U.S. exports are
a. not included in U.S. GDP because they are consumed abroad
b. included in U.S. GDP because they are produced domestically
c. included in U.S. GDP because they represent an increase in inventories
d. included in U.S. GDP as government purchases because the government decides what goods may be exported
e. not included in U.S. GDP because they are not subject to a tariff
B
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The fiscal policy of the United States is
A) summarized in the budget of the U.S. federal government. B) the sum of the budgets of each state and municipality. C) published in the Federal Reserve Bank's Annual Report. D) announced by the President in his State of the Union message.
The table below shows the hourly output per worker in two industries in Chile and Argentina. Use this table to answer the following questions.
a. ___________has an absolute advantage in the production of?hats, and _______________has an absolute advantage in the production of beer. b. ____________ has a comparative advantage in the production of? hats, and____________ has a comparative advantage in the production of beer. c. Suppose that Chile and Argentina currently do not trade with each other. Each has? 1,000 hours of labor to use for producing hats and? beer, and the countries are currently producing the amounts of each good shown in the table below. Using this? information, give a numerical example of how Chile and Argentina can both gain from complete specialization and trade. Assume that after trading? begins, one hat can be exchanged for one barrel of beer. Hats beer chile 9000 600 Argentina 600 800 Complete the table below. The table represents the amount of hats and beer after trading for each country hats beer chile ________ 600 Argentina 600 _______