Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In the country of Kwaki, people fish for salmon and grow corn. In one year they fished $90 million worth of salmon. They consumed $75

In the country of Kwaki, people fish for salmon and grow corn. In one year they fished $90 million worth of salmon. They consumed $75 million domestically and sold $15 million to neighboring countries. They grew $65 million of corn, consumed $45 million domestically, sold $18 million to other countries and used the other $2 million of corn for feeding the salmon. They purchased $8 million worth of potatoes from neighboring countries. Some citizens of neighboring countries came to Kwaki to work as seasonal workers in harvest time and earned $5 million.

Calculate the magnitudes of

a) (2 points) Net exports: $Answer

million

b) (3 points) Current account balance: $Answer

million

c) (3 points) GDP: $Answer

million

d) (2 points) GNP: $Answer

million

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Applied Statistics From Bivariate Through Multivariate Techniques

Authors: Rebecca M. Warner

2nd Edition

141299134X, 978-1412991346

Students also viewed these Economics questions

Question

=+d) Perform the ANOVA and report your conclusions.

Answered: 1 week ago