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- Define GDP growth in an economy.As you learned in the most recent chapter, GDP is the broadest measure of economic health in the U.S. Therefore, the discussion forum for the week will ask you to discuss GDP in your own words. Specifically, Business leaders, Government officials, and investors are often fixated on GDP results and economic growth. Why? What does it matter? The same level of interest is given to productivity. What is it and why does it matter in the scheme of things? What does GDP fail to tell us?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?
- Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use it to measure economic progress for all of the below reasons EXCEPT for this one: Group of answer choices Joys of art and leisure, sorrows of environmental destruction and stress, and spiritual satisfaction, are subjective measures of human well-being and difficult to quantify or measure. All else equal, it is better for a nation to produce more goods and services than fewer. Quality of life factors such as healthcare, leisure, protection of the the environment, and stress, are not important, and therefore there is no need to develop a broader, more inclusive, measure of well-being than the GDP. When GDP turns negative, the damage is real: jobs lost, businesses closed, productive capacity turned idle.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 outputSuppose that in a closed economy GDP is $50,000, consumption is $35,000, taxes are 10,000 and government spending is $5,000. In this case, investment is _____. a ($5,000) b $5,000 c $15,000 d None of the above
- Why is investment an important component in a country's output? what theory supports investment in GDPConsider an economy that produces only computers. The quantity of computers and the price of computers in four successive years are given in the table. A. Calculate the Nominal GDP and Real GDP. What trends do you observe? Show all your calculations. B. Calculate the growth rate of nominal GDP for 2015, 2016, and 2017. Round your answers to one decimal place. What trends do you observe? C. Calculate the growth rate of real GDP for 2015, 2016, and 2017. Round your answers to one decimal place. What trends do you observe? Thank you soso much!! :)Part of a bridge built by the government of Ritzland collapsed in the same year it was constructed. If the total cost of building the bridge was $4 million, and then it costs $3 million to repair it, which of the following will happen in this scenario, everything else remaining unchanged? Ritzland's GDP will decrease by $4 million. Ritzland's GDP will increase by $3 million. Ritzland's GDP will increase by $7 million. Ritzland's GDP will increase by $1 million
- What 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?Assume that an economy has 1,000 workers, each working 2,000 hours per year. If the average real output per worker-hour is $20, then total output, or real GDP, will beWhich of the components of GDP must increase if we are to experience greater rates of economic growth? If the illegal drug trade was legalized what would happen to GDP? What would happen to GDP if a significant number of house-spouses who were previously staying home to care for their children began taking jobs and placing their children in day-care? Would the nation's well-being necessarily be better off?
