Question

2 points Seve Answer QUESTION 42 You have just started your new Job in Washington D.C. at the Bureau of Economic Analysis department. Your first task is to economic indicators from 2017 to assess the macroeconomic state of the country. Which answer fits what you need? The trade balance between the US and some Asian nations. b. Total profit and loss statistics from the city of Washington D.C. for 2017 a. The housing trends for the Western United States for 2017. d. The quantitative measurements of the nation's economic activity for 2017. 2 points have Answer QUESTION 43 The difference between nominal GDP and real GDP is: nominal GDP measures actual aggregate production while real GDP measures the value of the production in b. Nominal only include services while Real includes physical goods c. real GDP excludes Imports and exports. d. real GDP adjust for the effects of inflation QUESTION 44 2 points Save Answ Assume the economy of country C produces hotdogs and buns in the following quantities and prices in 2016 and 2017. Assume also 2016 is the base year and the real GDP will be calculated using 2016 prices. What is the real GOP 2017? Buns Price Hot Dogs Quantity Year 2016 (base year) 6 million Year 2017 18 million a $36 million b. $26 million c. $16 million. d. $22 million Price Quantity $ 2 4 million $ 3 6 million

Answer 1

42. (d) The quantitative measurements of the nation's economic activity for 2017

Reason: Measuring the nation's economic activities undertaken in monetary terms will help access the macroeconomic state of the nation

43. (d) Real GDP adjusts for the effect of inflation

Reason: Real GDP is nothing but nominal GDP adjusted for inflation

44. (d)$22 million

Reason: RGDP (2017) = P(2016) x Q(2017

RGDP = ($2 x 8) + ($1 x 6)

RGDP = $22