Which of the following is a common measure of degree of 'openness of an economy'? Options: A . &nbspTrade balance as a percentage of GDP B . &nbspBalance of Payments as a percentage of GDP C . &nbspExports and imports share in world GDP D . &nbspExports and imports of goods and services as a percentage of GDP

Which of the following is a common measure of degree of 'openness of an economy'

Question

Which of the following is a common measure of degree of 'openness of an economy'?

Options:

A . Trade balance as a percentage of GDP

B . Balance of Payments as a percentage of GDP

C . Exports and imports share in world GDP

D . Exports and imports of goods and services as a percentage of GDP

Answer: Option D
Answer: (d)Openness is measured as, Exports + Imports of goods and services of a country as a percentage of its GDP. So, (d) is correctTrade balance means Exports – Imports. So, statement (c) is incorrect.

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