Macroeconomics
Macroeconomics
5th Edition
ISBN: 9781319098759
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
Question
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Chapter 5, Problem 13P
To determine

Concept Introduction:

Opportunity Cost: It is the next best option available to a person. Opportunity cost refers to the benefits which are given up in the process of obtaining some other benefits.

Comparative Advantage: In a trade a country has comparative advantages in producing goods when the opportunity cost of producing that good is less in comparative to the nation with which it is trading.

Export: It is the amount of good which is demanded by the people of other country and supplied by the domestic country.

Import: It is the amount of good which is demanded by the people domestic country and supplied by the other country.

a. To determine Ranking states from most to fewest in order of exports to China.

To determine

b. To determine the Growth in Export from 2002 to 2012.

Explanation:

    Country Value of Export in 2002($ billions)(A) Value of Export in 2012($ billions)(B) Growth in Export (%) Macroeconomics, Chapter 5, Problem 13P
    Japan 42.1 148 251.5
    South Korea 25.4 132 419.6
    United states 23.6 115 387.3
    Other Asia 34.5 114 230.4
    Germany 6 84 1300

To determine

c. To determine % of total export ranking states in order of most to least exports to China.

To determine

d. To determine Pattern of trade with China.

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