Question

If country X has imports valued at $0.4 trillion, exports valued at $4.7 trillion, and GDP valued at $11 trillion, calculate
In the figure above, A=33, B=26, C=21, D=8.2, E=11.4, F=14.3, G=17.6, H=20.2. Whats the loss in consumer surplus when moving
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Ans) 0.46

Index of openness = ( 0.4 + 4.7) / 11 = 0.46

Ans) 101

Loss on consumer surplus = ( 26 - 21) * 17.6 + ( 26 - 21)* ( 20.2 - 17.6) = 88 + 13 = 101

Add a comment
Know the answer?
Add Answer to:
If country X has imports valued at $0.4 trillion, exports valued at $4.7 trillion, and GDP...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Suppose government spending was $3.90 trillion, tax revenue was $4.50 trillion, GDP was $14.08 trillion, and...

    Suppose government spending was $3.90 trillion, tax revenue was $4.50 trillion, GDP was $14.08 trillion, and total consumer spending was $10.60 trillion. Instructions: Round your answers to two decimal places and include a negative sign if necessary. a. If the economy has no exports or imports, what was the national savings? trillion. b. How much was public savings? $ trillion. c. How much was private savings? trillion.

  • The net export function illustrates that:A) net exports are a positive function of domestic income....

    The net export function illustrates that:A) net exports are a positive function of domestic income.B) net exports are independent of domestic income.C) net exports are a negative function of domestic income.D) imports are independent of domestic income.E) exports are independent of foreign income. Suppose the marginal propensity to import for country A is 0.4. Calculate the change in total value of imports of the country if national income increases by $100,000.A) $16,000B) $20,000C) $60,000D) $40,000E) $25,000 An MPI of 0.4 indicates that...

  • Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between...

    Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...

  • The data on the below shows the number of hours a particular drug is in the...

    The data on the below shows the number of hours a particular drug is in the system of 200 females. Develop a histogram of this data according to the following intervals: Follow the directions. Test the hypothesis that these data are distributed exponentially. Determine the test statistic. Round to two decimal places. (sort the data first) [0, 3) [3, 6) [6, 9) [9, 12) [12, 18) [18, 24) [24, infinity) 34.7 11.8 10 7.8 2.8 20 9.8 20.4 1.2 7.2...

  • SECTION A (50) Read the case study below and answer the questions. SHORT RUN STABILIZATION AND...

    SECTION A (50) Read the case study below and answer the questions. SHORT RUN STABILIZATION AND LONG RUN COMPETITIVENESS: THE LAVITAN CASE Growth of a young country Latvia – a small, young country on the east coast of the Baltic Sea – has recently earned the title of a ‘‘tiger’’. After gaining its independence from the Soviet Union in 1991, the country embarked upon a challenging road of transitioning from a planned to a market economy. The first decade proved...

  • please help with a detailed, fully explained answer for Question 2. thank you Read the case...

    please help with a detailed, fully explained answer for Question 2. thank you Read the case study below and answer the questions. SHORT RUN STABILIZATION AND LONG RUN COMPETITIVENESS: THE LAVITAN CASE Growth of a young country Latvia - a small, young country on the east coast of the Baltic Sea -has recently earned the title of a "tiger". After gaining its independence from the Soviet Union in 1991, the country embarked upon a challenging road of transitioning from a...

  • Case Study II: The Mexican Peso Crisis In a word, the 1994 economic crisis in Mexico...

    Case Study II: The Mexican Peso Crisis In a word, the 1994 economic crisis in Mexico – often referred to as the Mexican peso crisis – can be attributed to overspending. But, as with all crises, there is far more to it than just living beyond one’s means. This story involves rebellion, assassination, fratricide, corruption, money laundering, de-regulation, a lot of investor doubt and a near $50 billion bailout. For the country at least, it has a happy ending. Although...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT