If nominal GDP for 2017 is $62 trillion and real GDP for 2017 is $46 trillion, then the GDP deflator for 2017 is- (Round your response to two decimal places.)

Q: Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 10 bars…

A: In economics, the final demand domestically can be defined as the total demand for final services…

Q: What are the difference between Nominal GDP and Real GDP? Why do economists use Real GDP rather than…

A: Answer -  Need to find- Difference between Nominal GDP and Real GDP and  Why do economists use Real…

Q: uppose that for the United States, Nominal GDP is  $18 trillion for 2016. Assume further that the…

A: Real gross domestic product (GDP) is an inflation-compensated measure that mirrors the estimation,…

Q: Write the difference between Nominal GDP and real GDP.

A: The nominal gross domestic product (GDP) measures the monetary value of all goods and services…

Q: Discuss some of the reasons why economists should not consider GDP an effective measure of the…

A: Answer -

Q: Which of the following is true about real and nominal GDP? Only nominal GDP is measured in dollars,…

A: GDP is a popular measure used world wide in the estimation of the economy's performance during a…

Q: Hence calculate to one decimal place the percentage change in the GDP deflator between period 1 and…

A: GDP Deflator is the ratio of nominal GDP to real GDP. GDP deflator of a base year is always 100.

Q: Assume that in year 1 an economy produces 10,000 units of output and they sell for $100 a unit, on…

A: Nominal GDP refers to the total value of goods and services produced in terms of money value. it is…

Q: What is the value of nominal and real GDP in 2004? .What is the value of nominal and real GDP in…

A: Gdp is the standard measure of the value added created through the production of goods and services…

Q: Given the information in the attached table, if 2025 is the base year, what is the GDP deflator in…

A:

Q: what is the real GDP for year 2019? refer to the table

A: As economies and societies developed, the study of economics got more complicated. Hence, as a…

Q: Explain concisely whether the following statement is true or false: “The GDP of a country does…

A: Answer: The given statement is false. Explanation: GDP (gross domestic product): GDP refers to the…

Q: Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 5 bars…

A: GDP is the final value of total of the goods and services of an economy in a particular year.…

Q: Imagine you are a senior statistician with a national statistical agency. The economists who work…

A: Gross domestic product (GDP) refers to the entire market value of the products and services…

Q: What wil be the economic condition if GDP deflator is 107

A: GDP deflator tells us the inflation rate in the country. It is calculated by dividing the GDP at the…

Q: Lotta Doe sells 100 shares of stock in Benson Buggywhip for $50 per share. She pays her broker a 2…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Identify the effect on GDP due to the following factors. Factors Effect on GDP An improvement in…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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: Compare and contrast Nominal GDP vs Real GDP

A: Nominal GDP is a macroeconomic evaluation of the production of goods and services focused on the…

Q: During a federal election campaign, the incumbent argues that he should be re-elected because GDP…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: d) What is the percentage growth rate of real GDP from year 2 to year 3?  e) What is the inflation…

A: Gross domestic product (GDP) refers to the total value of all the final goods and services that…

Q: The GDP price index in the United States in 2016 was about 106, and real GDP in 2016 was $17.7…

A: Given data: In 2016, GDP price index was 106 Real GDP = $17.7 trillion

Q: How will you differentiate nominal GDP from real GDP?  Which one (nominal or real) do you consider…

A: Every country focuses on its economic growth. Each country runs on its production, investment, and…

Q: nominal gdp in year 1 is 500. if gdp deflator doubles in year 8 while real output increases by 60…

A: The terms: Nominal GDP: The nominal GDP of a rustic is calculated using current prices and isn't…

Q: GDP

A: All the goods and services’ values produced within a duration and inside the country’s boundary…

Q: Why the use real GDP is preferred by economists over nominal GDP to gauge economic well-being? (100…

A: Real GDP is the GDP which the economy is actually producing ie after the inflation has been taken…

Q: Suppose a small economy produces only smart TVs. In year one, 100,000 TVs are produced and sold at a…

A: In an economy, real GDP and nominal GDP has significant difference that makes the gap between these…

Q: Suppose that the UK’s nominal GDP in 2018 was £2.1 billion, while the GDP in real terms for 2018 is…

A: Nominal GDP = 2.1 billion Real GDP = 1.4 billion

Q: Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200.…

A: Answer: US Nominal GDP in 2010 = $15 trillion GDP deflator = 200 Real GDP2010=Nominal GDP2010GDP…

Q: The GDP price index in the United States in 2016 was about 106, and real GDP in 2016 was $17.7…

A: Nominal GDP is the evaluation of current market prices it shows the Monetary value of all the goods…

Q: In an economy, Nominal GDP for year 2005 (base year = 1996) is $60 billion and the GDP deflator 2005…

A: Real GDP shows the monetary value of all finished goods and services within an economy at constant…

Q: Use the following information to answer this question. If nominal GDP rises from $100 trillion to…

A: Nominal GDP is the gross domestic product of a nation without adjusting for inflation, whereas real…

Q: 1.Real GDP is a more perfect measure of an economy's production than nominal GDP. Explain 2.…

A: Economists are the people who make theories and models on economic behavior using presumptions, past…

Q: List some of the reasons why economists should not consider GDP an effective measure of the standard…

A: Standard of living is the element that affects the happiness of people, either these elements are…

Q: GDP rises from $5.5 trillion in 2014, the base year, to $9.5 trillion in 2018. The GDP deflator in…

A: Nominal GDP = Current Year Prices * Current Year Quantities Real GDP = Base Year Prices * Current…

Q: The 2017 U.S. gross domestic product (GDP) was valued at 19,390,604,000 dollars. How many Gateway…

A: Gross Domestic Product Gross domestic product estimates the value of all finished goods and services…

Q: If real GDP has decreased, which of the following statements is always true? a. Nominal GDP is lower…

A: The market value of all final goods and services produced in the economic territory of the country…

Q: Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken and the…

A: GDP or Gross Domestic Product is the monetary value of all final products or goods and services,…

Q: Assume a hypothetical economy that produces only one good – Peanut Butter. In year 1, the quantity…

A: Assume a hypothetical economy that produces only one good – Peanut Butter. In year 1, the quantity…

Q: Suppose that an Al Khaleej Food company owned entirely by Emirati Business Group opens a new…

A: 1. If an Al Khaleej Food company owned entirely by Emirati Business Group opens a new Restaurants…

Q: 1. GDP rises from $4 trillion in 2010 to $7 trillion in 2013. The GDP deflator in 2013 is 120. Find…

A: Note: You have uploaded more than one question at a time. Therefore, we shall solve the first one…

Q: Ben is a farmer who grows oranges. In the current year Ben produces oranges valued at $54,087, half…

A: GDP refers that Gross domestic production which means value addition of production of goods and…