One way to measure a country’s economy is per capita gross domestic product, or per capita GDP. This is the value of all the products and services produced in a country over the course of a year divided by its population.     If the United States had a per capita GDP of $60,700 and the population was about 322 million, which of the following is a reasonable estimate for the GDP of the United States? i.  $20 billion ii.  $1.2 trillion iii.  $30 trillion iv.  $20 trillion v.  $30 billion

Q: Describe Marilyn Waring’s assessment of Gross Domestic Product (GDP) as a measure of economic…

A: She has been outspoken in her criticism of the idea of gross domestic product (GDP), the economic…

Q: Many financial analysts use GDP as a measure of the economy's performance. However, GDP has several…

A: The GDP is the summation of the money value of all the final goods and services produced within the…

Q: A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units…

A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Explain why each of the following should be taken into account when GDP data are used to compare the…

A: Hey, Thank you for the question. According to our policy, we can only answer up to 3 subparts per…

Q: Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use…

A: economic growth has increased living expectations all throughout the planet. In any case,…

Q: Using the information in the table, nominal GDP in this simple economy in year 2 equals Quantity…

A: Gross domestic product (GDP) is the sum total of all the market value of goods and services which…

Q: Why GDP is criticized as a “deeply foolish” indicator of how an economy? What are the different…

A: The measure that depicts the total value of goods and services that are being produced in an economy…

Q: Use the relevant numbers from the following information to compute GDP. Given this information, GDP…

A: In order to calculate the gross domestic product, we are required to use the below formula. GDP = C…

Q: Problem #28- Last year, a small nation with abundant forests cut down $200 worth of trees. $100…

A: The Gross Domestic Product (GDP) is the summation of the money value of all the final goods and…

Q: Use the data below to calculate GDP for a given country.

A: With the given data we can calculate GDP by using expenditure method or outlay method.

Q: India has a higher GDP than Austria. Explain, using the concept of per capita GDP, why Austria…

A: Standard of living is the level of comfort, necessities, material goods, and wealth available to the…

Q: Along with government spending, what THREE factors make up gross domestic product (GDP) under the…

A: GDP = Household spending + Gross investment + Government spending + Net exports

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: For each of the following examples, state if you think it is included in the 2010 calculation for…

A: GDP (Gross Domestic Product) measures the market value of all final good and services produced in an…

Q: Use the data from below table: Compute nominal GDP in 2014. Compute real GDP in 2015. Compute the…

A: 1. Compute nominal GDP in 2014. Answer: Nominal GDP measures countries current GDP without adjusting…

Q: What is the largest component (C, I, G, or NX) of GDP? Give an example of each component.

A: The GDP is the summation of the monetary value of all the goods and services produced within the…

Q: Suppose that a farmer grows wheat, which she sells to a miller for $10. The miller turns the wheat…

A: 1) Farmer sold wheat to miller for= $10 Miller sell flour to baker for= $55 Baker sells bread to…

Q: Compare the term GDP, GNP, National income with the help of statistics of pakistan?

A: GDP i.e., gross domestic product is the value of a nation's finished domestic goods and services…

Q: Consumption                                             $400 Imports…

A: The given information is as follows: Consumption                                       $400…

Q: The following table shows some data for an economy that produces only two goods: milk and honey.…

A: we can be fill up the following blanks by using these methods   such as the formula of nominal…

Q: GDP is often used as a measure of well-being. Is it a reasonable measure of well-being? If so, why…

A: GDP is the total market value of goods and service produced domestically during in a year .  And…

Q: What was nominal GDP, real GDP, and the GDP deflator for 2008? What was nominal GDP, real GDP, and…

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

Q: Calculate the GDP using (1) the Income and (2) the Expenditure Approach

A: GDP: It refers to the goods and services which is produced in an economy due to during the specified…

Q: Analyze how much Pakistan’s GDP and each of its components is affected by the following…

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

Q: Jarviland is a small country with only two sectors: microchips and computers. This year, the total…

A: Given: The total revenue of the microchips sector is = ₤3 billion The revenue from sales to the…

Q: Suppose we have the following information about a car manufacturer: car sales £1000, steel purchases…

A: GDP is the value of all final goods and services produced in an economy over a given period of time.…

Q: Use the information below Consumer spending = $200 million Capital Consumption Allowance = $80…

A: The GDP (gross domestic product) is calculated using either the expenditure approach or the resource…

Q: How would I calculate the real GDP increase between the years 2013 and 2003? 2003: Nominal GDP…

A: GDP: Gross domestic product or what is commonly known as GDP is the measurement of the final value…

Q: Solve the attachement.

A: The formula to calculate the GDP deflator is: GDP deflator=Nominal GDPReal GDP×100

Q: GDP is composed of a number of categories. What category makes up the largest portion of GDP? What…

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

Q: For the following question , please indicate whether current GDP of the United States will be…

A: GDP is gross domestic product which is sum of value of all goods and services produced in a country…

Q: Oranges Price of Shirts Price of Year Produced Oranges Produced Shirts 2016 1,800 $0.90 100 $30.00…

A: Nominal GDP is the GDP given in current prices, without adjustment for inflation. Current price…

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: The table given below reports the value of sales at each stage of production of an economics book.…

A: GDP is the market value of all final goods and services in a financial year which are produced in a…

Q: Explain why each of the following should be taken into account when GDP data are used to compare the…

A: When the developments of various nations are compared, the main factors of GDP are considered. But…

Q: You are an economist calculating the Gross Domestic Product of Oman. To calculate GDP, you will…

A: The Gross domestic product (GDP) is the market worth of every final and service produced inside a…

Q: The largest component of GDP is a. private consumption expenditures b. private…

A: People consumption is more than any other component of GDP.

Q: The UK GDP per capita measures: Select one or more: a. the total output of London’s economy. b. the…

A: GDP per capita measures the total output of country divided by the number of people in the country.…

Q: Using the expenditure approach, calculate GDP using the following data.

A: Consumption is the expenditure of all the household sector in an economy.  Consumption expenditure…

Q: Suppose that a simple economy produces only three goods and services: sweatshirts, dental…

A: The GDP is the summation of the money value of all the final goods and services produced within the…