Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 7, Problem 3QP
To determine
Explain the problem of comparing the two countries’
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Go online and find the current GDP for countries, which are the largest countries in the world in terms of GDP. Find a PPP GDP, which are the largest countries now? Why the difference?
Consider the table of GDP and population for several imaginary countries.
GDP in millions of U.S. dollars
533.0
2275
Country
Wrigleyville
Longhornland
Dinkytown
$ 18.8
Using this information, please answer the questions. If there is not enough information to answer a question, please enter –11.
A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place.
Population in millions GDP per capita in U.S. dollars
113.0
121
173.00
276800
1.600
B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place.
Incorrect
GDP
1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical
fashion in your document):
Consumption
Investment
Business fixed investment
Changes in inventories
Government
Net Exports
Exports
Imports
Expenditure Components of GDP by Country, 2018 (billions of US dollars)
Australia Canada Denmark Finland India Japan
New Zealand
808.7
996.9
165.9
146.1 1650.6
2763.3
120.0
336.9
0.1
275.5
348.5
312.0
385.1
9.4
357.1
544.9
581.1
78.8
2.9
86.6
197.9
176.4
65.6 842.7
3.4
27.4
62.7
312.1
1202.5
11.2
981.6
Which country has the largest negative net exports?
106.8 548.6
917.1
108.8 657.0 904.4
GDP
Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices - US dollars
2. Based on the information in the table and your calculations for Question #1:
Do any countries have positive net exports?
Which one(s)?
49.1
0.1
38.4
58.2
58.1
UK
1870.5
487.3
5.8
528.3
856.8
907.1
US
13998.7
4260.7
54.7
2904.3…
Chapter 7 Solutions
Economics (MindTap Course List)
Ch. 7.1 - Prob. 1STCh. 7.1 - Prob. 2STCh. 7.2 - Prob. 1STCh. 7.2 - Prob. 2STCh. 7.2 - Prob. 3STCh. 7.4 - Prob. 1STCh. 7.4 - Prob. 2STCh. 7.4 - Prob. 3STCh. 7 - Prob. 1QPCh. 7 - Prob. 2QP
Ch. 7 - Prob. 3QPCh. 7 - Prob. 4QPCh. 7 - Prob. 5QPCh. 7 - Prob. 6QPCh. 7 - Prob. 7QPCh. 7 - Prob. 8QPCh. 7 - Prob. 9QPCh. 7 - Prob. 10QPCh. 7 - Prob. 11QPCh. 7 - Prob. 12QPCh. 7 - Prob. 13QPCh. 7 - Prob. 14QPCh. 7 - Prob. 1WNGCh. 7 - Prob. 2WNGCh. 7 - Prob. 3WNGCh. 7 - Prob. 4WNGCh. 7 - Prob. 5WNGCh. 7 - Prob. 6WNGCh. 7 - Prob. 7WNGCh. 7 - Prob. 8WNGCh. 7 - Prob. 9WNGCh. 7 - Prob. 10WNGCh. 7 - Prob. 11WNG
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