i. Adam (who lives in England) shears wool from his sheep and sells it to Karl (who lives in Germany) for $1400 ii. Karl uses the wool purchased from Adam to weave into woollen cloth that he then sells to Leon (who also lives in Germany) for $1600. iii. Leon sells the woollen cloth to Alfred (who lives in England) for $2000. iv. Alfred then tailors a bespoke suit for John (who lives in England) for $5000. Suppose that these are the only transactions in the two countries, and that they all take place in the year 2017. The GDPs of the United Kingdom and Germany (measured in dollars), respectively, are: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с d $6400 and $2000 $3000 and $7000 $4400 and $600 $5000 and $2000

i. Adam (who lives in England) shears wool from his sheep and sells it to Karl (who lives in Germany) for $1400 ii. Karl uses the wool purchased from Adam to weave into woollen cloth that he then sells to Leon (who also lives in Germany) for $1600. iii. Leon sells the woollen cloth to Alfred (who lives in England) for $2000. iv. Alfred then tailors a bespoke suit for John (who lives in England) for $5000. Suppose that these are the only transactions in the two countries, and that they all take place in the year 2017. The GDPs of the United Kingdom and Germany (measured in dollars), respectively, are: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с d $6400 and $2000 $3000 and $7000 $4400 and $600 $5000 and $2000

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 14E

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