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Japanese GDP in 2010 was 480 trillion yen while U.S. GDP was $14.5 trillion. The exchange rate in 2010 was 87.8 yen per dollar. Japan had higher prices than the United States: the price level in Japan (converted to dollars) divided by the price level in the United States was 1.243 in 2010. a) What is the ratio of Japanese GDP to U.S. GDP if we do not take into account the differences in relative prices and simply use the exchange rate to make the conversion? b) What is the ratio of real GDP in Japan to real GDP in the U.S. in common prices?
By specializing in the production of particular goods in which it has a comparative advantage, a nation is:A) less likely to make efficient use of available resources.
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Below is the entire assignment. I have most of the answers but I do not know how to respond to the final question in the first part "What does your anticipated adjustment process imply about the CR for the industry
Suppose that virtually everyone in the United States decides to take life a little easier, and the length of the average workweek falls by 25%. How will that affect GDP Per capita GDP How will it affect economic welfare
The nation of Aquilonia has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing rice, exporting steel, and neither importing nor exporting TVs. We can conclude..
your mathematics and economics professors have decide to give tests 2 day from For each addition 3 hours study time for one of the subjects, your grade will increase one letter for that subject.
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