GDP of each country and amount of money spend on each good.

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 17, Problem 4QAP

a

To determine

To calculate:GDP of each country and amount of money spend on each good.

b

To determine

To find:Trade balance of each country and its pattern of trade.

c

To determine

To find:Whether any country will have zero trade balance or not.

d

To determine

To ascertain:Whether U.S. will have zero trade deficit with every country or not.

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Q.7.2 Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: COMPONΕNT R millions Consumption expenditure (C) 9 000 Investment (I) 6 500 Government spending (G) 7 000 Exports (X) 1 800 Imports (Z) 2 400 Depreciation 700 Foreign payment to the rest of the 300 world Foreign payment from the rest of the 250 world Show all calculations and formulae. Calculate the value of the country's GDE (Gross Domestic Expenditure).

Q.7.2 Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: COMPONENT R millions Consumption expenditure (C) 9 000 Investment (I) 6 500 Government spending (G) 7 000 Exports (X) 1 800 Imports (Z) 2 400 Depreciation 700 Foreign payment to the rest of the 300 world Foreign payment from the rest of the 250 world Show all calculations and formulae. Q.7.2.1 Calculate the value of the country's GDE (Gross Domestic Expenditure). © The Independent Institute of Education (Pty) Ltd 2020 20 Q.7.2.2 Compute the value for the country's GDP (Gross Domestic Product) at market price. Q.7.2.3 Determine the value of the country's NNI (Net National Income) at market price. Q.7.2.4 If it is predicted that the GDP will increase to 22 000 in 2020, calculate the growth rate between 2019 and 2020. Q.7.2.5 The measure of GDP for economic growth is not always ect. Describe any two problems that are…

Based on the GDP information in the table below for 2 countries: Country A Country B GDP per capita in 2020 $30,000 $25,000 GDP per capita in 2021 $32,000 $30,000 Group of answer choices Countries A and B have improved their standard of living in 2021, but A’s living standards have lowered compared to B. Country A has improved their standard of living in 2021 more than country B. Countries A and B have improved their standard of living in 2021 but A has higher standards of living than B. Country B has a higher GDP in 2021 than country A.

Answer 2

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 17, Problem 4QAP

a

To determine

To calculate:GDP of each country and amount of money spend on each good.

b

To determine

To find:Trade balance of each country and its pattern of trade.

c

To determine

To find:Whether any country will have zero trade balance or not.

d

To determine

To ascertain:Whether U.S. will have zero trade deficit with every country or not.

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Answer 3

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 17, Problem 4QAP

a

To determine

To calculate:GDP of each country and amount of money spend on each good.

b

To determine

To find:Trade balance of each country and its pattern of trade.

c

To determine

To find:Whether any country will have zero trade balance or not.

d

To determine

To ascertain:Whether U.S. will have zero trade deficit with every country or not.

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Answer 4

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 17, Problem 4QAP

a

To determine

To calculate:GDP of each country and amount of money spend on each good.

b

To determine

To find:Trade balance of each country and its pattern of trade.

c

To determine

To find:Whether any country will have zero trade balance or not.

d

To determine

To ascertain:Whether U.S. will have zero trade deficit with every country or not.

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Answer 5

Chapter 17, Problem 4QAP

a

To determine

To calculate:GDP of each country and amount of money spend on each good.

b

To determine

To find:Trade balance of each country and its pattern of trade.

c

To determine

To find:Whether any country will have zero trade balance or not.

d

To determine

To ascertain:Whether U.S. will have zero trade deficit with every country or not.

Answer 6

Chapter 17, Problem 4QAP

a

To determine

To calculate:GDP of each country and amount of money spend on each good.

Answer 7

Chapter 17, Problem 4QAP

a

To determine

To calculate:GDP of each country and amount of money spend on each good.

Answer 8

b

To determine

To find:Trade balance of each country and its pattern of trade.

Answer 9

b

To determine

To find:Trade balance of each country and its pattern of trade.

Answer 10

c

To determine

To find:Whether any country will have zero trade balance or not.

Answer 11

c

To determine

To find:Whether any country will have zero trade balance or not.

Answer 12

d

To determine

To ascertain:Whether U.S. will have zero trade deficit with every country or not.

Answer 13

d

To determine

To ascertain:Whether U.S. will have zero trade deficit with every country or not.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 17 - Prob. 2QAP Ch. 17 - Prob. 3QAP Ch. 17 - Prob. 4QAP Ch. 17 - Prob. 5QAP Ch. 17 - Prob. 6QAP

GDP of each country and amount of money spend on each good.

Solution Summary: The author explains the trade balance of each country and its pattern of trade.

To calculate:GDP of each country and amount of money spend on each good.

To find:Trade balance of each country and its pattern of trade.

To find:Whether any country will have zero trade balance or not.

To ascertain:Whether U.S. will have zero trade deficit with every country or not.

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Chapter 17 Solutions