Distinguish between the following concepts as they apply to Elements of Macroeconomics. Give examples to support your answers a. Nominal GDP and Real GDP b. Procyclical variable and Countercyclical variable
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A: The central problem that is evident in the above extract is that of… b) Data revision
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Q: (Nominal GDP) Which of the following is a necessary condition —something that must occur—for nominal…
A: GDP is a measurement of final goods and services produced within a given time period, typically a…
Q: d. In Crusoe’s final year on the island, he produces the same as in every other year (he’s a…
A: d. As always, GDP is £4,400. But now C 5 £4007, I 5 £400, and X 5 2£7.Note that all of the washed-up…
Q: The following table contains nominal GDP and the GDP deflator from FRED" for the fourth quarter of…
A: Real GDP is the GDP which represent the inflation adjusted price of the goods and services , so here…
Q: Jse the data shown in the table below to answer the following three (3) questions: Year 2019…
A: GDP refers to the value of final goods and services produced in an economy over a given period of…
Q: Which definition best describes real GDP? the production of goods and services valued at current…
A: The real GDP of a country is a measure of its gross domestic product adjusted for inflation. In…
Q: Q1. Consider how each of the following events is likely to affect real GDP. Do you think the change…
A: The gross domestic product (GDP) refers to the total money value or market value of all the final…
Q: What term is used to describe the maximum quantity that an economy can produce, in the context of…
A: In macroeconomics, potential output/GDP alludes to the most elevated level of genuine GDP that can…
Q: During which of the following situations is the percentage change in real GDP always positive? Multe…
A: In an economy, business cycle phases give specfiic information about the real GDP whether it is…
Q: In the "circular flow model" of a macro economy, the population is growing savings are large enough…
A: The circular flow of income shows how money flows between households and firms
Q: Q1. Consider how each of the following events is likely to affect real GDP. Do you think the change…
A: Gross Domestic Product (GDP) is defined as the final value of all the goods and services produced in…
Q: If the GDP deflator increases, we say that we had Group of answer choices a) recession. b) none of…
A: In an economy z GDP deflator is used to compare nominal GDP and real GDP or to show the ratio of…
Q: Which statement best describes the difference between Nominal and Real GDP? Group of answer choices…
A: Nominal GDP measures the value of goods and services at current market prices. Real GDP measures the…
Q: State if the following statements are true or false 1. In the circular flow model firms demand…
A: The Circular flow model shows the flow of income between two sectors i.e. Firms and households.
Q: Distinguish between the following concepts as they apply to Elements of Macroeconomics. Give…
A: There are two statistics which are used to measure the change in level of prices…
Q: What has happened to the macroeconomic over the past two years? What is happening with the…
A: Macroeconomics is the study of a country's or region's overall economic behaviour.. It is concerned…
Q: f Actual (real) GDP is greater (more than) than po
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Suppose nominal GDP in 2013 increased by 8% (over its previous level in 2012). Given this…
A: Gross domestic product refers to the total market value of goods and services produced domestically…
Q: Suppose from one year to the next, the GDP deflator increased by 3% and nominal GDP increased by 1%.…
A: GDP Deflator helps to change in prices of all goods produced; only includes goods produced…
Q: Use the blue points (circle symbol) to plot the real GDP in each of the years listed. (Note: Plot…
A: Real GDP: It is the measurement of the final output level of the economy produced during an…
Q: microeconomy
A: Nominal value is measured in terms of money only. On the other hand, Inflation is considered while…
Q: Which of the following statements is false? a) Trend GDP shows what the path of potential GDP would…
A: Trend GDP The predicted pace of increase of a country's productive capacity is known as trend…
Q: Which of the following is studied under the theory of Macroeconomics? a. Business income b.…
A: As wants and desires of the individuals in the economy are unlimited but the resources available to…
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Q: Suppose you are interested in isolating the cyclical component of a macroeconomic time series (such…
A: The time series viewpoint—cycles being dictated by different arbitrary shocks which are proliferated…
Q: Why do economists and managers pay attention to the measurements of macroeconomic activity?
A: Measurements of macroeconomic activities are done by monitoring the inflation rates, gross domestic…
Q: Consider the following data on the GDP of Z-product: a) What was real GDP in 2012 measured in 2008…
A: GDP deflator is the ratio of nominal gdp and real gdp .real gdp is the product of base year price…
Q: Macroeconomists are interested in two types of phenomena: economic growth and business cycles.…
A: When talking about macroeconomics, two primary phenomena that are analyzed by macro-economists are…
Q: Which of the following is the most likely to occur in the Circular Flow Model when a recession takes…
A: Recession is a period of falling real GDP in the economy.
Q: Discuss in detail the macroeconomic circular flow diagram. Provide a diagram to help with your…
A: We can describe macroeconomic flow by the following diagram,
Q: . In an AD/AS model: (A) the GDP deflator always slopes upwards. (B) the potential GDP always…
A: The correct answer is (D) real GDP is shown on the horizontal axis.
Q: When real GDP declines during a recession, what typically happens to consumption, investment, and…
A: Recession refers to the situation of lower economic activity. During recession times, economic…
Q: Using the circular flow model, explain what might happen to the level of income of an economy if it…
A: If it is experiences an increase in exports then it causes an increase to the level of income…
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Q: Comment with the help of example and graphically as wel
A: An increase in the savings ratio can have a major impact on economic activity. Savings and…
Q: Q1. Explain how macroeconomics studies the economy in aggregate.
A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…
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A: Gross Domestic Product (GDP) is defined as the final value of all the goods and services produced in…
Q: Name two macroeconomic variables that decline when the economy goes into a recession. Name one…
A: Recession:Recession refers to the situation of a widespread decline in spending which leads to an…
Q: Describe and use at least five pieces of real economic data to explain the current state of the U.S.…
A: Present status of the U.S economy in second from last quarter Real gross domestic product (GDP)…
Q: Nominal GDP rose by more than $1 trillion between 2015 and 2016. We can therefore be sure that the…
A: Answer: Nominal GDP is measured on the current prices, which defines the market value of goods and…
Q: You are given the following data. Calculate GNP and GDP at factor cost. GNPMP 600 Indirect Taxes 50…
A: Macroeconomics analyzes the economy as a whole. It studies aggregate economic concepts such as…
Distinguish between the following concepts as they apply to Elements of
a. Nominal
b. Procyclical variable and Countercyclical variable
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- Inflation, Economic Growth and Unemployment in Brasil and Argentina Compare the chosen macroeconomic variables over the last five years.in these countriesa. utilize charts to show the behavior of chosen variables. b. put both countries on the same chartDistinguish between the following concepts as they apply to Elements of Macroeconomics. Give examples to support your answers a. GDP Deflator and Consumer Price Indexb. GDP at Market Price and GDP at Factor CoWhy do economists and managers pay attention to the measurements of macroeconomic activity? several elements of these measurements such as durable goods, non-durable goods, etc
- What variable allows our macroeconomic model to automatically adjust GDP back to full employment level of output (i.e., LRAS or trend GDP)? Question 45 options: changes in the money supply changes in nominal wages changes in nominal interest rates changes in the CPIFluctuation of savings and investment rates impact on GDP of any macroeconomics. Comment with the help of example and graphically as welConsider the “circular flow” diagram for our economy. Explain what each of its components mean and how that detailed model of “incomes” and “expenditures” provides a foundation for economic theory?
- Please solve and no reject this problem question based data and no essay thank u solve in 60 minutes can get Use the Australian Bureau of Statistics (ABS) websitehttps://www.abs.gov.au/data covering the period January 2011-present for the following macroeconomic concepts (i) nominal GDP [referred to as ’GDP at current prices’](quarterly)(ii) real GDP [referred to as ‘chain volume GDP’] (quarterly)(iii) employment/population ratio (monthly)(iv) CPI inflation [‘all groups CPI’] (quarterly) Note that some of these variables are measured quarterly (4 times per year) and others are measured monthly (12 times per year). Use seasonally adjusted data. Use a spreadsheet program to plot each of these four variables over the period January 2011- present. Plot nominal GDP and real GDP as indexes with the last quarter of 2019 indexed to 100. Plot the employment/population ratio as a percentage. Plot the CPI inflation rate as both a quarterly rate and a year-on-year annual rate. Make sure that each…Describe what RGDP does between 2019 and 2021. What was the highest value in 2019 (peak) and what was the lowest value (trough) and when? How much did RGDP fall between these two points in time? How long did it take the economy to return to the peak value in 2019?Fluctuation of savings and investment rates impact on GDP of any macroeconomics. Comment with the help of example and graphically as well
- The following is the macro model of the economy for next year. (i) Find theparametric solutions for the predicted GDP (Y ) and for the predicted netexport (X): (ii) Verify that the 3rd equation is satisÖed by your solutions. Y=C+G0+X C=a+b(Y-t0Y) X=k-mYEconomic variables are sometimes divided into “leading indicators” and “lagging indicators.” Leading indicators are variables that start to change before an economic expansion or contraction. Lagging indicators change only when an expansion or contraction is well underway. Based on the graph of the unemployment rate, is unemployment a leading or lagging indicator of recessions? Explain. How can we use this information when providing advice to a company that sells goods to consumers?When we say that economic fluctuations are “irregular and unpredictable,” we mean thata. the relationship between output and unemployment is erratic and difficult to characterize.b. when one macroeconomic variable that measures income or spending is falling, other macroeconomic variables that measure income or spending are likely to be rising.c. recessions do not occur at regular intervals.d. All of the above are correct.