EBK PRINCIPLES OF ECONOMICS
7th Edition
ISBN: 8220102958395
Author: Mankiw
Publisher: CENGAGE L
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Chapter 25, Problem 1PA
To determine
Reconciliation of statement regarding GDP and import of goods.
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Many countries import considerable amounts of goods and services from other countries. Yet economists argue that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Can you reconcile these two facts?
Draw a production possibilities frontier for a country that produces two goods: capital goods and consumption goods. Show a point of production that will allow a country to achieve the maximum amount of future growth while still producing a small amount of consumption goods.
This is not a writing question. What I meant is, I just want to know with 240 million, normally the standard of living of a country is good or bad based on the population? Thank you so much.
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