Economics (7th Edition) (What's New in Economics)
Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 23, Problem 23.2.15PA

Subpart (a):

To determine

Conventional trade statistics.

Subpart (b):

To determine

Is the Conventional trade statistics is consistent or not.

Subpart (c):

To determine

Difficulties faced by the policy.

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The exports of visible goods is worth $30 million and the imports of visible goods is $15 million Calculate the balance of trade
The following table presents the exports and imports of a country in three categories for the years 2005 and 2010. Categorie             Exports (millions $)                  Imports (millions in $)                               2000                  2010             2000                   2010 Agriculture          51,296                70,912           39,186                65,459 Manufacture       625,894              785,599         1,012,855           1,416,302 Minery                 13,479                34,711           135,367               332,500 Construct four matrices, one for each column of the table, whose dimension is 3 x 1. Use two of these matrices to determine matrix E, which will represent the trade balance for the year 2000 and matrix B, which will represent the trade balance for the year 2010. Apply the concepts of matrix algebra to determine the matrix E - F, which will compare both years. Apply the properties of the matrices to determine if the trade balance from…
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Chapter 23 Solutions

Economics (7th Edition) (What's New in Economics)

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