Dividing the value of real GDP by aggregate labor hours gives Question 50 options: A) the rate of capital accumulation. B) the size of the labor force. C) the net domestic product. D) labor productivity.
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Dividing the value of real
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- The total value of all final goods and services, measured in current market prices, is given by Question 9 options: a) nominal GDP b) total final product c) total domestic product d) real GDPGross Domestic Product ( GDP) is limited as a measure of the productivity and output of an economy because it does not measure volunteer time and other goods and services that are not paid for. True or False?True or false: GDP is better indicator of a country as well because it gives a better indication how much money individuals have. If the country is rich but the individuals aren’t, The country cannot be considered Wealthy.
- If the GDP deflator is greater than 100, thenA) nominal GDP is greater than real GDP.B) nominal GDP is lower than real GDP.C) nominal GDP equals real GDP.D) prices decreased by more than half between the current and the base years.GDP is a better indicator of economic growth and welfare than GNP because a. indicates income from goods/services that are available in the country. b. the entrepreneurs' effort of combination of other factors of production are included. c. it is always larger than the GNP and includes government services. d. all factor of production's income are accounted for.GDP is an imperfect measure of well-being because ita. includes physical goods produced but notintangible services.b. excludes goods and services provided by thegovernment.c. ignores the environmental degradation fromeconomic activity.d. is not correlated with other measures of thequality of life.
- All of these are measures of national income, except _____. a. Net Labor force b. GDP c. Net National Product d. GNPValue of the final goods and services produced in a given year corrected for inflation in order to measure actual production A. Nominal GDP B. Real GDP C. Net Domestic Product D. Per capita GDPTrue/False: Investment in new technology (e.g., software) is included today in GDP in “Gross Private Investment.” Government purchases of goods and services at all levels of government (federal, state, and local) are included in GDP. Construction and sales of new housing would be included in “Personal Consumption Expenditures” in the durables goods account.
- GDP is A. Market value of final goods and services produced B.Total value added of goods and services produced C. Total Income within an economy or spending on total output produced D. All of the aboveMultiplying the volume of each good produced by the price of each that obtains in the year of production, and summing over all the goods will yield? Select one: a. nominal GDP. b. the GDP volume index. c. the consumer price index. d. the GDP deflator. e. real GDP.Which statement best describes the difference between Nominal and Real GDP? Group of answer choices Nominal GDP is Real GDP that has been adjusted to remove the distorting effects of inflation. Real GDP is calculated using current market prices, while Nominal GDP is calculated using the average prices of the last 5 years. Nominal GDP is calculated using current market prices, while Real GDP is calculated using the prices of the previous year. Real GDP is Nominal GDP which has been adjusted to remove the distorting effects of inflation.
