Consider the follovwing transactions that occur during the current year: 1. Andrew, a liquor store owner in Canada, orders 50 cases of beer from a Dutch distributor at a price of $40.00 per case. 2. A Canadian company sells 200 transistors to a Spanish company at $15.00 per transistor. 3. Darnell, a Canadian citizen, pays $1,500 for a laptop he orders from Microell (a Canadian company). Complete the following table by indicating how the combined effects of these transactions will be refiected in Canadian national accounts for the current year. Hint: Remember to enter a minus sign when the balance is negative. Amount (Dollars) Imports Exports Domestic Spending Net Exports Gross Domestic Product (GDP)

Consider the follovwing transactions that occur during the current year: 1. Andrew, a liquor store owner in Canada, orders 50 cases of beer from a Dutch distributor at a price of $40.00 per case. 2. A Canadian company sells 200 transistors to a Spanish company at $15.00 per transistor. 3. Darnell, a Canadian citizen, pays $1,500 for a laptop he orders from Microell (a Canadian company). Complete the following table by indicating how the combined effects of these transactions will be refiected in Canadian national accounts for the current year. Hint: Remember to enter a minus sign when the balance is negative. Amount (Dollars) Imports Exports Domestic Spending Net Exports Gross Domestic Product (GDP)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Demand and Supply

The concept of demand and supply is important for various factors. One of them is studying and evaluating the condition of an economy within a certain period. The analysis or evaluation of the demand-side factors is important for the suppliers to understand the consumer or individual behaviour. The evaluation of supply-side factors is important for the consumer or individuals to understand that what kind of combination of an economic good or what kind of economic good and services he or she should consume to maximise his utility and minimise the cost. Therefore, in microeconomics, both of these concepts are extremely important to have an idea that what exactly is going on in the economy.

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