Explain the data below and Grenada gdp per capita for 2020 was $9,680, a 10.5% decline from 2019. Grenada gdp per capita for 2019 was $10,816, a 3.14% increase from 2018. Grenada gdp per capita for 2018 was $10,486, a 3.29% increase from 2017. Grenada gdp per capita for 2017 was $10,153, a 5.45% increase from 2016.
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- Explain the data below and
- Grenada
gdp per capita for 2020 was $9,680, a 10.5% decline from 2019. - Grenada gdp per capita for 2019 was $10,816, a 3.14% increase from 2018.
- Grenada gdp per capita for 2018 was $10,486, a 3.29% increase from 2017.
- Grenada gdp per capita for 2017 was $10,153, a 5.45% increase from 2016.
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- Refer to the table below for a very simple economy producing three goods: movies, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and CGI service is used for movie production. What is the nominal GDP for the economy in 2021? What was the nominal GDP in 2016? What is the real GDP in 2021 using 2016 prices as base year prices? What is the real GDP growth rate between 2016 and 2021?The United Nations Human Development Report gives the following data for real GDP per person in 2014: China, $12,547; Russia, $22,352; Canada, $42,155; United States, $52,947. Other information suggests that household production is similar in Canada and the United States and smaller than in China and Russia. The underground economy is larger in Russia and China and a similar proportion of each of these economies. Canadians and Americans enjoy more leisure hours than do the Chinese and Russians. Canada and the United States spend significantly more on the environment than do China and Russia. In which pair (or pairs) of countries is it easiest to compare the standard of living? And in which pair (or pairs) is it most difficult? Explain why. The standard of living can be easily compared ______. A. between China and Canada because they have a similar land size B. between China and Russia or between Canada and the United States, because household…Which of the following would cause the value of a nation's GDP to increase in a given year? An increase in the sale of illegal goods in the economy An increase in the sale of used cars More people choose to stay at home to raise their children rather than using paid childcare Households spend more on domestic air travel
- Determine whether each description refers to nominal gross domestic product (GDP) or real GDP. A measure of an economy's output using current prices. real GDP nominal GDP A measure of an economy's output using constant prices. real GDP nominal GDP A measure of output that is adjusted for inflation. nominal GDP real GDP A measure of output that is not adjusted for inflation. nominal GDP real GDPWhat is GDP? What is real GDP ? What is per capita GDP ? Why is our GDP shrinking in the ongoing Corona Virus Crisis? What is a clear indication that the GDP will be decreasing?Consider the following economy. In 2022 Charles Shaw bought grapes for $10 million from independent vineyards to produce its wine, which it sold to households for $35 million. Charles Shaw paid its workers $7 million to make the wine, and earned profits of $18 million. The vineyards paid their farm laborers $4 million in wages, had no other production costs, and made profits of $6 million. Calculate the value of GDP produced in this economy in 2022 in millions of dollars
- In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 218 index points and per capita nominal GDP was $41,800. In January 1950, the CPI was at its lowest at 87 index points. Per capita nominal GDP in 1950 was $7,600. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was $....... (Round your response to one decimal place.) For the people of Polonia, life satisfaction was likely higher in ▼ . The level of life satisfaction hinges on the correlation between happiness and real GDP per capita. Surveys done by social scientists indicate ▼ a robust positive relationship a weak positive relationship an indeterminate relationship a negative relationship between life satisfaction and real GDP per capita.County A & Country B both recorded an increase in real GDP of 5% per year from 1970 to 2005. During this time, the population of country A grew at 7% per year & the population for Country B grew at 3%. Which of the following is true during this period? a. Per capita GDP was the same for both Country A & Country B b. Per capita GDP decreased for Country B only c. Per capita GDP decreased for both Country A & Country B d. Per capital GDP decreased for Country A onlyYou have the following information on 3 countries: Soccerland, Handeggland, and Neverland. How long will it take until Soccerland’s GDP increases by 75%? How long will it take until Soccerland and Handeggland have the same GDP? Soccerland’s population is not happy that, eventually, Handeggland is going to have higher GDP than their country. They feel that they are a much better country, so they are going to work harder to ensure that Handeggland will never catch up with Soccerland. If Soccerland’s new growth rate is constant every year, what is the minimum growth rate that ensures that Soccerland will always have a higher GDP than Handeggland? Neverland’s ambition is to host the World Cup. At the beginning of 2013, its GDP was 2,000 and it was growing at 10% a year. Moreover, it will keep this pace until it hosts the World Cup. In order to host such a big event, Neverland’s GDP must be at least 6,000. After the moment it reaches that GDP level, it will host the World Cup at…
- According to many economists, production that occurs in the underground economy a. is accurately accounted for by the Bureau of Economic Analysis in its measurement of GDP b. has no market value and therefore should not be included in GDP c. is given insufficient weight by the Bureau of Economic Analysis, causing GDP statistics to understate true output d. is given too much weight by the Bureau of Economic Analysis, causing GDP to overstate true output1. GDP rises from $4 trillion in 2010 to $7 trillion in 2013. The GDP deflator in 2013 is 120. Find real GDP in 2013. Find the percentage increase in GDP between 2010 and 2013. 2. GDP rises from $5.5 trillion in 2014, the base year, to $9.5 trillion in 2018. The GDP deflator in 2018 is 140. Find real GDP in 2018. Find the percentage increase in real GDP between 2014 and 2018.Suppose the following are data for a given year from the annual Economic Report of the President. Calculate GDP using the Expenditure approach. Amount Corporate profits $ 305 Capital consumption allowance 479 Gross private domestic investment 716 Personal taxes 565 Personal saving 120 Government purchases 924 Imports 547 Net Interest 179 Rental Income 19 Exports 427 Personal consumption expenditures 2,966 Dividends 87 Indirect business taxes 370 Contributions for Social Security (FICA) 394 Transfer payments 543