Question

_______________is calculated by dividing GDP by the size of the population. _______________is the value of all final goods and services produced in the economy during a given year, calculated by using the prices current in the year in which the output is produced. _______________is the total value of all final goods and services produced in a given year, calculated using the prices of a selected base year. _______________is the method of calculating real GDP using the average between the growth rate calculated using an early base year and the growth rate using a later base year. According to the _______________, a country has a comparative advantage in a good whose production is intensive in the factors that are abundantly available in that country. The _______________of production of a good is a measure of which factor is used in relatively greater quantities than other factors in production._______________is the net gain that consumers receive from the purchase of a good. _______________is the net gain sellers gain from selling a good. _______________is the sum of the net gains from each. _______________are goods and services purchased from other countries. _______________are goods and services sold to other countries. _______________produce goods and services that are sold abroad. _______________produce goods and services that are also imported.______________is a tax levied on imports. _______________is the legal limit on the quantity of a good that can be imported.

Answer 1

1. Per capita GDP is calculated by dividing GDP by the size of the population.

2. Nominal GDP is the value of all final goods and services produced in the economy during a given year, calculated by using the prices current in the year in which the output is produced.

3. Real GDP is the total value of all final goods and services produced in a given year, calculated using the prices of a selected base year.

4. Chain linking is the method of calculating real GDP using the average between the growth rate calculated using an early base year and the growth rate using a later base year.

5. According to the Heckscher–Ohlin model, a country has a comparative advantage in a good whose production is intensive in the factors that are abundantly available in that country.

6. The factor intensity of production of a good is a measure of which factor is used in relatively greater quantities than other factors in production.

7. Consumer surplus is the net gain that consumers receive from the purchase of a good.

8. Producer surplus is the net gain sellers gain from selling a good.

9. Total surplus is the sum of the net gains from each.

10. Imports are goods and services purchased from other countries.

11. Exports are goods and services sold to other countries.

12. Foreign producers produce goods and services that are sold abroad.

13. Domestic producers produce goods and services that are also imported.

14. Tariff is a tax levied on imports.

15. Quota is the legal limit on the quantity of a good that can be imported.