The countries with the highest and second highest GDP and GDP per person

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Answer 1

Question

Chapter 6, Problem 1FT

To determine

The countries with the highest and second highest GDP and GDP per person

Expert Solution & Answer

Explanation of Solution

Gross domestic product is the money value of all final goods and services produced within the political territory of the country in a financial year. Thus, according to the table of the GDP of the countries, the United States has the highest GDP with $14,447 and the highest GDP per capita. While going for the second nation with the highest GDP, it is China with $10,807 whereas the country with the second highest GDP per person is Canada with the value of $46,569.

Economics Concept Introduction

Concept introduction:

Gross Domestic Product: The gross domestic product is the money value of all the final goods and services produced within the domestic territory of the nation in a financial year.

GDP per person: GDP per person is the total GDP value of the country divided by the total population of the country. It is used to compare the performance of two countries.

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Students have asked these similar questions

Exercise 5Consider the demand and supply functions for the notebooks market.QD=10,000−100pQS=900pa. Make a table with the corresponding supply and demand schedule.b. Draw the corresponding graph.c. Is it possible to find the price and quantity of equilibrium with the graph method? d. Find the price and quantity of equilibrium by solving the system of equations.

1. Consider the market supply curve which passes through the intercept and from which the marketequilibrium data is known, this is, the price and quantity of equilibrium PE=50 and QE=2000.a. Considering those two points, find the equation of the supply. b. Draw a graph for this equation. 2. Considering the previous supply line, determine if the following demand function corresponds to themarket demand equilibrium stated above. QD=.3000-2p.

Supply and demand functions show different relationship between the price and quantities suppliedand demanded. Explain the reason for that relation and provide one reference with your answer.

Answer 2

Question

Chapter 6, Problem 1FT

To determine

The countries with the highest and second highest GDP and GDP per person

Expert Solution & Answer

Explanation of Solution

Gross domestic product is the money value of all final goods and services produced within the political territory of the country in a financial year. Thus, according to the table of the GDP of the countries, the United States has the highest GDP with $14,447 and the highest GDP per capita. While going for the second nation with the highest GDP, it is China with $10,807 whereas the country with the second highest GDP per person is Canada with the value of $46,569.

Economics Concept Introduction

Concept introduction:

Gross Domestic Product: The gross domestic product is the money value of all the final goods and services produced within the domestic territory of the nation in a financial year.

GDP per person: GDP per person is the total GDP value of the country divided by the total population of the country. It is used to compare the performance of two countries.

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Answer 3

Question

Chapter 6, Problem 1FT

To determine

The countries with the highest and second highest GDP and GDP per person

Expert Solution & Answer

Explanation of Solution

Gross domestic product is the money value of all final goods and services produced within the political territory of the country in a financial year. Thus, according to the table of the GDP of the countries, the United States has the highest GDP with $14,447 and the highest GDP per capita. While going for the second nation with the highest GDP, it is China with $10,807 whereas the country with the second highest GDP per person is Canada with the value of $46,569.

Economics Concept Introduction

Concept introduction:

Gross Domestic Product: The gross domestic product is the money value of all the final goods and services produced within the domestic territory of the nation in a financial year.

GDP per person: GDP per person is the total GDP value of the country divided by the total population of the country. It is used to compare the performance of two countries.

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

Answer 4

Question

Chapter 6, Problem 1FT

To determine

The countries with the highest and second highest GDP and GDP per person

Expert Solution & Answer

Explanation of Solution

Gross domestic product is the money value of all final goods and services produced within the political territory of the country in a financial year. Thus, according to the table of the GDP of the countries, the United States has the highest GDP with $14,447 and the highest GDP per capita. While going for the second nation with the highest GDP, it is China with $10,807 whereas the country with the second highest GDP per person is Canada with the value of $46,569.

Economics Concept Introduction

Concept introduction:

Gross Domestic Product: The gross domestic product is the money value of all the final goods and services produced within the domestic territory of the nation in a financial year.

GDP per person: GDP per person is the total GDP value of the country divided by the total population of the country. It is used to compare the performance of two 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 6, Problem 1FT

To determine

The countries with the highest and second highest GDP and GDP per person

Expert Solution & Answer

Explanation of Solution

Gross domestic product is the money value of all final goods and services produced within the political territory of the country in a financial year. Thus, according to the table of the GDP of the countries, the United States has the highest GDP with $14,447 and the highest GDP per capita. While going for the second nation with the highest GDP, it is China with $10,807 whereas the country with the second highest GDP per person is Canada with the value of $46,569.

Economics Concept Introduction

Concept introduction:

Gross Domestic Product: The gross domestic product is the money value of all the final goods and services produced within the domestic territory of the nation in a financial year.

GDP per person: GDP per person is the total GDP value of the country divided by the total population of the country. It is used to compare the performance of two countries.

Answer 6

Chapter 6, Problem 1FT

To determine

The countries with the highest and second highest GDP and GDP per person

Expert Solution & Answer

Explanation of Solution

Gross domestic product is the money value of all final goods and services produced within the political territory of the country in a financial year. Thus, according to the table of the GDP of the countries, the United States has the highest GDP with $14,447 and the highest GDP per capita. While going for the second nation with the highest GDP, it is China with $10,807 whereas the country with the second highest GDP per person is Canada with the value of $46,569.

Economics Concept Introduction

Concept introduction:

Gross Domestic Product: The gross domestic product is the money value of all the final goods and services produced within the domestic territory of the nation in a financial year.

GDP per person: GDP per person is the total GDP value of the country divided by the total population of the country. It is used to compare the performance of two countries.

Answer 7

Chapter 6, Problem 1FT

To determine

The countries with the highest and second highest GDP and GDP per person

Answer 8

Expert Solution & Answer

Explanation of Solution

Gross domestic product is the money value of all final goods and services produced within the political territory of the country in a financial year. Thus, according to the table of the GDP of the countries, the United States has the highest GDP with $14,447 and the highest GDP per capita. While going for the second nation with the highest GDP, it is China with $10,807 whereas the country with the second highest GDP per person is Canada with the value of $46,569.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Gross Domestic Product: The gross domestic product is the money value of all the final goods and services produced within the domestic territory of the nation in a financial year.

GDP per person: GDP per person is the total GDP value of the country divided by the total population of the country. It is used to compare the performance of two countries.

Answer 12

Ch. 6 - Prob. 1FT Ch. 6 - Prob. 2FT Ch. 6 - Prob. 3FT Ch. 6 - Prob. 4FT Ch. 6 - Prob. 5FT Ch. 6 - Prob. 6FT Ch. 6 - Prob. 7FT Ch. 6 - Prob. 8FT Ch. 6 - Prob. 9FT Ch. 6 - Prob. 10FT

The countries with the highest and second highest GDP and GDP per person

The countries with the highest and second highest GDP and GDP per person

Explanation of Solution

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