Homework Answers
Ans) the correct option is c) the same prices in all years
Real GDP takes the prices of goods and services in the base year to find the value of goods in all other years
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Real GDP is calculated using Select one: D a. prices at the time of sale O...
Residential investment includes spending by firms on office buildings. Select one: O True O False The...
Residential investment includes spending by firms on office buildings. Select one: O True O False The GDP deflator is a measure of the Select one: O a. average level of prices of intermediate goods and services in the economy. O b. average level of prices of final goods and services in the economy. O c. total production of the economy unadjusted for inflation. O d.) total production of the economy adjusted for inflation. To examine how the total production of...
Which of the following is right about CPI and GDP deflator? Select one: a. CPI reflects...
Which of the following is right about CPI and GDP deflator? Select one: a. CPI reflects all goods and services produced domestically b. They both measure inflation c. They both measure nominal value relative to the real value d. GDP deflator is calculated using a fixed basket of consumer goods
If production remains the same and all prices rise by 50%, then real GDP B) and...
If production remains the same and all prices rise by 50%, then real GDP B) and nominal GDP are both constant C) is constant and nominal GDP is increased by half.
34. Question 34 of 60 > The difference between nominal GDP and real GDP is that...
34.
Question 34 of 60 > The difference between nominal GDP and real GDP is that nominal GDP: O measures a country's production of finished goods and services at fixed prices, whereas real GDP measures a country's production of all finished goods and services at current market prices. measures the total value of only finished goods and services, whereas real GDP measures the value of all goods and services, both intermediate and finished. measures a country's production of finished goods...
Calculating chain-weighted real GDP Prices (in dollars) and production for an orchard are provided in the...
Calculating chain-weighted real GDP Prices (in dollars) and production for an orchard are provided in the following table: Year--------Good------Price------Quantity 2016-------apples -----5----------20,000 2016-------apple juice---10-------9,000 2016-------cider----------14--------5,000 ________________________________ 2017------apples--------8--------25,000 2017----apple juice----15-------12,000 2017-----cider-----------18-------4,500 ______________________________ 2018----apples----------12-------35,000 2018-----apple juice----18-------15,000 2018-----cider------------25-------10,000 In all years, half of all apple production is used to produce apple juice and cider. For this problem, round all market values to the nearest whole dollar. a) Calculate real production in all three years using 2016 prices, then calculate output growth for 2017 and...
Moving along the short-run aggregate supply curve, Select one: a. real GDP equals nominal GDP b.real...
Moving along the short-run aggregate supply curve, Select one: a. real GDP equals nominal GDP b.real GDP equals potential GDP c. the real wage rate is constant d. the money wage rate, the prices of other resources, and potential GDP remain constant Nex 2019 Hordan Bin Mohammed Smart University. All rights reserved
3. To measure how prices change over time economists are using: The index called the GDP...
3. To measure how prices change over time economists are using: The index called the GDP deflator The market value of all goods and services produced in a given year expressed in the prices of the same year The value of all goods and services produced in a given year in the prices of the base year Real GDP divided by the population
2. Suppose real GDP for the US in 2018 was $20 trillion and real GDP for...
2. Suppose real GDP for the US in 2018 was $20 trillion and real GDP for the US in 2019 was $25 trillion. What is the value of GDP growth 2018 to 2019? A. 5% B. 20% C. 25% D. 50% E. Not enough information 3. Inflation represents: A. an increase in output. B. an increase in the aggregate price level. C. an increase in the unemployment rate. D. all of the above E. none of the above 4. Okun's...
Concept: Actual/Potential GDP Potential GDP O A. falls below actual real GDP in recessions. O B....
Concept: Actual/Potential GDP Potential GDP O A. falls below actual real GDP in recessions. O B. is the value of final goods and services evaluated at base-year prices. O C. is the maximum output firms are capable of producing. O D. is the level of real GDP attained when all firms are producing at capacity.
What is potential GDP? O A) It is the level of real GDP in the long...
What is potential GDP? O A) It is the level of real GDP in the long run. OB) It is the difference between current GDP and maximum GDP. O C ) It is the level of real GDP in the short run. O D) It is the level of GDP at which inflation is constant.
Residential investment includes spending by firms on office buildings. Select one: O True O False The GDP deflator is a measure of the Select one: O a. average level of prices of intermediate goods and services in the economy. O b. average level of prices of final goods and services in the economy. O c. total production of the economy unadjusted for inflation. O d.) total production of the economy adjusted for inflation. To examine how the total production of...
If production remains the same and all prices rise by 50%, then real GDP B) and nominal GDP are both constant C) is constant and nominal GDP is increased by half.
34.
Question 34 of 60 > The difference between nominal GDP and real GDP is that nominal GDP: O measures a country's production of finished goods and services at fixed prices, whereas real GDP measures a country's production of all finished goods and services at current market prices. measures the total value of only finished goods and services, whereas real GDP measures the value of all goods and services, both intermediate and finished. measures a country's production of finished goods...
Moving along the short-run aggregate supply curve, Select one: a. real GDP equals nominal GDP b.real GDP equals potential GDP c. the real wage rate is constant d. the money wage rate, the prices of other resources, and potential GDP remain constant Nex 2019 Hordan Bin Mohammed Smart University. All rights reserved
2. Suppose real GDP for the US in 2018 was $20 trillion and real GDP for the US in 2019 was $25 trillion. What is the value of GDP growth 2018 to 2019? A. 5% B. 20% C. 25% D. 50% E. Not enough information 3. Inflation represents: A. an increase in output. B. an increase in the aggregate price level. C. an increase in the unemployment rate. D. all of the above E. none of the above 4. Okun's...
Concept: Actual/Potential GDP Potential GDP O A. falls below actual real GDP in recessions. O B. is the value of final goods and services evaluated at base-year prices. O C. is the maximum output firms are capable of producing. O D. is the level of real GDP attained when all firms are producing at capacity.
What is potential GDP? O A) It is the level of real GDP in the long run. OB) It is the difference between current GDP and maximum GDP. O C ) It is the level of real GDP in the short run. O D) It is the level of GDP at which inflation is constant.
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