What is the ratio of japanese gdp to us gdp

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Reference no: EM13146518

How large is the economy of Japan? Japanese GDP in 2007 was 517 trillion yen (U.S. GDP again was $13.7 trillion). The exchange rate un 2007 was 118 yen per dollar. Contrary to china and India, however, Japan had higher prices than the Unites states: the price level in Japan (converted to dollars) divided by the price level in Unites States was 1.074 in 2007. A) What is the ratio of Japanese GDP to U.S. GDP if we don't take into account the differences in relative prices and simply use the exchange rate to make the conversion? B) What is the ratio of GDP in Japan to real GDP in the Unites States in common prices? C) Why are these two number different?

Reference no: EM13146518

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