Consider the following information about the country Westeros and the country Essos. The currency sharedby Westeros and Essos is named the Gold Dragon (GD) and each country's GDP is quoted for the same year.Westeros has a nominal GDP of 10,000 GD.Esso has a nominal GDP of 20,000 GD.Can I conclude that the standard of living in Westeros is lower than the standard of living in Essos? Whyor why not?

The nominal GDP of a country explains the total output generated by the people of a country within…

Answered: Consider the following information…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Open-economy Macroeconomics: Basic Concepts

Section: Chapter Questions

Problem 1CQQ

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Country A has export sales of 20 billion, government purchases of 1,000 billion, business investment is 50 billion, imports are 40 billion, and consumption spending is 2,000 billion. What is the dollar value of GDP?
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For a certain economy, let the following data is measured in million birr Net foreign expenditure (3,000) Wage and salary of labors (8,000) Government Transfers to Individuals (3000) Rent of land and physical capitals (6.000) Government expenditure (10,000) Domestic consumption expenditure (12,000) Dividends (2,000) Interest of saving and financial capital (4,000) Profit of proprietor (sole proprietorship and partnership firms) (3.000) Undistributed corporate profit (corporate income tax + dividend +retained earning) (5,000) Indirect business tax (VAT, sales tax, excise tax) (7.000) Net Interest (public and personal) (7.000) Depreciation of fixed capital (2,000) Population number in million (9,000) Statistical discrepancy (error in measuring) (+1,000) Business Investment expenditure (11.000) Net factor income (4,000) Social Insurance Contributions (5,000) Personal Interest on Income (5,000) Personal income tax and non-tax payments (6,000) A) Calculate GDP using income…
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In the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years 2010 - 2016. All dollar figures are in trillions and have been rounded to the nearest trillion. Some entries are missing from the table. Let's see if you can figure out one of these missing values. 2010 2011 2012 2013 2014 2015 2016 Current-dollar GDP 15.0 15.5 16.2 16.8 17.5 18.2 18.7 GDP in chained 2012 dollars 15.8 16.5 16.9 17.7 chained growth rate of GDP (%) 2.6 1.6 2.5 2.9 1.6 What was real GDP in 2015? a) 16.9 x 1.029 = 17.4b) 16.9 x 1.025 = 17.3c) (16.9 + 17.7)/2 = 17.3d) 17.5 x 1.029 = 18.0

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