Major Economics Help, Please!!!?

R

Rinoa

New member
Hi, can someone help me with this:

What is the imports and exports for GDP in this statement:
• 400 million units of food were produced and sold for $10 per unit, 10% was exported and the rest was eaten by domestic residents who also imported 200 million units of food at a price of $12 per unit

Also for this statement (again a GDP question):
• 90,000 desks are imported and sold for $50 per desk
• The government, firms, and households each buy 1/3 of the desks

Is the imports quantity 90,000 but the government, investment, and households quantity zero?
Jerry W. I think your calculations are wrong but yea I get what you're saying...thanks
Why do you add 2400(million I'm assuming) to the consumption in my first statement
And I don't understand this "Consumptions by gov.,firm, household= 1,500,000x3=$4,500,000"
I don't understand the "Domestic consumption = 3,600+2,400=$6,000mil." and for the second statement I thought government, consumption, investment would be 0 so not counted in the other categories?
 
For your first statement:

The exports are 10% of 400 million, or 40 million units; at a price of $10 per unit, this would total $400,000.

The imports are 200 million units at $12 per unit, or $2,400,000,000.

For your second statement:

The 90,000 units ($450,000 total) would be in the category of imports. They would not fall in the other categories listed because they were not produced by that nation.
 
Hi Rinoa,
1)Exports of food are 4,000x1/10=$400 mil.
Domestic consumption = 3,600+2,400=$6,000mil.
Imports of food= 200x12=$2,400mil.
The exports for GDP are $400mil, and the imports are $2,400mil.
2) Imports of desks=90,000x50=$4,500,000
Consumptions by gov.,firm, household= 1,500,000x3=$4,500,000
The imports that go into GDP are $4,500,000
 
Back
Top