that suggests individuals continually adjust their actions based on their social interactions and how they perceive others will respond.

Global Village

Global village refers to the concept of the world being interconnected and smaller due to the advances in communication and transportation technology, facilitating global awareness and cultural exchange.

Marshall McLuhan

A Canadian philosopher and professor who famously coined the expressions "the medium is the message" and "global village," emphasizing the impact of media and communication technologies on society.

Cultural Process

The dynamic mechanisms and patterns through which cultures are formed, maintained, and transformed over time, including traditions, practices, and social norms.