Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 2, Problem 7E
(a)
To determine
Determine the ratio of Indian
(b)
To determine
Determine the ratio of real GDP.
(c)
To determine
Explain the difference between two numbers.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
28. A terms-of-trade index that equals 150 indicates that compared to the base year of 100,
a. it requires a greater output of domestic goods to obtain the same amount of foreign goods.
b. it requires a lesser amount of domestic goods to obtain the same amount of foreign goods.
c. the price of exports has risen from $100 to $150.
d. the price of imports has risen from $100 to $150.
India has 1.3 billion people and a GDP of 196 trillion Indian rupees. 75 rupees are exchanged for every dollar. Determine the GDP per person in India, expressed in US dollars.
Further background:
• China primarily exports electrical equipment. This would include computers and optical and medical equipment. It's also a big exporter of low-cost apparel, fabric, and textiles. A lot of China's exports are manufactured products made for U.S. companies. These companies pay to ship raw materials to China. There the low-cost factory workers process the materials into the final product. The top import categories in 2017 were: electrical machinery ($147 billion), machinery ($110 billion), furniture and bedding ($32 billion), toys and sports equipment ($26 billion), and plastics ($16 billion).
• Almost 75 percent of Canada's exports go to the United States. Canada has abundant supplies of oil, gas, and uranium. Its main exports include oil, vehicles and wood. The top import categories in 2017 were: mineral fuels ($73 billion), vehicles ($56 billion), machinery ($21 billion), special other (returns) ($14 billion), and plastics ($11 billion).
• Mexico sends…
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Suppose that net national product in 2018 was $50 billion and depreciation was $15 billion. Gross national product in 2018 was: $35 billion -$35 billion $65 billion $55 billionarrow_forwardThe net national product (NNP) is the: A. difference between gross domestic product and net income of foreigners. B. difference between gross domestic product and depreciation. C. difference between gross national product and depreciation D. sum of gross domestic product and depreciation E. sum of gross domestic product indirect business taxesarrow_forwardGoods imports 635 Goods exports 419 Services imports 144 Services exports 215 Net unilateral transfers -35 Investment income received 278 Investment income paid 225 Capital account -3 Net US acquisition of financial assets 84 Net US incurrence of of liabilities 158 Net change in financial derivatives -21 Statistical discrepancy Based on Table 9.2, this country has a statistical discrepancy of Group of answer choices -35 -32 0 32 35arrow_forward
- India has a GDP of 23,000 billion Indian rupees, and a population of 1.1 billion. The exchange rate is 50 rupees per U.S. dollar. Calculate the GDP per capita of India as measured in U.S. dollars.arrow_forwardReal gross domestic product Select one: a. measures the value of final goods and services produced within the borders of a given country during a given time period using current prices. b. measures the value of final goods and services produced within the borders of a given country during a given time period corrected for changing prices. c. is a measure of the overall level of prices. d. can change from one year to the next even if there is no change in output.arrow_forwardIn the economy of Russia in 2015, consumption was $3000, GDP was $6500, government purchases were $2000, imports were $2000, and investment was $1000. What were Russia’s exports in 2015? Group of answer choices $2500 -$2500 $500 -$500arrow_forward
- Foreign Language (Nihonggo) what number is juukyuman sen hyaku juukyuarrow_forward7 Gross national product counts goods and services produced within the country's borders, regardless of who produced it Select one: a. False b. Truearrow_forwardThe value of total goods and services produced entre the country by residence and foreign supplied resources, called Select one: a. Inflation b. National Income c. Gross Domestic Product d. Gross National Productarrow_forward
- Question 410 pts Current Account Value Exports of goods 107,941 Exports of services 44,133 Primary income receipts 36,063 Imports of goods 132,484 Import of services 29,443 Primary income payments 29,750 Net unilateral transfers -8,349 Capital account -63 Net acquisition of financial assets 20,972 Net incurrence of liabilities 54,471 Financial derivatives 0 Statistical discrepancy Based on the table above, the country is running a ____ ____ Group of answer choices current account; surplus financial account; surplus positive; trade balance financial account; deficitarrow_forward________ would be included in the gross national product of Germany. A) The wages paid to German workers producing automobiles for a Canadian company B) The profits earned by a Canadian auto company operating in Germany C) The wages paid to German workers producing automobiles for sale in Canada D) The profits earned by a German company operating in Canada E) The expenses incurred by a Canadian livingarrow_forwardYou observe a quotation of the US dollar (USD) of RM4.2. You are, however, interested in the number of US dollars per RM (US dollar). Calculate.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education