Suppose you compare your income this year and last year and find that your nominal income fell but your real income rose. How could this have happened?

Q: In an economy:- National income is $10,000 million and net factor income from abroad is $6700…

A: The information being given to us is as follows:- National Income = $10,000 million Net factor…

Q: If the nominal GDP is 150 and the real GDP is 100 find the price index?

A: Nominal GDP = 150 Real GDP = 100

Q: Calculate domestic income when national income is $23,000 and net factor income from abroad is $6600

A: The data presented in the question above is:- National income = $23,000  Net factor income from…

Q: Find the value of national income if the domestic income is $130 and the net factor income from…

A: Initially in the question Domestic income is = $130 Net factor income from abroad is = $53 National…

Q: The residents of Greenview spend all of their income on a basket of goods made up of cauliflower,…

A: Inflation rate = CPIt - CPIt-1CPIt-1×100where CPIt is current year consumer price indexCPIt-1 is…

Q: The nominal income of the population increased by 20% over the year, and the consumer price index…

A: Real Income is the Income of an individual after accounting for the inflation how much money will be…

Q: If I have an economy that produces only one good and in year i the quantity is Qi and the price is…

A: Nominal GDP could be measure multiplying by quantity of current year with current price. Real GDP…

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  the following  : Nominal national income and real national income in Oman.

A: National income: National income can be defined as the generation of output in a year, if there are…

Q: Nominal income measures the amount of income you are paid in any given year by your employer. True…

A: Nominal income refers to the actual income in monetary terms, without considering inflation. Real…

Q: Question 2 Using the below table for an economy, please calculate a) Nominal income. b) Real income…

A: Hi! Thank you for the question but as per the guidelines, we answer only 3 sub-parts at one time.…

Q: What is the relationship between real GDP and CPI

A: GDP refers to the final value of all goods and services produced in an economy within a year. It…

Q: If national income is $5,000 billion, compensation of employees is $2,105 billion, proprietor’s…

A: National income: - national income is the market value of all final goods and services produced in…

Q: Suppose you compare your income this year and last year and you fond that your nominal income fell…

A: Inflation is a situation in the economy when there is a general rise in the price level of goods and…

Q: Does an increase in the price of imported Belgian chocolate affect the CPI or the GDP deflator more?…

A: GDP deflator reflects what is happening to the overall level of prices in the economy.

Q: Should people typically pay more attention to their real income or their nominal income? If you…

A: Real income is the income which considers the effect of the increase in the price levels, that is,…

Q: Nominal GDP does not include inflation?

A: GDP measures the market value of all goods and services produced in the economy.

Q: A person's real income will increase by 3% if her nominal income: Increases by 5% while the price…

A: Inflation is the increase in the general price level over a given period of time. Inflation is…

Q: people typically pay more attention to their real income or their nominal income?

A: GDP is used to explain the overall economic welfare of a nation. It is used to calculate the…

Q: Is this statement true or false? Used goods are computed as part of CPI but not GDP. True False

A: Actually Used goods are said to be those goods or the property which is gradually offered for sale…

Q: What relevant aspects of the economy are not reflected in the national income accounting system?

A: National income accounting is a record-keeping system that records the economic activities of a…

Q: Calculate the value of income if consumption is $2000 and savings is $1200

A: The Given information is as follows:- Consumption expenditure = $2000 Savings expenditure = $1200 We…

Q: If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by…

A: Real income is income adjusted for inflation where nominal income does not account for price…

Q: how to create a cpi chart?

A: CPI represents the consumer price index and measures the continuous difference in the expenses of…

Q: If nominal GDP is $6 trillion and the price index is 150%, then real GDP is: a. $9 trillion b. $1…

A: Here, given information is: Nominal GDP: $6 trillion Price index (GDP deflator): 150% To find:…

Q: Describe the GDP deflator and how it is used to measure inflation

A: Deflator is a value that allows data to be measured over time in terms of base period, so as to…

Q: What is meant by domestic income

A: Domestic income is one of broad measures of national income which is known with the name net…

Q: What is the relationship between GDP, inflation, and CPI?

A: It is important to understand what these terms are: GDP: It is the value of the production of all…

Q: Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you say…

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

Q: Can there be a condition where the value of real gross domestic product becomes equal to the nominal…

A: # Nominal GDP is calculated taking into consideration the current year prices on the other hand in…

Q: f National income is given to be as $22,000 and net factor income from abroad is $19,000 Calculate…

A: here we calculate the NDPfc by using the given information so the calculation of the following by…

Q: Say the GDP of a country is $100. To this foreign nationals' contribution is $5. Government gives $2…

A: Personal Income = National Income – Indirect business taxes – Corporate income taxes – Undistributed…

Q: Why does CPI not take into account the changing behavior of the consumer?

A: The CPI is the consumer price index. It measures the weighted average price of a basket of consumer…

Q: Calculate income if consumption is $120 million and Savings is $66 million.

A: Given data: Consumption is $120 million. Saving is $66 million.

Q: If the nominal GDP is stated as 190 and the Real GNP is 10 find the GNP deflator

A: Basically in easy language we can say that the GNP deflator is considered to be as that price index…

Q: If the GDP deflator rose by 10% last year and nominal GDP grew by 7%, then real GDP must  have: a.…

A: The GDP price deflator tracks price fluctuations across all commodities and services produced in a…

Q: f the nominal gross domestic product (GDP) for a year is $5.4 trillion, and the real gross domestic…

A: Gross domestic product is the total market value of final goods and services produced in an economy…

Q: Calculate income if consumption is $120 million and Savings is $66 million

A: The information being provided to us is as follows:- Consumption = $120 million Saving = $66 million…

Q: the real income is 300 the price index is 110 calculate the nominal income

A: Basically in the given question, Real income is = 300 The value of the price index = 110 NOMINAL…

Q: In what ways are national income statistics useful?

A: The national income accounting refers to a bookkeeping system used by the government of a country to…