Example that explains how a nation’s culture affects its economic system.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 19, Problem 1SQP

To determine

Example that explains how a nation’s culture affects its economic system.

Expert Solution & Answer

Explanation of Solution

People’s preferences are different according to where they live and those preferences may finally come to be part of their culture. For example, generally Americans prefer large cars and Europeans prefer small cars. Thus, these nations produce preferred type of cars. And role of women and minority people in the workplace is another example of how culture relates the economic system.

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!

Students have asked these similar questions

What profi is most important in business ?

5. Download the Excel sheet from Brightspace. The data contains the GDP per capita and GNI per capita of OECD member countries in 2014 (both figures are reported in US dollars). The countries are ranked by GDP per capita. a. Compute the ratio of GNI to GDP for each country (GNI per capita/GDP per capita). What does this imply about net factor income from abroad for each country? b. Rank the countries based on the GNI/GDP ratio, starting with the country with the highest ratio and ending with the country with the lowest ratio. Which country has the highest ratio, and which has the lowest? c. Comment on why the countries you identified in the previous question have a large difference between GDP and GNI? What does the difference imply?

3. Answer the following questions about external wealth. a. Home has external wealth of $100 million in period t. In t+1, Home purchases $160 million foreign assets, and Foreign purchases $120 million in Home assets. Assume a world interest rate of 10% per annum. Compute the "change" in external wealth at t+1 for Home. b. A country's external wealth was -$1.5 billion at the end of 2015, and its trade balance was $750 million in 2016. Assume the world interest rate is 5% per annum. What is the "value" of a country's external wealth at the end of 2016?

Answer 2

Question

Chapter 19, Problem 1SQP

To determine

Example that explains how a nation’s culture affects its economic system.

Expert Solution & Answer

Explanation of Solution

People’s preferences are different according to where they live and those preferences may finally come to be part of their culture. For example, generally Americans prefer large cars and Europeans prefer small cars. Thus, these nations produce preferred type of cars. And role of women and minority people in the workplace is another example of how culture relates the economic system.

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 3

Question

Chapter 19, Problem 1SQP

To determine

Example that explains how a nation’s culture affects its economic system.

Expert Solution & Answer

Explanation of Solution

People’s preferences are different according to where they live and those preferences may finally come to be part of their culture. For example, generally Americans prefer large cars and Europeans prefer small cars. Thus, these nations produce preferred type of cars. And role of women and minority people in the workplace is another example of how culture relates the economic system.

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 19, Problem 1SQP

To determine

Example that explains how a nation’s culture affects its economic system.

Expert Solution & Answer

Explanation of Solution

People’s preferences are different according to where they live and those preferences may finally come to be part of their culture. For example, generally Americans prefer large cars and Europeans prefer small cars. Thus, these nations produce preferred type of cars. And role of women and minority people in the workplace is another example of how culture relates the economic system.

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 19, Problem 1SQP

To determine

Example that explains how a nation’s culture affects its economic system.

Expert Solution & Answer

Explanation of Solution

People’s preferences are different according to where they live and those preferences may finally come to be part of their culture. For example, generally Americans prefer large cars and Europeans prefer small cars. Thus, these nations produce preferred type of cars. And role of women and minority people in the workplace is another example of how culture relates the economic system.

Answer 6

Chapter 19, Problem 1SQP

To determine

Example that explains how a nation’s culture affects its economic system.

Expert Solution & Answer

Explanation of Solution

People’s preferences are different according to where they live and those preferences may finally come to be part of their culture. For example, generally Americans prefer large cars and Europeans prefer small cars. Thus, these nations produce preferred type of cars. And role of women and minority people in the workplace is another example of how culture relates the economic system.

Answer 7

Chapter 19, Problem 1SQP

To determine

Example that explains how a nation’s culture affects its economic system.

Answer 8

Expert Solution & Answer

Explanation of Solution

People’s preferences are different according to where they live and those preferences may finally come to be part of their culture. For example, generally Americans prefer large cars and Europeans prefer small cars. Thus, these nations produce preferred type of cars. And role of women and minority people in the workplace is another example of how culture relates the economic system.