1. True/false/uncertain. (Total: 30 points). Explain whether each of the

following statements is true, false, or could go either way depending on the

circumstances. Start your answer by selecting one of the three statements -

"True", "False", or "Uncertain" and then provide arguments to justify your

selection. Explanation determines grade.

1.a) Over the past 30 years Ireland has successfully attracted foreign companies

to set up operations in the country. As a result, Irish GNI is substantially

higher than its GDP. (10 points)

1.b) Saving is equal to investment only for a closed economy. (10 points)