2. Net exports are best defined as   a. The difference between total exports and total imports b. Net Imports – Net Exports c. Economic output from a given year that is not consumed d. Y = C + I + G - NX e. None of the above

United Kingdom Kenya Price per Value of Value of unit (GBP) output Оuаntity Price per Quantity unit (KSh) output (GBP) (KSh) 5000 per 75 650,000 Equipment (millions of 500 unit units) Food 500 10 per kg 125 750 (millions of kg) Total GDP (local currency) a. If equipment is fully tradable, so that the price in Kenyan shillings (KSh) equals the price in pounds times the market exchange rate, what is the market exchange rate? b. Based on its relative price, does it appear that food is tradable? Is it more or less expensive in Kenya, compared to the UK? c. Fill in the table above (ignoring cells with "-"). What is the UK's total GDP in GBP? What is Kenya's total GDP in KSh? d. What is Kenya's GDP in GBP at market exchange rates? e. Following the calculations on pp 28-29 of ED, what is Kenya's GDP in pounds calculated by using UK prices for each individual product and applying that price to Kenya's quantities (that is, using purchasing power parity [PPP])? f. Is the value you calculated in…

​Which of the following is a problem with using real gross domestic product (GDP) as a measure of economic well-being? A. ​​It does not account for inflation B. It does not account for production by foreign firms producing inside the domestic economy C. It does not account for the value of services produced in the economy D. ​It does not account for changes in purchasing power parity. E. ​It does not account for production within the household

Which of the following transactions is excluded from gross domestic product? O Julian, a public school teacher, receives a paycheck. Francis receives her social security check. Francis buys ice-cream at a local grocer. O John buys 55 cent tacos at a food truck. Pablo sells and ships a book to a foreign buyer.

24

Gross Domestic Product is equal to the market value of all the final goods and services O A. produced within a country in a given period of time. B. consumed by the citizens of a country O C. consumed within a country D. produced and consumed within a country E. produced by the citizens of a country Click to select your answer. MacBook Air DII F8 000 000 F7 F6 F5

Net exports are defined as: A. ​exports plus imports minus tariffs. B. ​imports minus exports C. ​exports minus imports ​D. exports plus imports. E. exports divided by imports.

Suppose that Poland had exports of $100 billion in 2014 and imports of $150 billion. What were its net capital flows in that year? Give two examples of transactions that are part of the net capital flows of Poland, and indicate whether they enter the sum as positive numbers or negative numbers.

The table gives data on the economy of Iberia. Calculate Iberia's GDP. Iberia's GDP is $ billion. Item Net taxes Government expenditure on goods and services Saving Consumption expenditure Investment Exports of goods and services (billions of dollars) 10 20 15 65 18 35

In the table below, you are given data for the country of Sequoia. Exports Consumption Gross investment Depreciation 188 520 152 88 Government spending Imports Net foreign factor income Indirect taxes a. The value of GDP at market prices is $ b. The value of NDP at basic prices is $ c. The value of net national product at basic prices (i.e. national income) $ EST