Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 7, Problem 6WNG
To determine
Explain Country U’s market using the circular flow diagram.
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Is it true that the value of U.S. imports is added to exports when calculating U.S. GDP because imports reflect spending by Americans? Explain.
The 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
2,878.3
Suppose we have an economy where C = $30 Billion, I = $50 Billion, G = $20 Billion, Imports = $2 Billion, and Exports = $5 Billion. What is the trade balance this economy?
a. What is the trade balance for this economy?
NX = $ Billion
b. What is the GDP for this economy?
GDP = $ Billion
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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