Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (6th Edition)
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (6th Edition)
6th Edition
ISBN: 9780134304755
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
Question
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Chapter 9, Problem 9.1.1RQ
To determine

The value of U.S. exports and imports.

Expert Solution & Answer
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Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Economics Concept Introduction

Concept Introduction:

Import: Import refers to goods and services bought domestically but produced in other countries.

Export: Export refers to goods and services produced domestically and sold to other countries.

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Active Learning 4: Computing GDP Cookies 2021 (base year) 2022 2023 P Q P Q P Q $1 900 $2 1,000 $3 1,250 200 $1,200 210 Smartphones $900 185 $1,000 Use the above data to solve these problems: A. Compute nominal GDP in 2021. B. Compute real GDP in 2022. C. Compute the GDP deflator in 2023. Mankiw, Principles of Macroeconomics, 10th Edition. 2024 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 34 =4
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