) Citizens of the country of Blackland produce and export oil and import food. In 2000 they produced $100 million worth of oil, all sold to neighbouring coun- tries. They purchased $60 million worth of food from neighbouring countries, all consumed by domestic citizens. At the beginning of 2000, the country of Black- land's net foreign asset position is $1,000 million and the rate of return on their net foreign asset position is 2%. Calculate the gross national product (GNP) of Blackland. (A) $100 million (B) $120 million (C) $160 million (D) $180 million

) Citizens of the country of Blackland produce and export oil and import food. In 2000 they produced $100 million worth of oil, all sold to neighbouring coun- tries. They purchased $60 million worth of food from neighbouring countries, all consumed by domestic citizens. At the beginning of 2000, the country of Black- land's net foreign asset position is $1,000 million and the rate of return on their net foreign asset position is 2%. Calculate the gross national product (GNP) of Blackland. (A) $100 million (B) $120 million (C) $160 million (D) $180 million

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

(11) Citizens of the country of Blackland produce and export oil and import food.
In 2000 they produced $100 million worth of oil, all sold to neighbouring coun-
tries. They purchased $60 million worth of food from neighbouring countries, all
consumed by domestic citizens. At the beginning of 2000, the country of Black-
land's net foreign asset position is $1,000 million and the rate of return on their
net foreign asset position is 2%. Calculate the gross national product (GNP) of
Blackland.
(A) $100 million
(B) $120 million
(C) $160 million
(D) $180 million

(13) Groovy! The hotdog Store has the following production function:
Number of Workers Number of Hotdogs Produced
1
200
2
380
3
530
640
700
4
5
If a hotdog sold for $2 and the nominal wage rate was $240, how many workers
would the firm employ?
(A) 0
(B) 2
(C) 3
(D) 4

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