The nominal GDP for 2016 was $17,500 and the real GDP was $13,000   Calculate GDP deflator

Q: in the year 2019, an economy produces 100 loaves of bread that sell for Rs8 each, in the year 2019,…

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

Q: Calculate Nominal GDP if  Real GDP is 2700, GDP Deflator is 70 and the price of nutmeg is $10 and…

A: Real GDP can be calculated by using the following formula.

Q: Suppose the nominal GDP of country X in 2013 was equal to 10000. The deflator index in 2014 was 107%…

A:

Q: GDP is A. Market value of final goods and services produced B.Total value added of goods and…

A: GDP includes only goods that have market value.

Q: 1 Calculate the Nominal GDP for 2016. Show your calculation. 2 Calculate the Nominal GDP for 2017.…

A: Gross domestic product(GDP) measures the money value of all final goods and services produced in an…

Q: Price of Quantity of cheese $5 Quantity of Wine Price of Year Cheese Wine 2018 2 Blocks $10 4…

A: Year Price of cheese Quantity of cheese Price of wine  Quantity of wine  2018 $5 2 $10 4 2019…

Q: Which of the following does NOT add to U.S. GDP? a. Air France buys a plane from Boeing, the U.S.…

A: GDP: Gross domestic Production or GDP is the final value of all the goods and services that are…

Q: Which of the following does NOT add to U.S. GDP?a. Boeing manufactures and sells a plane to…

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

Q: In an economy, Real GDP (base year = 1996) is $125 billion and the Nominal GDP is $150 billion.…

A: GDP deflator formed to estimate the inflation .In the other way it is known as  the implicit price…

Q: Nominal GDP is calculated using prices set in the base year average prices of all products current…

A: Introduction: Gross domestic product (GDP) may be a standard measure of the added generated by a…

Q: Calculate GDP using 1) the Income Approach 2) Expenditure Approach.  (all figures are in billions…

A: The measure that depicts the value of final goods and services being produced within a span of time…

Q: Arthur sells $100 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille…

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

Q: GDP is the market value of all final goods and services and intermediate goods produced within a…

A: Gross Domestic Product is the total value of all finished goods and services that are produced in…

Q: Which of the following WOULD be counted in GDP? Baking a cake for a family gathering Buying some…

A: GDP stands for Gross Domestic Product of the economy. It is the final value of goods and service…

Q: The GDP deflator of the country is 1.5 and it's nominal GDP is 800 million. Calculate the real gdp.

A: Given GDP deflator = 1.5 Nominal GDP = 800 million Real GDP = ?

Q: what is the real GDP for year 2019? refer to the table

A: As economies and societies developed, the study of economics got more complicated. Hence, as a…

Q: In an economy, Real GDP (base year = 1996) is $100 billion and the Nominal GDP is $150 billion.…

A: Gross Domestic Product GDP is the sum total of all goods and services that are produced by the…

Q: The quantity of final goods and services produced during an accounting year is 3500 and the prices…

A: As per the question Quantity of the final goods = 3500 Prices are = 2500 NOMINAL GDP = ?

Q: a) . Calculate nominal GDP in 2017, 2018 and 2019 b) .Using 2017 as the base year, calculate the…

A: Answer: Explanation of required concepts: Nominal GDP= nominal GDP refers to the value of all the…

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: If a friend comes over to help you build a wooden fence, the value of the service produced counted…

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: Nominal GDP in 2018 is $ Nominal GDP in 2019 is S.

A: Nominal gdp is calculated on the current price.

Q: Billions of Dollars Gross private domestic investment $2,200 Depreciation $1,887 Exports $2,820…

A: Answer: GDP calculation by expenditure approach: This approach measures the GDP as a sum of total…

Q: The truck manufacturer purchased $8,000 in intermediate goods produced this year by domestic firms…

A: Gross domestic product or income refers to the total market value of goods and services produced…

Q: The GDP price index in the United States in 2016 was about 106, and real GDP in 2016 was $17.7…

A: Given data: In 2016, GDP price index was 106 Real GDP = $17.7 trillion

Q: GDP is the market value of  resources (land, labor, capita, and entrepreneurship) in an economy in a…

A: Gross Domestic Product (GDP) is the calculation of all the goods and services produced and sold…

Q: During 2009, the leather company produced enough leather for 20 couches.  The couch manufacturing…

A: GDP: The GDP is the value of all finished goods and services or products produced in the economy…

Q: A country reported nominal GDP of $200 billion in 2006 and $180 billion in 2005; it reported a GDP…

A: the GDP deflator measures the changes in the GDP that results from changes in the price level.…

Q: GDP deflator in 2011 and in 2012 from the preceding year.

A:

Q: Which of the following is not included in the gross domestic product (GDP) of Germany? The value of…

A: GDP is the value of final goods and services produced in the country.

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: Nominal GDP of a country  is $400 million and Real GDP $200. Calculate the GDP deflator.

A: Below are the given values: Given the Nominal GDP = $400 Real GDP = $200

Q: The GDP price index in the United States in 2016 was about 106, and real GDP in 2016 was $17.7…

A: Nominal GDP is the evaluation of current market prices it shows the Monetary value of all the goods…

Q: Which of the following is not included in 2016's GDP? the commission earned by a headhunter when she…

A: Answer: Correct option: D (the value of a motor that is used in the production of a lawn mower)…

Q: GDP is best defined as    a. the cost of producing all final goods and services sold during a…

A: GDP is best defined as (b) the market value of all final goods and services produced during a given…

Q: The factor payments measure of GDP

A: GDP can be measured using the expenditure approach: Y = C + I + G + (X – M).

Q: If Philippines GDP exceeds Philippines GNP, then a. foreigners are producing more in the Philippines…

A: GNP = GDP + Net factor income from abroad Where Net factor income from abroad =  factor income…

Q: While Gross Domestic Product (GDP) is generally a good indicator of a country’s economic…

A: Gross domestic product refers to the criteria through which economic development of a country is…

Q: In the expenditure approach of measuring GDP, which of these would not be counted as government…

A: Gross Domestic Product is defined as the final value of all the goods and services which are…

Q: The largest component of GDP is government purchases of goods and services. net exports of goods and…

A: GDP stands for gross domestic product which is calculated by summing up all the final values of…

Q: GDP may be defined as: Group of answer choices 1.the final monetary value of all goods and services…

A: The monetary value of an asset or service is the amount that would be paid in cash if it were sold…

Q: GDP: O ignores intermediate goods. O estimates the increase or decrease in quality of production…

A: Definition of GDP- The gross domestic product (GDP) is the value of all final goods and services…

Q: Gross Domestic Product (GDP) is a flow concept, measures recorded economic activity, is a…

A: GDP is defined as the total production of all goods and services within territory of the country in…

Q: GDP is defined as the market value of all final goods and services produced within a country in a…

A: There are three methods to determine the gross domestic product (GDP) of a country: the income…

Q: In the calculation of GDP, the purchase of second-hand goods is included in

A: GDP is the total/aggregate mkt value of all the finished goods and services(G&S) produced in a…

Q: Assume that apples cost $0.50 in 2002 and $1 in 2007, whereas oranges cost $1 in 2002 and $1.50 in…

A: Solution:-  Cost of apple in 2002 = $0.50 Cost of apple in 2007 = $1 Cost of oranges in 2002 = $1…