in comparing GDP data over a period of years, a difference between nominal and real GDP may arise because:  Group of answer choices 1. the length of the workweek has declined historically. 2. prices may also change over time. 3. depreciation may be greater or smaller than gross investment. 4. of changes in trade deficits and surpluses.

Q: In an economy, the real GDP in year 1 (the base year) was $15,000 billion. In year 2, the total…

A: Answer: Nominal GDP represents the market value of goods and services at current year prices,…

Q: Part a) Fill in the rest of the table. Part b) Calculate the growth of real GDP from 2012 to 2013…

A: Nominal GDP is the market value of goods and services produced in an economy while Real GDP is the…

Q: Refer to the table below for a very simple economy producing three goods: movies, burgers and bikes.…

A: GDP is the value of all final goods and services in a given year in any given economy. So here while…

Q: Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does…

A: GDP stands for gross domestic product. It is the value of all final goods and services produced in…

Q: In GDP calculation, contrast the way durable consumption goods (e.g. a car) are treated relative to…

A: Consumption is ordinarily the biggest GDP part in the economy, comprising of private in the economy.…

Q: Bacon County, Georgia, an area that produces only two products: Pizza and Coke. Year Pizza Produced…

A: GDP is the value of final goods and services produced in the economy within a given period of time

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

A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three…

Q: Consider the following table for the economy of a nation whose residents produce four final goods:…

A: Nominal gdp is the product of current output and current level of price . And it considers the…

Q: 1. Nominal GDP is the value of final goods and services A) at the prices of that year. B) at the…

A: Nominal GDP : Nominal GDP = Real GDP x GDP deflator

Q: Year Nominal GDP Real GDP Price Index 1 5,200 4,800   2 5,500   112 3 5,740 5,000     Refer to the…

A: The most usually used measure of an  economy's size is gross domestic product (GDP). The gross…

Q: 5) Economic activities in a three-sector hypothetical economy for 2020 are given below. Compute GDP…

A: Answer- Need to find- explain briefly the option C and D    C.  Sales at Super M markets amounted t…

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: 5) Economic activities in a three-sector hypothetical economy for 2020 are given below. Compute GDP…

A: Number of small cars produced by Sigma Auto= 2000 Selling price= $6000 each Number of truck produced…

Q: 1. Calculate the value of nominal GDP for 2004. a. PHP800 b. P1,060 c. P1,200 d. P1,460

A: Nominal GDP refers to the GDP at current prices. It is defined as the market value of the various…

Q: Below are some data from the land of milk and honey a)  Compute nominal GDP, real GDP, and the GDP…

A: GDP of the country measures the value of all goods and services produced within a given time.…

Q: A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as…

A: Nominal GDP is the market value of goods and services produced in an economy, unadjusted for…

Q: Question 2 If Nominal GDP is $12,000 billion and the GDP deflator is 80, then Real GDP is a) $15,000…

A: here we can find the Real GDP by using the GDP deflator because here GDP deflator is given , so…

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: 23. Which of the following would be considered a final good or service in the calculation of GDP?…

A: GDP stands for Gross Domestic Product. It is the market value of all final goods and services…

Q: 5. Problems and Applications Q6 Consider an economy that produces only chocolate bars. In year 1,…

A: The percentage growth rate of real gdp can be calculated by the following formula.  Growth % =…

Q: 5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges.…

A: Nominal GDP: - it is the value of all final goods and services produced in any country in a given…

Q: 5. Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and…

A: Gdp is the total market value produced in domestic boundaries of the nation's during a year .  There…

Q: Suppose the following table records the total output and prices for an entire economy. The base year…

A: Nominal GDP is calculated on the current year price on the other Real GDP measures on Base year…

Q: bln. After 10 years GDP deflator has decreased by 10% and real GDP has increased by 15%. Compute the…

A: Given: Base year GDP=$1000 bln After 10 years, Decrease in GDP Deflator=10% Increase in Real GDP=15%…

Q: 6. Consider the following data: in 2012 the nominal GDP was 6,533 billion, while in 2011 was 6,244…

A: Given: Nominal GDP in 2011=6244 billion Nominal GDP in 2012=6533 billion GDP deflator in 2012=102.6…

Q: The only two products existing are pens and pencils. Year 1 Year 2 1500 1900 Quantity of pens Price…

A: Real GDP is the real indicator of social welfare in the economy . Because real GDP changes when…

Q: 2. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and envelopes.…

A: GDP is the value of final goods and services produced in the economy within a given period of time

Q: .Assume a Hyundai dealership in Delhi bought 30 Hyundais from Korea at a cost of $15,000 per car in…

A: here we calculate the given by following method as follow;

Q: 5) Economic activities in a three-sector hypothetical economy for 2020 are given below. Compute GDP…

A: C) Super M markets made a total of $28 million in sales, with all of it going to consumers. The…

Q: Find Nominal GDP in base and current years. What is the percentage change during this period? Find…

A: As there are multiple questions, answering first question. Kindly repost the other questions again.

Q: Donuts Sushi Fiction Novels price $12 $6 $50 uantity 100 10 200 price $12 $7 $60 uantity 110 15 200

A: Nominal GDP measures market value of goods and services using current price level whereas real GDP…

Q: Compute nominal GDP in 2014. Compute real GDP in 2015. Compute the GDP deflator in 2016.   2014…

A: Nominal GDP refers to the current value of all the goods and services in a given time period. Real…

Q: 1. Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and muffins.…

A: Nominal GDP is the sum of product of current year quantity and current year price. Real GDP is the…

Q: Suppose in a given year, GDP was $8,542 billion and the GDP chain price index for that year is…

A: Given the GDP = $8542 Price index = 119.5

Q: 5) Economic activities in a three-sector hypothetical economy for 2020 are given below. Compute GDP…

A: C) Super M markets made a total of $28 million in sales, with all of it going to consumers. The…

Q: 5) Economic activities in a three-sector hypothetical economy for 2020 are given below. Compute GDP…

A: From sigma: Consumer bought 1600 cars at $6000 each  Exports = 400 cars at $6000 each Super M…

Q: Question 2: Suppose that a simple economy produces only four goods and services: sweaters, CDs,…

A: Gross Domestic Product (GDP) is the value of all final goods and services in a given year. Real GDP…

Q: Consider an economy that produce only ice cream cones. In year 1, the quantity produce is 8 bars and…

A: Answer: Given. Year Quantity  Price  1 (Base year) 8  RM 2 2 12 RM 3.50 3 18 RM 4 (a).…

Q: 10 - : What do we get if we divide the nominal GDP value for a certain period in a country by the…

A: Nominal GDP is the market value of all the final goods and services produced within the borders of…

Q: 18. If nominal GDP is $5 million and the real GDP is $4 million, what is the GDP deflator? a 0.80 b.…

A: GDP Deflator calculate the price level of all final goods and services which is domestically…

Q: Suppose a simple economy produces three goods only. The price and output data for some selected…

A: The nominal GDP is the monetary value of an economy's final production measured at the current…

Q: Real versus nominal GDP Consider a simple economy that produces two goods: pens and oranges. The…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Consider an economy that produces only three types of fruit: Apples, oranges and bananas. In the…

A: The market value of goods and services being produced is gross domestic product (GDP. An assessment…

Q: Year Units of Output Price of Pizza Per Unit Price Index (Year 1 = 100) 1 10 $10 100 2. 12 20 200 15…

A: Nominal GDP is the money value of all final goods and services produced in an economy during an…

Q: Using the following data answer all the questions. The base year is   Year Price of Guitars (RM)…

A: GDP(gross domestic product) means the value of final goods and services in a given period of time.

Q: Pear Phone |Year Price (S) Quantity Price (S) Quantity 2015 3 210 450 54 2016 4 200 500 50 4.…

A: Nominal GDP is the value of goods and services calculated at current prices produced in the domestic…

Q: Today,your lecturer gives you one table that decribes the product information of one city as below.…

A: a.) Nominal GDP in 2015  = Price(2015) * Quantity (2015) = (1.40+0.50+12) *(510+1000+80)  = 13.9 *…