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a) Next year's real GDP exceed next year's nominal GDP
Whether the next year's real GDP can exceed the next year's nominal GDP
b) Real GDP grow and simultaneously real GDP per capita falls
If the real GDP can grow and at the same time can the real GDP per capita falls
c) People's real consumption possibilities expand at the same time real GDP per capita falls.
Can people's real consumption possibilities expand at the same time real GDP per capita falls.
d) How changing amount of leisure complicate comparisons of real well-being over time
How the changing amount of leisure complicate comparisons of real well-being over time
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Chapter 11 Solutions
Bundle: Exploring Macroeconomics, Loose-leaf Version, 7th + LMS Integrated MindTap Economics, 1 term (6 months) Printed Access Card
- Use the following data to answer this question. a. Calculate real GDP in 2006, 2008, & 2010 in 2005 dollars. b. What was the percent change in real GDP between 2006 and 2008? What was the percent change between 2008 and 2010?arrow_forwardWhich of the following statements is TRUE? Select one: a. Potential GDP is the same as real GDP. b. Real GDP fluctuates around potential GDP. c. When all of the economy's resources are fully employed, the value of production is called real GDP. d. Potential GDP fluctuates around real GDP.arrow_forwardSuppose an economy consists of only three goods, as shown in this Table: What is real GDP in 2020 and 2021? How much (in percentage terms) did real GDP change between 2020 and 2021?arrow_forward
- indicate whether you think the statement is true or false and explain why 1. Capital and energy are often considered compliments. 2. A cost or benefit that arises from production (or consumption) and falls on someone other than the producer (or consumer) is called a property right. 3. When analyzing changes in energy efficiency it is important to use real (constant dollar)GDP.arrow_forward1. China has a greater GDP value than Canada. Their national GDP is currently 2nd in the world. Why might Canada still be better off in terms of Standards of Living? a) All of the following are correct statements. b) Canada's spending on GDP has a greater percentage going towards health, education and social welfare programs. c) Canada's economic growth has been more environmentally friendly and has caused less damage to their environment. d) There is less extremes between those who have money and those who do not. Hence the wealth in Canada is more evenly spread out when compared to China. e) Canada has a smaller population so our GDP per capita is greater.arrow_forwardA) Macroeconomics is concerned with: only long-run trends in economic activity. only short-run fluctuations in the business cycle. both long-run trends and short-term fluctuations in economic activity. only with changes in the overall price level. GDP is: a) a measure of all spending in the economy on foreign and domestic goods and services. b) the total market value of all final goods and services produced in an economy in a given year. c) the value of all output produced within an economy. d) made up of three components: consumption, investment, and government expenditure.arrow_forward
- What is GDP? What is real GDP ? What is per capita GDP ? Why is our GDP shrinking in the ongoing Corona Virus Crisis? What is a clear indication that the GDP will be decreasing?arrow_forward4. U.S. real GDP is significantly higher than it was 60 years ago . What does this imply ( if anything ) about the happiness and well - being of each person in the United States?arrow_forwardClassify each of the following items as a final good or an intermediate good, and classify the expenditure on each final good as consumption expenditure or investment: Item 1. New aircraft bought by Southwest Airlines Item 2. Jet engines bought by Boeing Item 3. The ringtone you bought today Item 4. A new apartment building Item 1 is _______ and item 2 is _______. A. an intermediate good; an intermediate good B. a final good that is investment; an intermediate good C. a final good that is investment; a final good that is consumption expenditure D. an intermediate good; a final good that is consumption expenditure Item 3 is _______ and item 4 is _______. A. a final good that is consumption expenditure; a final good that is investment B. a final good that is consumption expenditure; an intermediate good C. a final good that is investment; a final good that is investment D. a final good that is…arrow_forward
- What does the term "GDP" stand for in economics? a) Gross Domestic Product b) General Demand Principle c) Government Debt Payment d) Growth Development Planarrow_forwardChina’s real GDP increased 6.9 percent in the first quarter of 2017 from a year earlier.Investment grew by 9.2 percent and retail sales by 10.9 percent. In current prices, GDPincreased by 11.8 percent from a year earlier.1. Explain how China’s real GDP can grow at a 6.9 percent rate when consumption andinvestment grew faster than 6.9 percent. 2. Explain why the growth rate of GDP in current prices does not provide informationabout how quickly the economy is really growing.arrow_forwardFor each of the following products state if it is a final or intermediate good and explain why? A brick, a cell phone, and a barrel of crude oil.arrow_forward
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
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