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Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026 Exercise 1
Figure 1.1 depicts the GDP of the 10 largest economies in the world in 2007, measured in U.S. dollars.
a) Which country had the fifth largest economy?
b) Which country had the 10th largest economy?
c) Based on the chart, what was the size of the French economy, measured in dollars?
Reference Figure 1.1
a) Which country had the fifth largest economy?
b) Which country had the 10th largest economy?
c) Based on the chart, what was the size of the French economy, measured in dollars?
Reference Figure 1.1
Explanation
Verified
Verified
Gross Domestic Product (GDP) is the measure of the market value of all the goods and services produced over the period of time. Nominal GDP is used to assess the economic performance of the whole country and compare it with the other countries around the world. GDP is the dollar value of the total output of a national economy over the year.
a)As per the table, the GDP of various countries is given. In the table, GDP of 10 countries is given ranging from highest to lowest. The GDP of United States, being the highest and the GDP of Italy, being the lowest. So,
The country which has the fifth largest economy in the world is
. It has GDP of $2.8 trillion.
b)As per the table, the GDP of various countries is given. In the table, GDP of 10 countries is given ranging from highest to lowest. The GDP of United States, being the highest and the GDP of Italy, being the lowest. So,
The country which has the 10 th largest economy in the world is
. It has a GDP of $1.8 trillion.
c)As per the table, the GDP of various countries is given. In the table, GDP of 10 countries is given ranging from highest to lowest. The GDP of United States, being the highest and the GDP of Italy, being the lowest. So,
The GDP size of French economy measured in dollars is
, thus placing it on the
in the chart of top 10 largest economies.
a)As per the table, the GDP of various countries is given. In the table, GDP of 10 countries is given ranging from highest to lowest. The GDP of United States, being the highest and the GDP of Italy, being the lowest. So,
The country which has the fifth largest economy in the world is
. It has GDP of $2.8 trillion.b)As per the table, the GDP of various countries is given. In the table, GDP of 10 countries is given ranging from highest to lowest. The GDP of United States, being the highest and the GDP of Italy, being the lowest. So,
The country which has the 10 th largest economy in the world is
. It has a GDP of $1.8 trillion.c)As per the table, the GDP of various countries is given. In the table, GDP of 10 countries is given ranging from highest to lowest. The GDP of United States, being the highest and the GDP of Italy, being the lowest. So,
The GDP size of French economy measured in dollars is
, thus placing it on the in the chart of top 10 largest economies.
Economics: The Basics 1st Edition by Mike Mandel
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