What Is the Difference Between an Open Economy and a Closed

question 35

Multiple Choice

What is the difference between an open economy and a closed economy?

• A) A closed economy has sealed borders and allows no tourism or migration.
• B) An open economy has very few restrictions on trade or financial flows.
• C) A closed economy has very tough wage and hour laws and will not tolerate labor unions.
• D) An open economy has lax restrictions on drugs or other illegal activities.

Acknowledge the importance and value of followers in organizational success and leadership effectiveness.

Understand the psychological factors that influence individuals' susceptibility to dysfunctional or toxic leaders.

Recognize the evolving perspective on leadership and followership as a co-constructed process that emphasizes the relational dynamics between followers and leaders.

Understand the current state of followership studies, including its strengths, limitations, and future directions.

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Definitions:

Unrealistically Low Expectations

Expectations that are set significantly below a realistic assessment of achievable outcomes, often leading to underperformance or missed opportunities.

Psychological Contract Breach

The perception that an employer has failed to fulfill one or more unwritten expectations of the employment relationship.

Unrealistically High

Describes expectations or objectives that are excessively beyond realistic reach or achievement.

Psychological Contract Breach

A perception that one's employer has failed to fulfill one or more obligations within the unwritten agreement of the psychological contract.