Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram
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Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign country as a third agent. Draw a rough sketch of the flows of imports, exports, and the payments for each on your diagram.
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Draw a box outside the original circular flow to represent the foreign c...View the full answer
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