The quantity of final goods and services produced during an accounting year is 3500 and the prices prevailing during the accounting year is 2500 find the nominal GDP?

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: Product Quantity Price Quantity Price Eye examinations 100 $40 150 $60 Shoes $150 $200 25 40…

A: Nominal GDP measures market value of goods and services using current prices whereas real GDP is…

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

A: In an economy, value added method is one of the way to compute the overal income or contribution of…

Q: Gross Domestic Product  If nominal GDP in 2005 was $13095.4 billion and the GDP deflator (price…

A: Nominal GDP in 2005 = $13095.4 billion GDP deflator = 100  Nominal GDP includes both the growth and…

Q: Many years ago, Sophie paid $500 to put together arecord collection. Today, she sold her albums at a…

A: Meaning of GDP (Gross Domestic Product): The Gross domestic product at current price is the market…

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

A: The data presented in the question is:- For 2016,  Nominal GDP = $17,500 Real GDP = $13,000 We have…

Q: Why are intermediate goods and services excluded when calculating the value of GDP

A: Intermediate goods are used for making other goods for selling them to customers.

Q: A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these…

A: For  2010:Nominal GDP =(Prices of movie*quantity of movies) of 2010 + (Prices of popcorn*quantity of…

Q: Which of the following transactions count towards GDP? Buying a used car from your friend. Buying a…

A: GDP (Gross Domestic Product) refers to value of all goods and services produced within the country's…

Q: In 2003, the economy of Boonton’s nominal GDP was $1300 and its GDP deflator was 200. Calculate…

A: Nominal GDP includes both the growth and prices. Real GDP shows only the growth in the economy. Real…

Q: 1. Compute Nominal GDP for each year. 2. Compute Real GDP for each year. 3. Compute the GDP Deflator…

A: Here we calculate the nominal , real GDP and the GDP deflator by using the given information so the…

Q: Which of the following is included in the measurement of GDP? (A) The beauty of art. (B) The love of…

A: Economies tend to get involved in various economic activities, such as the consumption of goods and…

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: Define Gross Domestic Product (GDP) and elaborate its components.

A: Gross Domestic Product is used to gauge the growth status of an economy, it indicates how much…

Q: Find Nominal GDP if GDP deflator is 136 and real GDP is $16,000

A: The data presented in the question above is:- GDP deflator = 136 Real GDP = $16,000 Nominal GDP is…

Q: U.S. gross domestic product (GDP) measures the market value of all goods and services produced by…

A: Answer: False Explanation: U.S. gross domestic product will measure the market value of all the…

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

A: The GDP deflator is a macroeconomic indicator or measure of inflation that measures inflation by…

Q: Discuss the effectiveness of Gross Domestic Product (GDP) as a measure a measure of the standard of…

A: Gross Domestic Product(GDP) is the cumulative market value of every final goods and services…

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: (National Income Accounting) Explain why intermediate goods and services usually are not included…

A: GDP is a measure of economic growth that computes the current market value of all final goods and…

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: What is the nominal GDP for year 2018? Refer to the corresponding letters A to J. Year: 2018 Value…

A: GDP is the market value of goods and services produced domestically during an accounting year .…

Q: Cost of Materials Value of Sales Participants $ 0 $ 100 Farmer Cone factory and ice cream-maker…

A: (i) Value added can be calculated by using the following formula: Value added=Value of sales - cost…

Q: A mining company acquires new government licenses to drill in land the company already owns.    Is…

A: Yes. If a mining company acquires new government licenses to drill in land the company already owns.…

Q: Which of the following transactions would NOT be counted in GDP? Select one: a. Nike builds a retail…

A: GDP refers to gross domestic product which is accounted by addition of all the values of final goods…

Q: Which of the following expenditures would notbe included in GDP?a. Purchase of a new lawnmowerb.…

A: GDP is the Gross Domestic Product which is the final value of all the commodities and services…

Q: The Desert Republic produces only sheep and oil. The base year is 2010 and the table below gives the…

A: Nominal GDP is the value of all the goods and services produced in the economy in a specific period,…

Q: e following is the definition of GDP?

A: GDP is the gross domestic product. GDP is the market value of all the finished or end use goods…

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 NNP at FC and personal income in the question below. GDP at FC 400 Income from domestic…

A: Use Below formula:NNP at FC = GDPFC-Depreciation +NFIANFIA = Net factor income from abroad

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: 2006 2006 2011 2011 Product Quantity Price Quantity Price Movies 20 $6.00 30 $7.00 Burgers 100 $2.00…

A: (a) Nominal GDP is the current value of all goods and services (GDP) produced in an economy…

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: Which of the following would be captured and included in the calculation of GDP? The cost of…

A: The gross domestic product (GDP)  refers to the money value or market value of all the finished or…

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: The expenditures on tires by the Ford Motor Company are not included directly in GDP statistics…

A: GDP can be understood as the monetary value of all the final goods and services produced in an…

Q: COMPUTE THE NOMINAL GDP

A: A country's nominal GDP is determined using current prices and is not adjusted for inflation.…

Q: Calculate the quarter-over-quarter percentage change in GDP for the last four quarters:

A: Quarter over quarter can be calculated by using the following formula, (GDPQ-GDPQ-1)GDPQ-1×100 GDPQ…

Q: what is the difference between nominal GDP and real GDP? what is the methodological procedure to…

A: National Income is the amount received from the goods and services produced annually in the economy.…