Travel services include purchases of items by residents of one country when they travel to another country

Indicate whether the statement is true or false

TRUE

Economics

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In the classical model with an open economy, an increase in government purchases can affect a country's exchange rate, causing its imports and exports to change

a. True b. False

Economics

The classical model

a. is another name for the short-run macro model b. was developed to explain the long period of poor economic performance during the Great Depression c. is an attempt to explain why the economy tends to perform rather well over long periods of time d. is believed by most economists to be a better explanatory model for short-term, rather than long-term, economic performance e. was not really accepted as a legitimate economic theory until the 1950s

Economics