a country’s consumption can be greater than its production

It promotes specialization. 6.0 trillion c. 7.0 trillion d. $8.5 trillion 8. The slope of the consumption function is A less than the slope of the 45° line but not equal to zero B greater than the slope of the 45° line C equal to the slope of the 45° line D equal to zero 3. A. A country's consumption possibilities frontier can be outside its production possibilities frontier if _____. By year 2050, more than half of the world’s population is expected to rely in food sourced from other countries. Question: When A Country's Imports Is Greater Than Its Exports, The Country Is Experiencing A Trade Deficit Trade Surplus Trade Balance Trade Residual A Trade Surplus Is Expressed As Exports > Imports Exports < Imports Exports = Imports (Exports - Imports)m A Country Is Said To Have When It Can Produce A Product At A Smaller Opportunity Cost. $5.5 trillion b. During 2008, a country has consumption expenditures of $3.0 trillion (unit same for the rest), investment expenditures of $1.5, government expenditures of $1.5, exports of $1.0, and imports of $1.5. When a country has a comparative advantage in producing a certain good, a. the country should import that good. A comprehensive study conducted by Marianela Fader of Potsdam Institute for Climate Impact Research shows that population pressures will push many nations to make maximizing their domestic food production capacity a top priority. Aggregate expenditure for the country is a. b. the country should produce just enough of that good for its own consumption. c. the country's opportunity cost of that good is high relative to other countries' opportunity costs of that same good. The GDP is the total value of all intermediate goods produced in the country. The GDP can be estimated by adding the value added by all the different sectors of the economy. overestimate the value of production taking place in the economy. According to a recent report by the EIA , China has increased its coal consumption by more than 2.3 billion tons over the last decade, accounting for a … d. None of the above is correct. Saving rather than dis-saving occurs at any level of disposable income at which A the consumption … As a result of trade, even if it still bakes no bread, it can obtain 100 pairs of shoes, which is an increase of 50 pairs. Its consumption possibilities equal its production possibilities. Allocative Effic The standard of living or the consumption standard of the people depends, in the ultimate analysis, on the volume and variety of production. Without trade, if Country C prefers not to bake any bread, and instead employs all of its residents in shoemaking, then it would be able to produce at most 50 pairs of shoes. When the world price of an internationally traded product is greater than a country’s domestic equilibrium price. 2. A country’s consumption possibilities are the same as its production possibilities. If a country is completely self-reliant in producing goods for its own consumption needs, then It consumes more than it can with trade. B. I think the other answers here are a bit technical, so let's simplify it a little and explain why exports might exceed 100% of GDP. . In fact, performance of an economy is judged by the level of its production. It achieves a higher standard of living by exporting. Richness or poverty of a country is dependent upon the amount of … The same as its production possibilities frontier only if there is no international trade B. High relative to other countries ' opportunity costs of that good is high relative to other countries ' costs... 7.0 trillion d. $ 8.5 trillion 8 only if there is no international trade B when the world price an! 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