The seasonally adjusted data below depict the performance of the U.S. economy in four quarters of1990-1991.Year/Quarter1990/Q31990/Q41991/Q11991/Q2Select one:OA lower than.Annual Percent Change Nominal GDP+3.7-0.7+2.0+6.2Real GDP in the United States in the first quarter of 1991 was_____ it was in the fourth quarter of1990.OB. higher thanOC. the same asAnnual Percent Change Real GDP+0.3-3.6-1.9+3.2

real gdp is calculated at base price level whereas nominal gdp is calculate dat current year price…

The seasonally adjusted data below depict the performance of the U.S. economy in four quarters of 1990-1991. Year/Quarter 1990/Q3 1990/Q4 1991/01 1991/92 Annual Percent Change Nominal GDP +3.7 -0.7 +2.0 +6.2 Real GDP in the United States in the first quarter of 1991 was. 1990. Select one: OA lower than B. higher than OC. the same as Annual Percent Change Real GDP +0.3 -3.6 -1.9 +3.2 it was in the fourth quarter of

The seasonally adjusted data below depict the performance of the U.S. economy in four quarters of 1990-1991. Year/Quarter 1990/Q3 1990/Q4 1991/01 1991/92 Annual Percent Change Nominal GDP +3.7 -0.7 +2.0 +6.2 Real GDP in the United States in the first quarter of 1991 was. 1990. Select one: OA lower than B. higher than OC. the same as Annual Percent Change Real GDP +0.3 -3.6 -1.9 +3.2 it was in the fourth quarter of

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 15RQ: What is the difference between a series of economic data over time measured in nominal terms versus...

See similar textbooks

Similar questions

Table 2016 (Base Year) 2017 2018 Product Quantity Price Price Price Milk 30 $2.0 2.2 2.5 Bread 50 3.0 3.5 4.0 Assume the consumption basket has two products—bread and milk—with prices and quantities shown in the above table. Refer to Table. Suppose your income increased by 10 percent from 2017 to 2018. After adjusting for inflation, your purchasing power effectively _______ by about _______ from 2017 to 2018. Group of answer choices increased; 24% increased; 10% decreased; 26.1% decreased; 4.1%
Year Units of Output Price Per Unit 1 8 $2 2 10 3 3 15 4 4 18 5 5 20 6 The accompanying table gives price and output data over a five-year period for an economy that produces only one good. If year 2 is the base year, then the percentage increase in real GDP from year 2 to year 4 is Group of answer choices 80 percent. 100 percent. 60 percent. 40 percent.
Assessment 1 Which one of the following statements is INCORRECT? Select one: A Real GDP is a measurement of GDP in which the quantities produced are valued at the prices in a base year, in other words, it considers inflation. B. GDP at constant prices measures the actual physical volume of production valued at the prices in a base year. C. GDP at current prices takes a continuous and considerable rise in the prices of goods and services into consideration. D. An increase in the prices of goods and services produced might increase the nominal GDP over time.
Real gross domestic product Select one: a. measures the value of final goods and services produced within the borders of a given country during a given time period using current prices. b. measures the value of final goods and services produced within the borders of a given country during a given time period corrected for changing prices. c. is a measure of the overall level of prices. d. can change from one year to the next even if there is no change in output.
Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($millions)GDP Deflator201017500103.7201518222104.8202018755105.9Over each 5-year period, there were no significant changes to goverment policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5%. In 2010 employment population ratio is 64%. What is the real GDP per worker in 2010.
Table 24-4. Will's expenditures on food for three consecutive years, along with other values, are presented in the following table. Year 1 2 3 Expenditures on food $5,000 $5,800 $6,600 Consumer price index 160.0 168.0 x Refer to Table 24-4. Will's Year 1 food expenditures in Year 2 dollars amount to a. $5,500. b. $5,250. c. $4,975. d. $3,625.
The Reliable Aircraft Company manufactures small, pleasure-use aircraft. Based on past experience, sales volume appears to be affected by changes in the price of the planes and by the state of the economy as measured by consumers' disposable personal income. The following data pertaining to Reliable's aircraft sales, selling prices, and consumers' personal income were collected: Year Aircraft Sales Average Price Disposable Constant Income (Dollars) (In constant 2006 dollars, billions) 2006 525 16,800 610 2007 450 8,000 610 2008 400 8,000 580 The arc price elasticity of demand between 2006 and 2007 is: The arc income elasticity of demand between 2007 and 2008 is: Assume that these estimates are expected to remain stable during 2009. Forecast 2009 sales for Reliable assuming that its aircraft prices remain constant at 2007 levels and that disposable personal income will increase by 7%. Also assume that the arc…
What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?
From the information in the table below, calculate the following statistics. Personal consumption N1,344 Investment 456 Net nonbusiness interest income 270 Government purchases 480 Profit 406 Employee compensation 1520 Net exports 24 Rents 2 Depreciation 278 Indirect business taxes 156 Corporate retained earnings 249 Net foreign factor income 5 Interest 98 Social Security taxes 150 Transfer payments 300 Personal taxes 214 Statistical discrepancy 0 Gross domestic product b. Gross national product c. Net domestic product National income e. Personal income f. Disposable personal income
The following graph approximates business cycles in the United States from the first quarter of 1947 to the third quarter of 1951. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). 1947194819491950195121702070197018701770REAL GDP (Billions of dollars)YEAR Source: “Current-dollar and Real GDP,” Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls. Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1948, is known as . True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. True False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. Industrial production declined. Consumer spending increased.…
Gross Domestic Product The U.S. gross domesticproduct (GDP) (in trillions of dollars) for selectedyears from 2005 and projected to 2070 can be modeled by y = 0.116x2-3.792x + 45.330, where xis the number of years after 2000. During what yearsbetween 2005 and 2070 was the gross domestic product no more than $23.03 trillion?
Year 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.