(1) What is "international economics"?
(2) List and briefly explain the basic concepts used by economists in describing the functioning of an economy.
(3) State and briefly explain the first law of economics.
(4) Explain the concept of value added, and show how it is used to measure the GNP of a country.
(5) Explain the basic equation for the GNP in an open economy.
(6) Obtain the most recent figures for the U.S. GNP and compare them to the ones shown in Figure
6.3 .
(7) Based on the data shown in Figure 6.4, write a one-page essay on whether or not the world
in the year 2000 will be "better" for people all over the world.
(8) If you had a chance to live anywhere in the world predicted in Figure 6.4, where would you
like to live and why?
(9) The world has changed considerably since the projections of The Global 2000 Report to the Pres ident were made. How close is the world today to the projections described in Figure 6.4?
(10) The last few years the leaders of the major industrialized countries who attend the annual summit meetings have tried to convince West Germany and Japan to increase their domestic
consumption and growth in an effort to take the pressure off the United States. How successful have they been? In other words, if you were to update Figure 6.6 by adding a column for 1989, how much different would the figures be from those given for 1977 and 1984?
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