|11-12. Consider an open economy in which the aggregate
|supply curve slopes upward in the short run.
|Firms in this nation do not import raw materials
|or any other productive inputs from abroad, but
|foreign residents purchase many of the nation’s
|goods and services. What is the most likely shortrun
|effect on this nation’s economy if there is a
|significant downturn in economic activity in
|other nations around the world? (See page 243.)
|this economy is an exporter. The exports depend on demand frm other nations. When these nations havea downturn in economic activity demand will decline.
|this implies a decrease in imports, which translates into decline in exports for our nation.
|this will reduce aggregate demand, so that GDP will decline in short run.
11-12. Consider an open economy in which the aggregate
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