) Citizens of the country of Blackland produce and export oil and import food. In 2000 they produced $100 million worth of oil, all sold to neighbouring coun- tries. They purchased $60 million worth of food from neighbouring countries, all consumed by domestic citizens. At the beginning of 2000, the country of Black- land's net foreign asset position is $1,000 million and the rate of return on their net foreign asset position is 2%. Calculate the gross national product (GNP) of Blackland. (A) $100 million (B) $120 million (C) $160 million (D) $180 million

) Citizens of the country of Blackland produce and export oil and import food. In 2000 they produced $100 million worth of oil, all sold to neighbouring coun- tries. They purchased $60 million worth of food from neighbouring countries, all consumed by domestic citizens. At the beginning of 2000, the country of Black- land's net foreign asset position is $1,000 million and the rate of return on their net foreign asset position is 2%. Calculate the gross national product (GNP) of Blackland. (A) $100 million (B) $120 million (C) $160 million (D) $180 million

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter29: Exchange Rates And International Capital Flows

Section: Chapter Questions

Problem 12RQ: What is the difference between foreign direct investment and portfolio investment?

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