International Economics- Theory and Policy Chapter 13 Exam Questions with Verified Answers (Rated A+)
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International Economics- Theory and Policy CH13
Institution
International Economics- Theory And Policy CH13
International Economics- Theory and Policy Chapter 13 Exam Questions with Verified Answers (Rated A+)
national income accounts - Answers records the value of national income that results from production and expenditure
national income - Answers total income earned by a nations factors of producti...
International Economics- Theory and Policy Chapter 13 Exam Questions with Verified Answers (Rated
A+)
national income accounts - Answers records the value of national income that results from production
and expenditure
national income - Answers total income earned by a nations factors of production
Gross National Product (GNP) - Answers The total value of goods and services, including income received
from abroad, produced by the residents of a country within a specific time period, usually one year.
Factors of Production - Answers - workers (labour services)
- physical capital (buildings and equipment)
- natural resources
GNP formula - Answers GDP + net factor income from abroad
* in an open economy GNP = GDP
Depreciation - Answers subtracted from GNP to adjust GNP for precision
Unilateral transfers - Answers payments of expatriate workers sent to their home countries, foreign aid
and pension payments sent to expatriate retirees
Gross Domestic Product (GDP) - Answers Measures the final value of all goods and services that are
produced within a country in a given period
GDP equation - Answers GDP = C + I + G + (X-M) or
GDP = GNP - payments from foreign countries for factors of production + payments to foreign countries
for factors of production
when production > domestic expenditure, exports> imports: current account > 0 and trade balance > 0 -
Answers country earns more income from exports than it spends on imports, net foreign wealth is
increasing
when production < domestic expenditure, exports < imports: current account < 0 and trade balance < 0 -
Answers country earns less income from exports than it spends on imports, net foreign wealth is
decreasing
National saving equation - Answers S = (Y - T - C) + (T - G)
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