Q: Given the following: consumption = 400, investment = 300, government expenditure = 150 and net…
A: Economy's GDP Y = Consumption + Investment + Government expenditure + Net export
Q: which of the below statements about the U.S. GDP do you think is INCORRECT? Group of answer…
A: * ANSWER :- The OPTION C is answer
Q: suppose you buy a new iClicker 2 from the Illinois bookstore for $29.99. Your friend was lucky and…
A: The nations have various entities in the form of households, consumers, investors, producers,…
Q: explain three limitation in measuring the real gdp
A:
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa's economy grew by 1.1% in…
A: 1 - Option B Data Revision Due to changing the way GDP was being calculated by using the annualising…
Q: Fill in the blank for the following: GDP is the market value of all produced in a given period.…
A: The raw material is the unprocessed material that is used to produce finished products for selling…
Q: the annual output and prices of a 3-good economy are shown in the table below. Good Price year 1…
A: In the given question, we need to identify the value of each good consumed. Such as if there is a…
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa’s economy grew by 1.1% in…
A: 1 - Option B Data Revision Annualizing method could be misleading during phases of economic…
Q: Fill in the blank for the following : GDP is the market value of all ............ produced in a…
A: Pens, flour, oranges, and caps are examples of goods that are commonly measurable. Healthcare…
Q: Explain why economists focus on the GDP, inflation, and unemployment when assessing the health of…
A: The growth in the GDP discloses to us how quickly does the economy develops, that is the manner by…
Q: The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods…
A: GDP is the value of final goods and services produced in the economy within a given period of time.
Q: The following represents the production of goods for a country Commodity Quantity 2010 Quantity 2009…
A: Nominal GDP=Units of output×Price per unitsReal GDP=Units of output × Price per unit from base…
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: 10. Which of the following does NOT count toward changes in the current GDP (year 2022)? a) A…
A: When talking about items that can be included in the GDP, it can be said that, a product should be…
Q: Which of the following statements about GDP and GNP is WRONG? Cars produced in Canada using US…
A: We have to find GDP and GNP.
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa's economy grew by 1.1% in…
A: 1 . Option B - Data Revision Calculating GDP by annualising method is not the right approach during…
Q: Consumption expenditures Investment expenditures Government purchases $800 $200 $300 Exports $100…
A: GDP can be defined the market value of all goods and services which are produced in the domestic…
Q: Suppose that in 2011 Nominal GDP was $14 trillion and the Real GDP was $12 trillion. If Nominal GDP…
A: The gross domestic product (GDP) represents all of the goods and services produced in the country.…
Q: Consider an economy which produces and sells, among a host of other things, 100 million T-shirts a…
A: The total monetary or market worth of all finished goods and services produced inside a country's…
Q: The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods…
A: Nominal GDP: a) NGDPyear 1=Priceyear 1×Quantityyear 1=($4×3)+($3×1)+($2×3)=$12+$3+$6=$21 Economy's…
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: If a pizza maker pays $1 for tomatoes, $1 for cheese, $2 for pepperoni and sells the pizza made with…
A: Gross Domestic Product is the final value of all goods and services produced in the economy during a…
Q: Suppose a very simple economy produces just three goods: violins, guitars and trumpets. Below are…
A: Based on the given information we can easily calculate the real GDP of 2019. Real GDP is the measure…
Q: Instructions: Round your responses to the nearest billion, If you are entering any negative numbers…
A: The given table gives information about the nominal GDP and GDP deflator for year 2000 to 2019.
Q: A car that is produces in 2012 is not sold until 2013. According the definition of GDP, in which…
A: Gross domestic product is the measure of national income of a specfiic year or time period and…
Q: Explain THREE (3) limitations in measuring the real GDP.
A:
Q: The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods…
A: In an economy, GDP of a year is also known as the cost of basket of goods and services in a specific…
Q: Calculate real GDP in 2006, 2008, & 2010 in 2005 dollars. b. What was the percent change in real…
A: GDP is a measure of total aggregate output produced in the economy that can be computed either in…
Q: You own a cigar shop in Uxbridge, Ontario which sells Made in Canada cigars (gross!). In 2019, you…
A: Nominal GDP is calculated by multiplying current year prices with current year quantities. Real GDP…
Q: Which of the following is true about real GDP? A. It is always equal to nominal GDP B. It…
A: Answer to the question is as follows:
Q: If nominal GDP is 42,000 and real GDP is 40,000 what is the GDP deflator? A.) 1.05 B.) 200…
A: Nominal GDP measures the value of goods and services measured in current year prices while real GDP…
Q: Explain the economic development of the GDP?
A: Economic growth, when accounting for inflation, is the increase or improvement in the market value…
Q: If all quantities produced rise by 10%, while all prices fall by 10%, what happens to real GDP? What…
A: Here, it is given that all quantities increased by 10%, while all prices are decreased by 10% in the…
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa’s economy grew by 1.1% in…
A: 1 - Option B By changing the way GDP was calculated, it could be misleading as annualising method…
Q: What is GDP? What is real GDP ? What is per capita GDP ? Why is our GDP shrinking in the ongoing…
A: The Gross Domestic Product is the summation of the money value of all the final goods and services…
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: Question 9 Which of the following affects this year's GDP? There may be more than one answer. a) The…
A:
Q: Which of the following are included in the year’s GDP? which are excluded? Explain your answers 1.…
A: Since you have posted multiple sub-parts, we are answering the first three for you. If you want…
Q: Revise Core chapter 1.2 for the next four questions. Do not include the dollar sign in your answers.…
A:
Q: The central problem that is evident in the above extract is that of… a) Economic welfare b) Data…
A: The central problem that is evident in the above extract is that of… the right answer is in second…
Q: Explain three limitations in measuring the real GDP
A: The gross domestic product (GDP) is the standard measure of value-added produced during a certain…
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: Which one of these items will not be a part of the current year's GDP? а. Spending of the government…
A: Transfer payments are not included in GDP.
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- (1f) If Nominal GDP is $16,000 billion and the GDP deflator is 50, then Real GDP is: $25,000 billion. $32,000 billion. $8,000 billion. (1g) For productivity to increase the total number of hours worked has to increase. the value of the production per hour worked has to increase. the total production or output has to increase. (1a) The Helper Company’s customer service representatives received new computers and training on how to utilize them best. In regards to measuring productivity, these new computers and updated technology knowledge have increased profit for the Helper company. increased capital deepening for the Helper company. increased costs for the Helper company. (1b) Of the following examples, which one has little or no effect on labor productivity? The frequency of business cycles. (my guess) Technological change. The quality and quantity of available capital resources. (1c) What can you conclude when a nation’s production possibilities frontier shifts outward?…Alex wants to measure the nominal 1998 GDP of $993 billion in 2008 dollars. From the data he gathered, he knows the deflator for 1998 is 30 and for 2008, it is 74, and that real interest in those years was 6.23% and 3.21% respectively. If he avoids making a misleading calculation, what will the value be?Suppose nominal GDP is S99,000 and the GDP deflator is 110. Real GDP is: A $90,000 B $108,900 C $10,890,0 D $900
- Suppose the nominal GDP of country X in 2013 was equal to 10000. The deflator index in 2014 was 107% (relative to the previous year). The volume index in 2014 was 103% (compared to the previous year). What is the nominal GDP of country X in 2014?C I G NX Yr1 1000 156 560 52 Yr2 1300 159 600 52 Yr3 2000 169 690 53 Yr4 2900 180 880 53 Using the table above state what nominal GDP will be for all four yearsConsider the data in the table Rank the years from hightest to lowest in terms of real GDP Year Nominal GDP GDP deflator Real GDP 2009 $1020 57 2010 $1250 62 2011 $1450 91
- Year Real GDP per Capita 1985 6,000 1986 6,300 1987 6,700 1988 7,200 1989 7,850 1990 8,250 1991 8,450 1992 8,550 1993 8,575 1994 8,510 1995 8,370 1996 8,100 1997 7,950 1998 7,925 1999 7,960 2000 8,035 2001 8,155 The information above describes the real GDP per capita for a country for the period from 1985 through to 2001. I.…YEAR QUANTITY PRODUCED PRICE PER UNIT 2015 100 R 35 000 2016 95 R 40 000 2017 108 R 43 000 Calculate the contribution to gross domestic product (GDP) by this industry in 2016 and 2017. Show your calculations. Calculate the contribution to real GDP in 2017 if 2015 is the base year. Show your calculations.GDP deflator = (Nominal GDP/Real GDP) x 100 Nominal GDP = Current Price x Current QuantityNominal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000+30,000 = 70,000Nominal GDP (2021) = 12 x 6,000 + 50 x 1,200 = 72,000 + 60,000 = 132,000 Real GDP = Base year price x Current QuantityReal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000 + 30,000 = 70,000Real GDP (2021) = 1..
- Calculate the real GDP for 2011, 2012 and 2013Year Waffles(Quantity) Waffles(Price) Orange Juice(Quantity) Orange Juice(Price) Toaster Ovens(Quantity) Toaster Ovens(Price) 2010 1000 $0.80 400 $4 280 $22 2011 1200 $0.90 410 $5 300 $25 2012 1500 $1 420 $6 300 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 80 waffles, 20 units of orange juice and 10 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me the cost (price) of the market basket for 2011. Carefully following all directions for entering your answer, calculate the inflation rate, using the CPI, for 2011-2012. Carefully following all directions for entering your answer, calculate the inflation rate, using the CPI, for 2011-2012. Carefully following all directions for entering your answer, calculate the GDP deflator for 2011 for this economy.What is the US GDP for year end 2018? What the personal consumption expenditures for year end 2019
