7) The following table gives categories for income and expenditures for a representative country: Net exports of goods and services Net interest paid by business Government purchases of goods and services Gross private domestic investment Taxes unrelated to incomes net of subsidies -550 440 1650 2200 440 Rental income of individuals plus implicit rent on owner-occupied housing 220 Wages, salaries, employee compensation 6600 Personal consumption expenses 7700 Depreciation Proprietorial income Corporate profits 880 1100 1080

7) The following table gives categories for income and expenditures for a representative country: Net exports of goods and services Net interest paid by business Government purchases of goods and services Gross private domestic investment Taxes unrelated to incomes net of subsidies -550 440 1650 2200 440 Rental income of individuals plus implicit rent on owner-occupied housing 220 Wages, salaries, employee compensation 6600 Personal consumption expenses 7700 Depreciation Proprietorial income Corporate profits 880 1100 1080

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 5SCQ: At one point Canadas GDP was 1,800 billion and its exports were 542 billion. What was Canadas export...

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7) The following table gives categories for income and expenditures for a representative country:
Net exports of goods and services
Net interest paid by business
Government purchases of goods and services
Gross private domestic investment
Taxes unrelated to incomes net of subsidies
-550
440
1650
2200
440
Rental income of individuals plus implicit rent on owner-occupied housing 220
Wages, salaries, employee compensation
6600
Personal consumption expenses
Depreciation
Proprietorial income
Corporate profits
7700
880
1100
1080
Use the data in the table to calculate Gross Domestic Income (GDI) for this country.
GDI is equal to $

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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…
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