4. The following table shows the gross national expenditure (GNE), as well as income and spending in the balance of payments, from a fictional country called Imaginationland. Item GNE Exports of goods and services Primary income received Secondary income received Imports of goods and services Primary income paid Secondary income paid Income and spending, in Dollars 1000 500 300 200 700 150 300 A (a) Calculate Imaginationland's trade balance and Gross Domestic Product (GDP). Is the country running a trade surplus or a trade deficit? (b) Calculate Imaginationland's Gross National Income (GNI). (c) Calculate Imaginationland's current account balance. Is the country running a current account surplus or deficit? Which component of the current account is the main contributor of current account surplus or deficit?
4. The following table shows the gross national expenditure (GNE), as well as income and spending in the balance of payments, from a fictional country called Imaginationland. Item GNE Exports of goods and services Primary income received Secondary income received Imports of goods and services Primary income paid Secondary income paid Income and spending, in Dollars 1000 500 300 200 700 150 300 A (a) Calculate Imaginationland's trade balance and Gross Domestic Product (GDP). Is the country running a trade surplus or a trade deficit? (b) Calculate Imaginationland's Gross National Income (GNI). (c) Calculate Imaginationland's current account balance. Is the country running a current account surplus or deficit? Which component of the current account is the main contributor of current account surplus or deficit?
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Production And Growth
Section: Chapter Questions
Problem 5CQQ
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