Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Question
Chapter 2, Problem 4E
To determine
Illustrate the missing Real
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National income accounting can best be characterized as:
Group of answer choices
a microeconomic model of the economy used by the Federal Reserve bank.
a method for comparing different political systems.
a standardized economic report authored by politicians.
a statistical measure of the income received by consumers as opposed to businesses.
a set of rules used to summarize economic activity over a given period of time.
The GDP deflator is: also known as the wholesale price index. equal to 100 in the base year. the ratio of real GDP for year X divided by nominal GDP for year X times 100.
a measure that tracks price changes for consumer goods..
Using the data, provide estimates of the following key National Accounting Aggregates:
a. gross national income
b. disposable income
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- the price index used to determine Real GDP is called the personal cunsumtion expenditures price index the real GDP price index the implicite price deflator 5 pts the consumer price indexarrow_forwardWhy is the consumer price index not a good measure of industrial price increases?arrow_forwardReal GDPa. is the current dollar value of all goods produced by the citizens of an economy within a given time.b. measures economic activity and income.c. is used primarily to measure long-run changes rather than short-run fluctuations.d. All of the above are correct.arrow_forward
- The Disposable Income (DI) is: Consumption $ 1,500 Investment $ 355 Government Spending $ 590 Exports $ 70 Imports $ 50 Depreciation $ 200 *Corporate Savings(Retained Earnings) & Taxes $ 125 Social Security Taxes $ 40 Transfer Payments $ 100 Personal Income Taxes $ 100 *Corporate Savings(Retained earnings) = Corporate Profitsarrow_forwardIn what ways are national income statistics useful?arrow_forwardAnswer the next four questions based on the following data using year 1 as the base year. All dollars are in billions. Year Nominal income Consumer Price Index(CPI) 1 $50,000 100 2 60,000 110 3 70,000 115 4 80,000 120 What was the increase in real income from year 3 to year 4 in percentage?arrow_forward
- f the GDP deflator in 2009 equals 1.25 and nominal GDP in 2009 equals $18.75 trillion, then the value of real GDP in 2009 equals _____ trillion. Select one: A. $12 B. $12.5 C. $15 D. $18.75 E. $15.625arrow_forwardComplete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table.arrow_forward
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