Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax

#### Concept explainers

Textbook Question
Chapter 23, Problem 20SCQ

The United States exports 14 % of GDP while Germany exports about 5 0 % of its GDP. Explain stat that means.

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The United States exports14%ofGDP while Germany exports about 50% of it sGDP.Explain wha ttha tmeans.
The table below shows the export and import values of automobiles, pharmaceuticals, and clothing in Country A and Country B. Country A Automobiles Exports (\$Billions) Imports (\$Billions) 20 40 Pharmaceuticals 30 30 40 Clothing Country B Exports (\$Billions) Imports (\$Billions) Automobiles 0 Pharmaceuticals 40 Clothing 45 The IIT share is zero for in Country A and for O pharmaceuticals; pharmaceuticals O clothing; pharmaceuticals O automobiles: pharmaceuticals Oclothing; automobiles 0 20 40 35 in Country B.
The following table presents the exports and imports of a country in three categories for the years 2005 and 2010. Categorie             Exports (millions \$)                  Imports (millions in \$)                               2000                  2010             2000                   2010 Agriculture          51,296                70,912           39,186                65,459 Manufacture       625,894              785,599         1,012,855           1,416,302 Minery                 13,479                34,711           135,367               332,500 Construct four matrices, one for each column of the table, whose dimension is 3 x 1. Use two of these matrices to determine matrix E, which will represent the trade balance for the year 2000 and matrix B, which will represent the trade balance for the year 2010. Apply the concepts of matrix algebra to determine the matrix E - F, which will compare both years. Apply the properties of the matrices to determine if the trade balance from…
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