Show income determination in a closed economy in contrast to an
open economy using the concepts of income as determined by
injections (like investment and exports) and leakages (like saving
and imports). Discuss in words like Singapore, with a high reliance
on international trade and capital flows, is an open economy.
Devise an economic policy to maintain the economy growing at 3
percent. Using Fiscal and Monetary Policy devise a plan that will
meet the objective, and use graphs to help explain your positions.
Explain in detail what you are showing with the use of each
graph.