What is GDP? Which are the main components? What is the difference between nominal and real GDP? What is GNI?  What are the main differences between GDP and GNI?

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

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

Q: 2) Which of the following items are included in GDP? For those items not included, explain why they…

A: Answer - Need to find- Which of the following items are included in GDP? For those items not…

Q: What are the three measures of GDP? How are they calculated?

A: Gross domestic product is similar to another economic measure as it is used to compute the national…

Q: Why does the investment components of GDP includes purchase of new capital goods but no purchase of…

A: GDP measures the final value of all goods and services that are produced within the domestic…

Q: Which of the following transcation is excluded from GDP? a. Intel buys a new jb to ferry t workers…

A: The market value or the total money of all the finished goods and services produced within the…

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: Why do we need to compute both nominal and real GDP?

A: Nominal GDP refers to the total value of final goods and services produced in an economy during a…

Q: Which of the following items are included in the U.S. GDP? For those items not included, explain why…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: which of the following transactions is exclued from GDP? a. the brazilian air force buys jets from…

A: Just recently delivered products - including those that expansion inventories - are included in GDP.…

Q: four components of GDP

A: GDP(gross domestic product) is the value of all goods & services that are produced by an economy…

Q: Write the definition of GDP. b. Explain the three ways of measuring GDP. c. First, define nominal…

A: As per Keynesian economics, the GDP is the function of aggregate demand. It is indicated as follows:…

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: Why are there two measures of GDP.

A: The gross domestic product (GDP) is that the most commonly used indicator of an economy's size…

Q: What is the main reason why GDP deflator and CPI differ from each other? A) CPI includes…

A: The measure that depicts the final value of goods and services being produced in an economy during a…

Q: a. Calculate GDP as the value added in production. b. Calculate GDP as spending on final goods and…

A: Gross domestic product (GDP) is the standard proportion of the worth added made through the…

Q: Which of the following are included in GDP, and which are not? a. The cost of hospital stays b. The…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Explain difference between GDP and GNP.

A: GDP is the abbreviation of Gross Domestic Product. GNP is the abbreviation of Gross National…

Q: Explain three different approaches to calculate the GDP. Which approach should be used in the…

A: Gross Domestic Product (GDP) is the value of total final commodities and services produced in a…

Q: You just bought an old car a couple years ago for $1,000 and put about $5,000 of parts and labor…

A: Secondhand goods, such as used cars, are excluded from GDP calculations.  When these things were…

Q: What does GDP not tell us about economy?(analyze critically).

A: GDP stands for gross domestic product. It implies the total value of goods and services produced in…

Q: What is the nominal gdp and the value added of service sector?

A: Gross Domestic Product (GDP) is defined as the value of all final goods and services that are…

Q: explain the three approaches to measuring GDP and why do they give the same

A: Gross Domestic Product: GDP is a computation of the total size and health of our economy. GDP…

Q: What are the four components of GDP?

A: GDP signifies a monetary measure of commodities produced in the domestic borders during a period. It…

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: why the expenditure apporach is used to calculate gdp

A: The gross domestic product is the aggregate value of all final goods and services produced in the…

Q: Define national income? Why do countries keep national income accounts? Distinguish between GDP…

A: National income is the value of final goods and services produced in an economy every year.

Q: table shows the prices and quantities of the goods over a three-year period. Please explain the…

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

Q: How is GDP calculated?

A: Macroeconomics analyzes the economy as a whole. It discusses national income, employment, inflation,…

Q: What Are some of the shortcomings of the GDP

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

Q: WHAT IS REAL GDP AND NOMINAL GDP?

A: Meaning of Gross Domestic Product (GDP): Gross domestic product (GDP) is the monetary value of all…

Q: Calculate REAL GDP if Nominal GDP is 3600, GDP Deflator is 100 and the price of nutmeg is $12 and…

A: Meaning of Real GDP: The term Real GDP refers to as gross domestic product at a stable price of…

Q: What is the difference between GDP and each of the following?                 a. Gross national…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: value added" and how it can be used to calculate GDP

A: GDP means the total value of final goods and services produced in an economy during a period.  GDP…

Q: iv. What is the GDP deflator? How is the GDP deflator calculated?

A: Hi! thank you for the question but as per the guidelines, we answer only one question at one time.…

Q: two (2) differences between the consumer price index and the GDP deflator

A: CPI is Consumer Price Index.  GDP Deflator is Gross Domestic Product Deflator.

Q: What is GDP deflator? What for do we use GDP deflator?

A: Gross domestic product refers to the total value of all final goods and services generated in an…

Q: a)  Compute the nominal GDP in 2018. b)  Compute the real GDP in 2018? c) Compute the nominal GDP in…

A: Given  2018 as the base year Nominal GDP = Current Year price * Current year quantity Real GDP =…

Q: Which of the following transactions are or are not included in GDP? 1. The pollution created when…

A: 1)Not included in GDP Because externalities does not account for GDP. 2)Not included in GDP Because…

Q: A farmer grows a bushel of wheat and sells it to a miller for $1.00. The miller turns the wheat into…

A: GDP is the gross domestic product which is the value of total goods and services produced in an…

Q: Explain the difference between GDP and GNI.

A: Gross Domestic Production is the total monetary of all the finished goods and services which are…

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.…