11-12. Consider an open economy in which the aggregate

11-12. Consider an open economy in which the aggregate

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.

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