(a) To explain: Whether the real GDP can be more than the nominal GDP of the next year.

Question

Answer these questions about GDP: a. Could next year’s real GDP exceed next year’s nominal GDP?b. Could real GDP grow at the same time that real GDP per capita falls?c. Could people’s real consumption possibilities expand at the same time that realGDP per capita falls?d. How does changing amount of leisure complicate comparisons of real well-beingover time?

Answer 1

Question

Chapter 19, Problem 11P

To determine

(a)

To explain:

Whether the real GDP can be more than the nominal GDP of the next year.

To determine

(b)

To explain:

Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

To determine

(c)

To explain:

Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

To determine

(d)

To explain:

The way varying leisure amounts can affect the comparisons of real well-being.

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Answer these questions about GDP: a. Could next year’s real GDP exceed next year’s nominal GDP?b. Could real GDP grow at the same time that real GDP per capita falls?c. Could people’s real consumption possibilities expand at the same time that realGDP per capita falls?d. How does changing amount of leisure complicate comparisons of real well-beingover time?

Suppose 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?

Explain why economists focus on the GDP, inflation, and unemployment when assessing the health of the entire economy. Explain how the GDP is defined and measured.

Answer 2

Question

Chapter 19, Problem 11P

To determine

(a)

To explain:

Whether the real GDP can be more than the nominal GDP of the next year.

To determine

(b)

To explain:

Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

To determine

(c)

To explain:

Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

To determine

(d)

To explain:

The way varying leisure amounts can affect the comparisons of real well-being.

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Answer 3

Question

Chapter 19, Problem 11P

To determine

(a)

To explain:

Whether the real GDP can be more than the nominal GDP of the next year.

To determine

(b)

To explain:

Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

To determine

(c)

To explain:

Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

To determine

(d)

To explain:

The way varying leisure amounts can affect the comparisons of real well-being.

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Answer 4

Question

Chapter 19, Problem 11P

To determine

(a)

To explain:

Whether the real GDP can be more than the nominal GDP of the next year.

To determine

(b)

To explain:

Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

To determine

(c)

To explain:

Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

To determine

(d)

To explain:

The way varying leisure amounts can affect the comparisons of real well-being.

Expert Solution & Answer

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Answer 5

Chapter 19, Problem 11P

To determine

(a)

To explain:

Whether the real GDP can be more than the nominal GDP of the next year.

To determine

(b)

To explain:

Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

To determine

(c)

To explain:

Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

To determine

(d)

To explain:

The way varying leisure amounts can affect the comparisons of real well-being.

Answer 6

Chapter 19, Problem 11P

To determine

(a)

To explain:

Whether the real GDP can be more than the nominal GDP of the next year.

Answer 7

Chapter 19, Problem 11P

To determine

(a)

To explain:

Whether the real GDP can be more than the nominal GDP of the next year.

Answer 8

To determine

(b)

To explain:

Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

Answer 9

To determine

(b)

To explain:

Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

Answer 10

To determine

(c)

To explain:

Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

Answer 11

To determine

(c)

To explain:

Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

Answer 12

To determine

(d)

To explain:

The way varying leisure amounts can affect the comparisons of real well-being.

Answer 13

To determine

(d)

To explain:

The way varying leisure amounts can affect the comparisons of real well-being.

Answer 14

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Ch. 19 - Prob. 1P Ch. 19 - Which of the following are included in GDP...Ch. 19 - Prob. 3P Ch. 19 - Prob. 4P Ch. 19 - Prob. 5P Ch. 19 - Prob. 6P Ch. 19 - Prob. 7P Ch. 19 - Prob. 8P Ch. 19 - Prob. 9P Ch. 19 - Nominal GDP in Nowhereland in 2018 and 2019 is as...

(a) To explain: Whether the real GDP can be more than the nominal GDP of the next year.

Solution Summary: The author explains nominal and real GDPs, and if they can be more than the nominal GDP of the next year.

(a)

To explain:

Whether the real GDP can be more than the nominal GDP of the next year.

(b)

To explain:

Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

(c)

To explain:

Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

(d)

To explain:

The way varying leisure amounts can affect the comparisons of real well-being.

Chapter 19 Solutions

(a) To explain: Whether the real GDP can be more than the nominal GDP of the next year.

Solution Summary: The author explains nominal and real GDPs, and if they can be more than the nominal GDP of the next year.

(a) To explain: Whether the real GDP can be more than the nominal GDP of the next year.

(b) To explain: Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

(c) To explain: Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

(d) To explain: The way varying leisure amounts can affect the comparisons of real well-being.

Chapter 19 Solutions

(a)

To explain:

Whether the real GDP can be more than the nominal GDP of the next year.

(b)

To explain:

Whether the real gross domestic product can increase while the real gross domestic product per capita falls.

(c)

To explain:

Whether at the time when the real GDP per capita falls the real consumption possibilities can expand.

(d)

To explain:

The way varying leisure amounts can affect the comparisons of real well-being.