Information for questions 14-20 The world is made of two cou…

Information for questions 14-20 The world is made of two countries, Uplands and Lowlands. Labor is the only factor of production, and Uplands has 500 hours of labor available to be employed, while Lowlands has 200 hours of labor available to be employed. There are two goods, raincoats and shirts. The following table shows the output of each good per hour of labor, in the two countries.   Uplands Lowlands Raincoats 2 4 Shirts 8 24 Lowlands has comparative advantage in

Variable Value (millions of dollars) GDP ? Exports 50…

Variable Value (millions of dollars) GDP ? Exports 50 Imports 60 Trade-to-GDP ratio 0.2 The table above shows some statistics for a nation, including its trade-to-GDP ratio. Calculate this country’s GDP. Enter a whole or decimal number, as appropriate, and round to the second decimal digit.