GDP includes the goods and services produced O A. within a country's borders by citizens and by non – citizens minus the production abroad by the country's citizens. O B. by a country's legal citizens regardless of where in the world they are located. O C. within a country's borders by citizens and non - citizens plus goods produced abroad by the country's citizens. O D. within a country's borders by citizens and by non – citizens. O E. by a country's citizens but not by non - citizen's within the country's borders.

GDP includes the goods and services produced O A. within a country's borders by citizens and by non – citizens minus the production abroad by the country's citizens. O B. by a country's legal citizens regardless of where in the world they are located. O C. within a country's borders by citizens and non - citizens plus goods produced abroad by the country's citizens. O D. within a country's borders by citizens and by non – citizens. O E. by a country's citizens but not by non - citizen's within the country's borders.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Exports goods and services that a country produces and then sells to other countries O A country's ability to produce more of a given product than another country O A country's ability to produce a product relatively more efficiently than another country O goods and services that one country buy from other countries
2. In the USA 1 unit of labor can produce 50 cars while in Canada 1 unit of labor can produce5 cars. The total amount of labor in each country is L = 100. Which one of these statements iscorrect?A. Canada has comparative advantage on the production of cars.B. The USA has comparative advantage on the production of cars.C. Since their production possibility frontiers are the similar neither country has comparativeadvantage on the production of cars.D. Not enough information to answer this question.
1. The UK produces 1kg of Cheese using 2 workers, while it produces 1L of Wine using 2 workers. The US produces 1kg of Cheese using 2 workers, while it produces 1L of Wine using 1 worker. Then, the UK has a comparative advantage in producing Cheese.
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If France is said to have an absolute advantage over Mexico in the production of wheat, this means that, given the same resources, Mexico must have an absolute advantage in producing some good other than wheat. a. France can produce more wheat than Mexico. b. France has an absolute advantage in all goods that are complements to wheat. c. France must have an absolute advantage over Mexico in producing all goods. d. Mexico must have a comparative advantage over France in the production of wheat.
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Assume that two countries Canada and China produce just two goods- particle board, plywood sheets- in their economies. Also assume that there is no currency in the system and countries, if willing to trade, just exchange the two goods. The only input being used in the production of the goods is the Labour. Canada can produce 10 particle boards or 25 plywood sheets in 100 hours. China can produce 20 particle boards or 50 plywood sheets in 100 hours. a. Does any country have absolute advantage in the production of the goods? b. Does any country have the comparative advantage in producing the particle boards? c. Does there exist a feasible exchange rate between particle board and plywood sheet (tonnes particle board / tonnes plywood sheet)? If yes, show that if countries specialize and trade at this exchange rate, they can both raise their consumption level.
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