Q: Calculate Nominal GDP if Real GDP is 2700, GDP Deflator is 70 and the price of nutmeg is $10 and…
A: Real GDP can be calculated by using the following formula.
Q: a. Using the provided information. caleulate the nominal GDP for each year bWhat is the percentage…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: What are the other methods of calculating GDP
A: GDP: The cumulative monetary or retail cost of all finished products and services made and sold…
Q: What items are included in the calculation of GDP using the income approach ?
A: GDP refers to market value of good and services produced in a country in current period of time So…
Q: Place the transactions below in their appropriate categories in the GDP a calculate the overall…
A: The term gross domestic (GDP) product refers to the sum of all finished services and commodities…
Q: What are the two main difficulties that arise in comparing different countries's GDP?
A: The GDP is the Gross Domestic Product of a country which is equal to the total monetary value of all…
Q: Calculate net exports if it's given that exports is $350 million and imports is $100 million
A: We need to calculate the value of net exports with given information:- Exports in the economy = $350…
Q: Define GDP
A: GDP or Gross Domestic Product is an indicator of growth.
Q: Which is a better economic indicator, GDP or GNP and explain why?
A: GDP or Gross domestic product refers to the sum total of the final value of all the goods and…
Q: What does GDP not tell us about the economy?
A: ANS GDP is the total value of the goods & services produced in an economy during a certain…
Q: What are the three measures of GDP? How are they calculated?
A: Gross domestic product is similar to another economic measure as it is used to compute the national…
Q: Using the table in Question 6, what was Fruitland's nominal GDP in year 2? Answer:
A: The economics as a study is basically based upon the idea of scarcity, or the limit to amount of…
Q: a) Give the definition of GDP and explain what items are not included in its calculation?
A: The Gross Domestic Product (GDP) is the measurement of the monetary value of all the final goods and…
Q: The GDP deflator in year 2 is Select an answer and submit. For keyboard navigation, use the up/down…
A: In order to calculate the GDP deflator first the nominal and real GDP for year 2 is calculated. GDP…
Q: What is Mexicos GDP?
A: The GDP or Gross Domestic Product of an economy refers to the aggregate value of all final goods and…
Q: What is the contribution to GDP?
A: In this case both the sold and unsold bicycle considered for gdp calculation. Unsold one are…
Q: how to calculate GDP
A: GDP: Gross domestic product (GDP) is the sum of all finished goods and services produced in a…
Q: Years ago, Ricky paid $500 for CDs to put together a collection. Today, he sold his CDs for $200.…
A: GDP or the Gross Domestic Product is the final value of all the goods and services produced in an…
Q: What are the three (3) measures of GDP ? How are they calculated? (100-300 words)
A: Gross domestic product (GDP) refers to the value of final goods and services produced within the…
Q: What is gdp and how do I calculate it?
A: The Gross Domestic Product (GDP) is the measurement of the monetary value of all the final goods and…
Q: What is the formula for measurement on the demand side of GDP? Include a brief definition of each of…
A: GDP = C + I + G + NX The formula for GDP on the demand side is the sum of consumption spending,…
Q: What is GDP in econimic terms?
A: The Gross Domestic Product (GDP) is the standard measure of value-added produced during a certain…
Q: If nominal GDP is $5 trillion and real GDP is $4 trillion, the GDP deflator is: 12.5. 125.
A: GDP Deflator measure of the level of prices of all new, domestically produced, final goods and…
Q: Tornadoes destroy many factories in the country, while a severe drought ruins many crops. Make a…
A: The total demand, price, and even the supply conditions of a nation can be severely affected by…
Q: Compute the values of real GDP and GDP deflator in 2018 and 2019 (using 2017 as the base year).
A: When we calculate the total value of output at the base year price it is called Real GDP.
Q: What components of GDP does Ford selling a Mustang from its inventory affect?
A: Gross Domestic Product (GDP): The total amount of final values of goods and services that are…
Q: How will the current GDP effect our economy
A: Answer - Need to find- Effect of current GDP on the economy Effect of current GDP on the economy…
Q: . List the four components of GDP. Give an example ofeach.
A: GDP is a macroeconomic measure that is used to determine the total aggregate production in a…
Q: why the expenditure apporach is used to calculate gdp
A: The gross domestic product is the aggregate value of all final goods and services produced in the…
Q: What are the main components of measuring GDP with what is produced?
A: The standard measure of value-added produced during a certain time by manufacturing goods and…
Q: What are the benefits should we get by calculating GDP?
A: The Gross Domestic Product (GDP) measures the market value of all the final goods and services…
Q: How is GDP calculated?
A: Macroeconomics analyzes the economy as a whole. It discusses national income, employment, inflation,…
Q: Use the attached table to calculate the following: Nominal GDP in 2008 and 2011 Use real GDP in…
A: Nominal. GDP = Price * Quantity Nominal GDP in 2008 = 1000*5500+6000*1350+7600*50+1500*670 =…
Q: As soon as you start comparing the GDP of other nations, you run into two problems. What exactly are…
A: Introduction GDP tells about the goods and services produced in a economy. It tells about the growth…
Q: Do you think that economists should place a dollar value on “goods” and “bads” when computing GDP?
A: In an economy, GDP is used as the measurement of national income using different methods as they all…
Q: Are illegal drug sales counted in GDP?
A: GDP refers to the gross domestic capital which measures the sum of commodities produced in the…
Q: iv. What is the GDP deflator? How is the GDP deflator calculated?
A: Hi! thank you for the question but as per the guidelines, we answer only one question at one time.…
Q: Why must income and expenditure measure be equal and why might they not be equal? Please use…
A: Income refers to the money earned by the households in the form of rent, interest, wages, or profit…
Q: If nominal GDP is $15000 million and real GDP is 12,000 million Find GDP deflator
A: The information being given to us is as follows:- Nominal GDP = $15,000 million Real GDP = $12,000…
Q: What is the value added aproach of measuring GDP ?
A: GDP stands for Gross domestic product. It is the value of all the final goods and services produced…
Q: 6. State each of the three ways of measuring GDP.
A: Gross domestic product (GDP) is the monetary value of all final goods and services produced within a…
Q: What are the main components of measuring GDP with what is demanded?
A: GDP refers to the value of the final production of all the services and goods within a nation in a…
Q: What is GDP deflator? What for do we use GDP deflator?
A: Gross domestic product refers to the total value of all final goods and services generated in an…
Q: What's the difference between GDP and GNP ?
A: GDP refers to the value of final goods and services produces in an economy within a year It can be…
Q: What is the U.S. GDP for the 1st quarter of 2017?
A: Answer" The growth rate of U.S. GDP for the first quarter of 2017 was 0.7%, which is the lowest when…
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- Explain what the Industrial Revolution was and where it began.Refer back to the Work It Out about Comparing the Economies of Two Countries and examine the data for the two countries you chose. How are they similar? How are they different?Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?
- Hospitality Hotels forecasts monthly labor needs.(a) Given the following monthly labor fi gures, make a forecastfor June using a three-period moving average and a fi veperiod moving average. Month Actual ValuesJanuary 32February 41March 38April 39May 43 (b) What would be the forecast for June using the naïvemethod?(c) If the actual labor fi gure for June turns out to be 41, whatwould be the forecast for July using each of these models?(d) Compare the accuracy of these models using the meanabsolute deviation (MAD).(e) Compare the accuracy of these models using the meansquared error (MSE).Madeleine is a high school graduate deciding whether to go to university. She (like everyone else) lives for two periods after high school. In the first period, she can work (without university) for a salary of YH, or she can attend university. If she attends university, she must pay $5000 in fees (tuition, books), but she will also earn $5000 from a sum- mer job. In the second period, she will continue to earn YH if she did not attend university, or she will earn YU if she went to university. The interest rate at which money can be borrowed or invested is r. Show that she will attend university if YU . (2 1 r)YH. Explain how an increase in the interest rate would affect her decision to attend university.The economy of Ghana is made up of three sectors namely Agriculture, Industry andServices. These three sectors contribute to the national output. For decades prior to the2000s, the Agricultural sector contributed the most to the national output. Sadly, inrecent years however, the sector has been the least contributor to national output.Trends in production of major food crops such as maize, rice and sorghum show thaton-farm productivity has stagnated and the exploitable difference between the actualand the potential output of most of the crops (yield gap) has widened. Low andinadequate levels of usage of productivity enhancing technologies such as quality seedsof improved varieties and fertilizer, thin extension services and weak market linkagescontributes to the poor agricultural performance. It was against this background thatthe NPP-led government implemented one of her flagship programmes “Planting for Food and Jobs”.The programme is primarily aimed at making subsidized improved…
- Consider the production productivity matrix of two goods from the US and India: United States of America India Labor force 200 800 Labor per unit corn 8 50 Labor per unit automobile 10 40 1. How many units of corn will the US produce should it exhaust all its labor force to produce corns? Group of answer choices 20 16 25 Not enough data 2. How many units of corn will India produce should it exhaust 3/4s of its labor force to produce corns? Group of answer choices 20 16 25 12 3. Between the USA and India, which country has a comparative advantage in the production of automobiles? Group of answer choices India USA None of the countries Not enough data 4. How many units of automobiles will the US produce should it exhaust half of its labor force to produce automobiles? Group of answer choices 20 10 25 Not enough data 5. How many units of automobiles will India produce should it exhaust all its labor force to produce automobiles? Group of answer…C I G NX Price Yr1 1000 156 560 52 4 Yr2 1300 159 600 52 5 Yr3 2000 169 690 53 6 Yr4 2900 180 880 53 7 Population Yr1 2 Yr2 2 Yr3 3 Yr4 3 RGDP per capita in the year 1 = 1,768/4*2 = 1,768/4*2 = 221…The work force of a certain factory is growing at rate of 2 per month while the average productivity of a worker is growing at a rate of 4 units per month. If the work force is currently 100 and the average productivity per month is 200 units, at what rate is the total productivity per month of the factory increasing? (a) What happens if the work force is declining by 2 per month? (b) What happens if the average productivity is decreasing by 5 per month?
- Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.YearGolferNominal WinningsU.S. CPIWinnings in 2021 Dollars(Dollars)(1983 = 100)1945 Byron Nelson 63,336 18 1972 Jack Nicklaus 320,542 41.8 1982 Craig Stadler 446,462 96.5 2021 John Rahm 7,705,933 264.7 7,705,933Workers are compensated by firms with benefits in addition to wages and salaries. The most prominent offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour. Also suppose that by 2010 workers at that plant were paid $31.50 per hour but received $13.5 in heakth insurance benefits. a. By what precentage did total compensation (wages plus benefits ) change at this plant from 2000 to 2010? Total compensation increased or decreased by________ percent? What was the approximate average annual percentage change in total compensation? b. By what percetage did wages change at this plant from 2000 to 2010? Wages increased or decreased by ______percent? What was the approximate average annual percentage in wages? c. If workers value a dollar of heath benefits as much as they value a dollar of wages, by what total percentage will they feel their incomes have risen over…Increases in the amount of human capital in theeconomy tend to _________ real incomes becausethey increase the _________ of labor.a. increase; bargaining powerb. increase; productivityc. decrease; bargaining powerd. decrease; productivity
