Homework Answers
a) The statement is "False", even if the nominal GDP has increased we don't know how much the price of the goods has increased as nominal GDP is calculated at the market price of the good.
b) Real GDP is the best mean for determining growth in output between two periods as they are adjusted for the market price .
Option c .
Real GDP (as comparision is based on inflaion adjusted price)
Option c .
Real GDP (as comparision is based on inflaion adjusted price)
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suppose u.s. nominal GDP increases from one year to the next.
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If productivity increases from one year to the next, only nominal GDP would increase. only real GDP would increase. nominal and real gross domestic product would increase. If inflation occurs in a given year, the change in the real measurement (GDP) would be equal to the change in the nominal one. the change in the real measurement (GDP) would be smaller than the change in the nominal one. the change in the real measurement (GDP) would be greater than the...
Suppose reported (nominal) GDP rises from $21,000 billion to $22,500 billion in the next year, which...
Suppose reported (nominal) GDP rises from $21,000 billion to $22,500 billion in the next year, which the nation's price index (GDP deflator) increases from 110 to 115. Then real GDP will have increased by (choose closest number). A. 2.5 percent B. 3.2 percent C. 3.9 percent D. 7.1 percent
nominal GDP ear, calculate next year's nominal GDP, price level, and real GDP increases by 2...
nominal GDP ear, calculate next year's nominal GDP, price level, and real GDP increases by 2 percent and the price level goes up by 4 percent next Nominal GDP (in Millions) $ Price Level Real GDP (in Millions) 1.200.0 This year Next year 100 $ 1,200.0 ture $12,753 2, 085 invento 3, 035 Proprietors' incone 2, 910 What share of U.S. total income in 2016 consisted of SAMSUNG
033 If real GDP of an economy increases from one year to the next, O prices...
033 If real GDP of an economy increases from one year to the next, O prices must have risen from one year to the next. O quantities of output must have risen from one year to the next. base year prices must have been raised. o the economy does not experience economic growth. ja 4
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) , and real GDP _____ (Decreased...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
From 2013 to 2014, nominal GDP ______ (Decreased or increased) , and real GDP _______ (Decreased...
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
1. U.S. GDP includes estimates of the value of items that are produced and consumed at...
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23) Suppose in current dollar terms, GDP increased by approximately 7 percent between one pet likely?...
23) Suppose in current dollar terms, GDP increased by approximately 7 percent between one pet likely? and the next, but real GDP fell by 2 percent. Which one of the following explanations is im A) Prices fell by 9 percent B) Prices increased by 9 percent C) Prices fell by 2 percent. D) Output rose by 2 percent. E) Prices increased by 7 percent. ulse the table belous to answer the foloving questions Table 20.2.5 Data From Southton Price (dollars)...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That is, the inflation rate this year was 10 percent. This means that overall: Oreal GDP in the economy has risen by 10 percent. output in the economy rose by 10 percent Oprices in the economy have risen by 10 percent Oreal GDP and prices both rose by 10 percent This inflation rate implies that the growth rate in real GDP was 10 percent: less...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That is, the inflation rate this year was 10 percent This means that overall: real GDP in the economy has risen by 10 percent. output in the economy rose by 10 percent Oprices in the economy have risen by 10 percent. O real GDP and prices both rose by 10 percent This inflation rate implies that the growth rate in real GDP was 10 percent:...
nominal GDP ear, calculate next year's nominal GDP, price level, and real GDP increases by 2 percent and the price level goes up by 4 percent next Nominal GDP (in Millions) $ Price Level Real GDP (in Millions) 1.200.0 This year Next year 100 $ 1,200.0 ture $12,753 2, 085 invento 3, 035 Proprietors' incone 2, 910 What share of U.S. total income in 2016 consisted of SAMSUNG
033 If real GDP of an economy increases from one year to the next, O prices must have risen from one year to the next. O quantities of output must have risen from one year to the next. base year prices must have been raised. o the economy does not experience economic growth. ja 4
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
1. U.S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance. a. True b. False 2. If the U.S. government reports that GDP in the third quarter was $16 trillion at an annual rate, then the amount of income and expenditure during quarter three was $4 trillion. a. True b. False 3. If consumption is 57000, exports are $600. government purchases are $2000. government transfers are $900, imports...
23) Suppose in current dollar terms, GDP increased by approximately 7 percent between one pet likely? and the next, but real GDP fell by 2 percent. Which one of the following explanations is im A) Prices fell by 9 percent B) Prices increased by 9 percent C) Prices fell by 2 percent. D) Output rose by 2 percent. E) Prices increased by 7 percent. ulse the table belous to answer the foloving questions Table 20.2.5 Data From Southton Price (dollars)...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That is, the inflation rate this year was 10 percent. This means that overall: Oreal GDP in the economy has risen by 10 percent. output in the economy rose by 10 percent Oprices in the economy have risen by 10 percent Oreal GDP and prices both rose by 10 percent This inflation rate implies that the growth rate in real GDP was 10 percent: less...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That is, the inflation rate this year was 10 percent This means that overall: real GDP in the economy has risen by 10 percent. output in the economy rose by 10 percent Oprices in the economy have risen by 10 percent. O real GDP and prices both rose by 10 percent This inflation rate implies that the growth rate in real GDP was 10 percent:...
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