1. Real GDP decreases during (a).The movement from through to peak (b). The movement from below potential GDP back to potential GDP. (c).A decrease in unemployment (d). The movement from peak to through.
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- 4. Compute the percentage increase in real GDP from 2004 to 2005.a. 0 percentb. 7 percentc. 22 percentd. 27 percent *base year is 2003The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?B If nominal GDP is $10,700 billion and the GDP deflator is 110.5, real GDP is Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Statement i Nominal GDP uses current prices to place a value on economy's production goods and services.Statement 2 real GDP uses constant base year prices to place value on economy's production of government goods and services a)Both statements are incorrect B)Both statement are correct Tco and statements in next Statement 1t stand tenement courtThe economy of Fantasia produces only 2 goods namely Shoes and Computers. The total productionand average prices of shoes and computers are displayed in Table 2 attached. (a)Explain why nominal GDP in 2020 differs from real GDP in 2020 (b) Calculate the changes in prices for both products. How much has price changed from 2019 to2020?True or False Any change in spending (C, I, or G) will set off a chain reaction, leading to a multiplied change in GDP
- On the demand side of GDP, consumption by _____________ is the largest component of GDP, accounting for about two-thirds of the GDP in any year. options a) businesses b) households c) services d) government3 Which of the following is correct about real GDP? a. All of the options b. It is corrected for inflation c. It is GDP calculated at constant price level d. It shows true picture about the output of a countryIn 2020, Computers Inc. produced personal computers worth $25 million. If $20 million worth was sold and $5 million worth remained unsold at year end and were added to inventories, how much did Computers Inc. contribute to GDP in 2020? a. $15 million b. $0 c. $5 million d. $25 million e. $20 million
- 1- The four expenditure categories of GDP consist on consumption, government purchases, investment, net-exports. Select one: a. True b. False 2- GDP doesn’t include value of almost all activity that is takes place outside markets. Select one: a. False b. True(a) Calculate GDP using the Income and Expenditure Approach. (b) (all figures are in billions of dollars): Item Amount ($) Government purchase of goods and services 1,721.6 Exports 1,096.3 Receipts of factor income from the rest of the world 382.7 Depreciation (consumption of fixed capital) 990.8 Net fixed Investments 688.2 Corporate income taxes 265.2 Consumption expenditures 6,739.4 Indirect business taxes 664.6 Imports 1,475.8 Payments of factor income to the rest of the world 343.7 Inventory change 56.5 Social security contributions 702.7 Undistributed corporate profits (retained earnings) 130.3 Government transfer and interest payments 1,366.3 Personal interest payments 286.2 Personal taxes 1,235.7 (c) Using the following data calculate: (i) The number of persons employed. (ii) The number of persons unemployed.…28 If the total of Agriculture sector is OMR 7 billion, total of industrial sector is OMR 7 billion and the GDP found under Output Approach is OMR 8.1 billion, calculate the total of service sector? Select one: a. 22.10 b. NONE c. 8.10 d. 8.10 e. -5.90