Whether the volume of export and import are increased or decreased after 1950.

Question

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Answer 1

Question

Chapter 18, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

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Your marketing department has identified the following customer demographics in the following table. Construct a demand curve and determine the profit maximizing price as well as the expected profit if MC=$1. The number of customers in the target population is 10,000. Group Value Frequency Baby boomers $5 20% Generation X $4 10% Generation Y $3 10% `Tweeners $2 10% Seniors $2 10% Others $0 40% ur marketing department has identified the following customer demographics in the following table. Construct a demand curve and determine the profit maximizing price as well as the expected profit if MC=$1. The number of customers in the target population is 10,000.

Answer 2

Question

Chapter 18, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 18, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 18, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 18, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 6

Chapter 18, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 7

Chapter 18, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Answer 8

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Answer 9

Sub part (a):

Expert Solution

Answer 10

Sub part (a):

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 13

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 14

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Answer 15

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Answer 16

Sub part (b):

Expert Solution

Answer 17

Sub part (b):

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 20

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 21

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Answer 22

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Answer 23

Sub part (c):

Expert Solution

Answer 24

Sub part (c):

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 27

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 28

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Answer 29

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.