Homework Answers
Ans 3)
Nominal GDP =Real GDP * GDP deflator
Therefore to maintain level of Nominal GDP if Real GDP increase then GDP deflator should decrease or other way round
Hence option D is correct as more information is needed
Ans 3/2)
Option D is correct response as all levels of spending must be included in calculation of GDP
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3)Multiple choice i. Suppose nominal GDP in 2009 does not change (compared its previous level in...
27. A firm's value added equals a) its revenue minus all of its costs. b) its...
27. A firm's value added equals a) its revenue minus all of its costs. b) its revenue minus its wages. c) its revenue minus its wages and profit. d) its revenue minus its cost of intermediate goods. e) none of the above 28. Deflation generally occurs when which of the following occurs? a) the consumer price index is greater than the GDP deflator b) the consumer price index decreases c) the rate of inflation falls, for example, from 4% to...
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312...
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312 2010 3,350 314 Table L: Economic Data for a Hypothetical Economy 104 107 109 119. Consider the economic data provided for a hypothetical economy in Table L above. What is the real GDP growth rate from 2008-09 for the economy depicted in Table L? (If necessary, at each stage of calculation, round to the nearest 1/100th (0.00).) A. -3.39% B. -3.28% C. -1.47% D....
1. Government transfer payments are: Multiple Choice a. included in GDP under the personal consumption of...
1. Government transfer payments are: Multiple Choice a. included in GDP under the personal consumption of the recipient. b. not included in GDP since the recipient will use the funds to purchase final goods and services. c. included in GDP to account for the tax revenue that is generated to pay for them. d. included in GDP under government spending. 2. The purchase of a new television produced in Japan will be included in GDP as: Multiple Choice a. an...
1. If nominal GDP in 2016 equals to $4,500 and real GDP for the year is...
1. If nominal GDP in 2016 equals to $4,500 and real GDP for the year is $4,000 (in 2009 dollars), The GDP deflator in 2016 is and the rate of inflation since 2009 is a. 112.5, 12.5 percent. b. 88.9,-11.1 percent 12.5, insufficient information for the calculation of the rate of inflation. 11.1, insufficient information for the calculation of the rate of inflation. c. d. 2. Actual GDP is run. a. above, above b. below; below c. below; above d....
Multiple Choice: 1) Assume the MPC is 0.75 and lump sum taxes are collected by the government. What is the governm...
Multiple Choice: 1) Assume the MPC is 0.75 and lump sum taxes are collected by the government. What is the government tax multiplier? A)-1.33 B) - 25 C) - 75 D) -4 E) -3 , which the recessionary gap. 2) During a Recession, the MPC tends to a) Increase, increases b) Decrease, decreases c Decrease, increases d) Increase, decreases 3) Suppose that the MPC is.75 and the US Federal Government reduces taxes by 10 million dollars. After 3 rounds of...
from 47-50 on spending on education. Table 1 Year 2007 2008 Nominal GDP (Billions of Dollars)...
from 47-50
on spending on education. Table 1 Year 2007 2008 Nominal GDP (Billions of Dollars) 1529.6 1529.0 GDP Price Deflator (2002=base year) 111.45 114.45 47. From Table 1, the percentage change in real GDP from 2007 to 2008 was? a. -2.7. (6. 2.7. c. 3.0. d. 11.5. e. 14.5. 48. From Table 1, the inflation rate from 2002 to 2007 was? a. -2.7 percent. b. 3.0 percent. c. 11.45 percent. d. 111.45 percent. e. 14.45 percent. 49. From Table...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The production possibilities frontier is a graph that shows the various combinations of output that an economy a. should produce. b. wants to produce. c. can produce d. demands 2 The price index was 320 in one year and 360 in the next year. What was the inflation rate? a. 9 percent ((B-A)/A)*100 b. 11.1 percent c. 12.5 percent ((360 - 320)/320)*100 d. 40 percent...
1. Year Nominal GDP GDP Price deflator Real GDP Inflation Rate
1. Year Nominal GDP GDP Price deflator Real GDP Inflation Rate Growth Rate 2008 $14,833.60 99.23 -- -- 2009 14,417.90 100.00 2010 14,779.40 101.21 2011 15,052.40 103.20 2012 15,470.70 105.00 2013 15,759.00 106.59 2014 17,420.70 108.27 2015 18,287.20 110.01 2016 18,905.50 112.08 2017 19,738.90 114.27 a. Fill in the blanks in the table above and show your work. b. Over this time period, does inflation...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004 2005 & 2007 Nominal GDP (in Billions of Dollars) 9,817 10.128 10.469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,569 2008 2009 2010 2011 2012 2013 2014 2015 2016 100.0 101.2 103.3 105.2 106.7 108.8 110.0 111.4 Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2015 using 2007 prices. $0 billion b....
When real GDP grows more slowly than potential GDP, a. nominal GDP rises. b. the unemployment...
When real GDP grows more slowly than potential GDP, a. nominal GDP rises. b. the unemployment rate falls. c. labor productivity falls. d. the unemployment rate rises. 8. The unemployment rate is the number of unemployed people, expressed as a. a ratio of total employed to the population. b. a ratio of unemployed to the total employed. c. a percentage of the labor force. d. a percentage of the population. 9. If part of the labor force is unemployed, the...
27. A firm's value added equals a) its revenue minus all of its costs. b) its revenue minus its wages. c) its revenue minus its wages and profit. d) its revenue minus its cost of intermediate goods. e) none of the above 28. Deflation generally occurs when which of the following occurs? a) the consumer price index is greater than the GDP deflator b) the consumer price index decreases c) the rate of inflation falls, for example, from 4% to...
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312 2010 3,350 314 Table L: Economic Data for a Hypothetical Economy 104 107 109 119. Consider the economic data provided for a hypothetical economy in Table L above. What is the real GDP growth rate from 2008-09 for the economy depicted in Table L? (If necessary, at each stage of calculation, round to the nearest 1/100th (0.00).) A. -3.39% B. -3.28% C. -1.47% D....
1. If nominal GDP in 2016 equals to $4,500 and real GDP for the year is $4,000 (in 2009 dollars), The GDP deflator in 2016 is and the rate of inflation since 2009 is a. 112.5, 12.5 percent. b. 88.9,-11.1 percent 12.5, insufficient information for the calculation of the rate of inflation. 11.1, insufficient information for the calculation of the rate of inflation. c. d. 2. Actual GDP is run. a. above, above b. below; below c. below; above d....
Multiple Choice: 1) Assume the MPC is 0.75 and lump sum taxes are collected by the government. What is the government tax multiplier? A)-1.33 B) - 25 C) - 75 D) -4 E) -3 , which the recessionary gap. 2) During a Recession, the MPC tends to a) Increase, increases b) Decrease, decreases c Decrease, increases d) Increase, decreases 3) Suppose that the MPC is.75 and the US Federal Government reduces taxes by 10 million dollars. After 3 rounds of...
from 47-50
on spending on education. Table 1 Year 2007 2008 Nominal GDP (Billions of Dollars) 1529.6 1529.0 GDP Price Deflator (2002=base year) 111.45 114.45 47. From Table 1, the percentage change in real GDP from 2007 to 2008 was? a. -2.7. (6. 2.7. c. 3.0. d. 11.5. e. 14.5. 48. From Table 1, the inflation rate from 2002 to 2007 was? a. -2.7 percent. b. 3.0 percent. c. 11.45 percent. d. 111.45 percent. e. 14.45 percent. 49. From Table...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The production possibilities frontier is a graph that shows the various combinations of output that an economy a. should produce. b. wants to produce. c. can produce d. demands 2 The price index was 320 in one year and 360 in the next year. What was the inflation rate? a. 9 percent ((B-A)/A)*100 b. 11.1 percent c. 12.5 percent ((360 - 320)/320)*100 d. 40 percent...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004 2005 & 2007 Nominal GDP (in Billions of Dollars) 9,817 10.128 10.469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,569 2008 2009 2010 2011 2012 2013 2014 2015 2016 100.0 101.2 103.3 105.2 106.7 108.8 110.0 111.4 Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2015 using 2007 prices. $0 billion b....
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