Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421315
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 20, Problem 3.1P
To determine
Identify the role of the
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U.S. Gas Prices in
2015
Month
Price ($)
March
2.556
April
2.499
May
2.749
June
2.863
July
2.877
August
2.779
Source: U.S. Energy Information Administration (Oct 2015)
Sales in 2015: Grocery Stores
Month
Sales (Millions of Dollars)
January
50,652
February
46,192
March
50,329
April
49,257
May
52,290
June
50,073
Import of an firm is $4300 and net export is $8400 what would be the export of a firm?
Calculate net exports of Brazil if the export were $780 million and imports were $600 million
Chapter 20 Solutions
Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
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- When products cannot be produced domestically, they are often produced internationally and shipped to various countries. The products sold in the U.S. that are made in other countries are called _____. domestic gross exports importsarrow_forwardExports of a country are $200 million and imports in the same year is $116 million Calculate net exportsarrow_forwardThe table below shows nominal GDP, exports, and imports for the United States. Nominal GDP, Exports, and Imports Year 2015 2016 Nominal GDP Exports Imports (billions of (billions of (billions of dollars) $2,308.0 2,334.1 LA dollars) $16,981.9 17,601.1 Instructions: Round your answers to one decimal place. If you are entering a negative number include a minus sign. a. Calculate the value of net exports in 2015. billion b. Calculate the value of net exports in 2016. billion dollars) $2,759.7 2,878.3arrow_forward
- Exports and imports are $500 million and $330 million Find net Exportsarrow_forwardGoods imports 635 Goods exports 419 Services imports 144 Services exports 215 Net unilateral transfers -35 Investment income received 278 Investment income paid 225 Capital account -3 Net US acquisition of financial assets 84 Net US incurrence of of liabilities 158 Net change in financial derivatives -21 Statistical discrepancy Based on Table 9.2, this country has a statistical discrepancy of Group of answer choices -35 -32 0 32 35arrow_forwardCalculate exports of firm A if its value added is $5000 million, domestic sales is $3200 and purchase made by firm A is $1000arrow_forward
- 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 - 600 480 1,800 2,400 480 Rental income of individuals plus implicit rent on owner-occupied housing Wages, salaries, employee compensation Personal consumption expenses Depreciation Proprietorial income Corporate profits 240 7,200 8,400 960 1,200 1,440 Use the data in the table to calculate Gross Domestic Income (GDI) for this country. GDI is equal to $arrow_forwardThe following table lists 2012 GDP per capita for four countries. The data are given in the national currencies of the countries. It also lists the price of a Big Mac in local currency in each country in 2012. The price of a Big Mac in the United States in 2012 was $4.10. Using the Big Mac as a representative commodity common to the countries, calculate the purchasing power parity (PPP)-adjustment factor for each country, and then the PPP level of GDP per capita in each country. (Round your responses for the PPP-adjustment factor to three decimal places and round PPP GDP per capita to the nearest integer.) 2012 GDP per Capita 2012 Big Mac Price Purchasing Power Parity (PPP)- Adjustment Factor PPP Level of GDP per Capita Norway (krone) Poland (zloty) 579,162 41 krone 41,398 9.1 zloty Turkey (Turkish lira) 19,580 6.6 Turkish lira United Kingdom (British pound) 24,740 2.49 pounds AFARIarrow_forwardIf the index of import prices for a country is 124 and the export price index is 120, what is the terms of trade index? Briefly explain what your answer means.arrow_forward
- Answer the following questions from the given Table below which contains data for Saudi Arabia for the year 2022. d. What were Saudi Arabia’s exports and imports in 2022?arrow_forwardThe Consumer Price Index: Reflects the prices of all goods and services produced domestically Reflects the prices of all final goods and services produced domestically Reflects the prices of all goods and services bought by consumers in a foreign country Reflects the prices of all goods and services bought by consumers in the domestic countryarrow_forwardSwitzerland population is 8,455,804. Its GDP is 617 billion in local currency, the Swiss Franc which is worth $1.10 (or 1 U.S. dollar is 0.91 Swiss Franc). Calculate Switzerland GDP in U.S. Dollar. What's GDP per capita in U.S. Dollar? In your opinion and in comparison to other countries, what does this GDP per capita indicate? Show all work.arrow_forward
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