What the strategy adopted by India to calculate the GDP of the country. b) What the strategy adopted by China to calculate the GDP of the country. c) Which strategy is better? Why?

Q: Question 34: thinking locally, we know that today about 24% of economic output in the…

A: As the economy grows, the contribution of the service sector to overall GDP increases whereas the…

Q: 5) (KEY QUESTION) Consider the following data assuming that these are the only products produced and…

A: Since you have asked for c, d, and e. So, I am answering these only. c. Nominal GDP in 2019 = 14×18…

Q: What is one example of the changing demographics in Europe? a. the population is aging b. imports…

A: The market is a place where the people comes and goes whiling taking business with others. Thus, the…

Q: 5) (KEY QUESTION) Consider the following data assuming that these are the only products produced and…

A: Answer is given below

Q: 11. Consider a very simple economy in which there are only 20 people of age 16 or over. Eight are…

A: From the above information,  There are 20 people of age 16 or above. 8 are employed, 2 are…

Q: When production in an economy grows more quickly than the population in that economy, which of the…

A: Productivity refers to the ability to produce goods and services with the given resources and…

Q: 1. What is the GDP of this country for 2009? 5. What is the GDP of this country for 2010?

A: Nominal gdp is calculated on the basis of current price.

Q: Gross domestic product (GDP) in the economy is measured by the:     market value of all final goods…

A: Gross domestic product is a measure of national income.

Q: You have been employed as the chief economist for the economy SKL Land. The head statistician has…

A: Income approach: GDP = Operating Surplus  + Proprietor's Income + Compensation of Employees +…

Q: Which of the following statements about small-medium enterprises (SMEs) in the UK is incorrect? A…

A: The Small and Medium Enterprises (SMEs) in the United Kingdom constitutes of Micro enterprises which…

Q: 6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not…

A: GDP(Gross Domestic Product) is the monetary value of all finished goods and services that have been…

Q: Suppose production and prices of food and clothing (the only two goods produced in this economy) in…

A: Nominal GDP measures the market value of goods and services measured at current prices whereas real…

Q: 11. Differentiate between nominal and real GDP. (Nominal , Real ) GDP is the actual measured GDP in…

A:

Q: 2. The determinants of productivity Consider a simple economy whose only industry is fishing. In…

A: An important factor that contributes to economic growth is the productivity level. Productivity…

Q: 3. Consider the economy of Sandersonia. The population of Sandersonia is 100 people. Of the…

A: Answer -    Labor Force :- It is the no. of people of a population who are working and actively…

Q: 5. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Suppose that nominal per capita GDP was $40,000 in 2000 and $60,000 in 2007. If the GDP deflator was…

A: Answer: Given, Year Nominal per capita GDP GDP deflator 2000 $40,000 100 (base year) 2007…

Q: 1. You just heard on the news that GDP is higher this year than it was last year. This means that…

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

Q: 6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not…

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

Q: COVID-19 has sent the economy of Classica into recession. The finance ministry has advised the…

A: (i) Cut in stamp duty will definitely motivate people to buy houses because a decrease in stamp duty…

Q: Question 34 If Volkswagen (a German-based firm) produces a car in Tennessee and exports it to…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: What are the major political, economic, financial & social problems faced by West Virginians in the…

A: Political economy is Associate in Nursing knowledge domain a part of the social sciences that…

Q: 28.A puzzle: The share of GDP devoted to investment was similar for the United States and South…

A: The total value associated with all the final goods and services produced in an economy in a year is…

Q: 6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not…

A:

Q: 3. Suppose an economy produces steel, wheat, and oil. The steel industry produces $100,000 in…

A: GDP is the sum total of money value of goods and service produce in a country or economy within a…

Q: 2. The circular flow of income and expenditure The income and expenditure approaches to measuring a…

A: The circular flow model is a way of measuring the various transactions (income and expenditure) that…

Q: Question 1 Suppose an economy consists of only two types of products: laptops and automobiles. Sales…

A: In Nominal GDP,   the goods are valued at current year prices. In Real GDP, the goods are valued at…

Q: Purchase of electricity by a business is (refer to the scenario above):   Select one:   a. Not…

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

Q: 2. Personal income and expenditures data There are various categories people spend their personal…

A: Bureau of Labor Statistics published data on Consumer Expenditure Surveys useful for expansion for…

Q: 6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not…

A: The gross domestic product (GDP) is a measure of a country's economic output. Countries with higher…

Q: Suppose an economy produces steel, wheat, and oil. The steel industry produces $120,000 in revenue,…

A: GIVEN   Suppose an economy produces steel, wheat, and oil. The steel industry produces $120,000 in…

Q: Question 1 The table below shows the national income data of a country with a population of 40…

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

Q: 1. ………………..enables users to identify the real similarities and differences in economic phenomena…

A: ANSWER: Faithful representation

Q: 1) Suppose GDP consists of book and clothes. In 2020, 200 books are sold at $8 each unit, and 20…

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

Q: Omani government wanted to reduce the supply of high sugar drinks in the economy. As an economist,…

A: Taxes are the money that is paid by the consumers to the government of the country. Government…

Q: 16) Given that China has a larger GDP than GNP, you will expect that A) income earned by foreigners…

A: The value of products and services generated inside a country's boundaries, by residents and…

Q: 6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not…

A: GDP measures the market value of final goods and services produced in the economy within a given…

Q: Suppose Robinson and Crusoe are stranded on a desert island in the Pacific Ocean and discover a…

A: GDP measures the money value of all final goods and services produced in an economy during a period…

Q: Question 3 Describe what must change for the economy to experience persistent increases in standard…

A: Answer - "Thank you for submitting the questions.But, we are authorized to solve one question at a…

Q: What is ‘recession”? How many times did Turkish economy enter recession in its history? Discuss the…

A: In recession,economic activity is down. Because of decrease in stock prices,employment level,profits…

Q: 5. The following data (in millions of dollars) expresses all the relevant information for the agents…

A: We have GDP = C + I + G + NX ( using expenditure method )