QUESTION 2 The table below gives the values of different expenditures in the United States during 1999. Answer the following questions about the United States a) Define the concept of Gross Domestic Product (GDP) b) Calculate the value of net exports of goods and services in 1999? c) Calculate (nominal) GDP equal to in 1999? d) What was the (nominal) value of total production equal to in 1999?

QUESTION 2 The table below gives the values of different expenditures in the United States during 1999. Answer the following questions about the United States a) Define the concept of Gross Domestic Product (GDP) b) Calculate the value of net exports of goods and services in 1999? c) Calculate (nominal) GDP equal to in 1999? d) What was the (nominal) value of total production equal to in 1999?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter23: The International Trade And Capital Flows

Section: Chapter Questions

Problem 3SCQ: State whether each of the following events Involves a financial flow to the Mexican economy or a...

See similar textbooks

Similar questions

1._______ The total value of a nation’s exports minus thetotal value of its imports over some period of time.2._______ The ability to produce a specific product moreefficiently than any other nation.3._______ Selling and shipping raw materials or products toother nations.4._______ The ability to produce a specific product moreefficiently than any other product.5._______ All business activities that involve exchangesacross national boundaries.6._______ The total flow of money into a country minus thetotal flow of money out of that country over thesame period of time.7._______ A tax levied on a particular foreign product entering a country.8._______ A complete halt to trading with a particular nationor in a particular product.9._______ An international barter transaction.10. _______ An internationally supported bank that providesloans to developing countries to help them grow.a. countertradeb. foreign exchange controlc. multilateral development bank (MDB)d. absolute advantagee. import…
Sketch a diagram of how a budget deficit causes a trade deficit. (Hint: Begin with what will happen to the exchange rate when foreigners demand more U.S. government debt.)
(Balance of Payments) The following are hypotheticaldata for the U.S. balance of payments. Use the data tocalculate each of the following:a. Merchandise trade balanceb. Balance on goods and servicesc. Balance on current accountd. Financial account balancee. Statistical discrepancyBillions of DollarsMerchandise exports 350.0Merchandise imports 2,425.0Service exports 2,145Service imports 170Net income and net transfers 221.5Change in U.S.-owned assets abroad 245.0Change in foreign-owned assets in theUnited States100.0
wouldn't the answer be $184 since you also have to subtract net transfers abroad - debit loss of $10. (GDP+net income earned by foreign investment - investment income paid to foreigners + net transfers) $200+$22-$28-$10 = $184
) Consider the following open economy SImodel set upY = 18000C = 300 + 0.8(Y − 2500)I = 3500 − 400(r)r = r* = 5G = 3000T = 2500(a) Compute public savings. How much isnational savings, S?(b) Compute Net Exports.
Suppose there is a reduction in foreign output, Y*. This reduction in Y* will cause which of the following in the domestic country?a reduction in outputa reduction in consumptiona reduction in net exportsall of the abovenone of the above
What 10 norms that we can see, observe and practice in the Philippines
6. GlobalizationSuppose an international hotel chain is planning to overtake an small but established Austrianhotel chain, investing by renovating the existing buildings and constructing a few new ones.Discuss which benefits and drawbacks could be expected for Austria by giving two examples foreach.
Shane who is a farmer of a city bought a tractor worth $18,500 from an importer so that the mango orchard he is taking care of would bare more fruits to be exported later. A. Investment B. Consumption C. Import D. Net export
Please answer each question with sufficient detail. Relevant detailed responses are highly r$ewarded. If you consult any sources, then you should provide both in-text citations and references at the end of each response. You need to make sure at least consult your textbook for your responses. 1. Suppose that the production of $1 miilion worth of steel in Canada requires $100,000 worth of taconite. Canada's nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Given this information, calculate the effective rateof protection for Canada's steel industry.
describe 4 differentways the government odf canadahelps facilitate trade with other countries and helps ensure canadian companies are competitive in the global market please explain how the initatives achieve their goals.
Consider the following open economy SImodel set upY = 18000C = 300 + 0.8(Y − 2500)I = 3500 − 400(r)r = r∗ = 5G = 3000T = 2500NX = 5000 − 30(e)(a) Compute National Savings.(b) Compute Net Exports, NX and exchangerate, e.(d) Compute the impact on e, if both Gincrease by 500.