Nominal GDP is equal to: a. current prices base year output. b. base prices base year output. c. base y...
Nominal GDP is equal to:
| a. |
current prices |
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| b. |
base prices |
|
| c. |
base year prices |
|
| d. |
current output / base year prices. |
|
| e. |
current prices |
base year output.
base year output.
current output.
current output.Homework Answers
Nominal GDP is calculated as the total production in the current year.
Answer-Current price*current output
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Nominal GDP is equal to: a. current prices base year output. b. base prices base year output. c. base y...
1. If real GDP equals nominal GDP, then: A. the growth in output was greater than...
1. If real GDP equals nominal GDP, then: A. the growth in output was greater than the growth in the price level. B. there was no inflation. C. the current year is the base year. D. output did not grow. E. the growth in output was equal to the growth in the price level. 2. Nominal GDP is GDP measured in: A.base prices. B.fixed prices. C. current prices. D. marginal prices. E. average prices. 3. When you include discouraged workers...
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)...
"Real GDP" is "nominal GDP" adjusted to a base years prices so that the real quantity...
"Real GDP" is "nominal GDP" adjusted to a base years prices so that the real quantity growth can be determined independent of inflationary effects. Group of answer choices True False
Year Nominal GDP Real Potential GDP(2005) GDP deflator – Base year 2005 2013 9.269 7730 113...
Year Nominal GDP Real Potential GDP(2005) GDP deflator – Base year 2005 2013 9.269 7730 113 2014 9.873 10145 118 Calculate real GDP in 2013 and 2014 respectfully Calculate the growth in % of nominal GDP between 2013 and 2014 Calculate the growth in % of real GDP between 2013 and 2014 Explain the difference between the growth of nominal GDP and the growth of real GDP Cal the output gap in 2013 and 2014 (in %) and state whether...
GDP in year 1, the base year, was $325. In year 2, nominal GDP is $657. ...
GDP in year 1, the base year, was $325. In year 2, nominal GDP is $657. a) What is the price index? (Round to 2 decimal points.) b) What is Real GDP in year 2? $
2. Suppose the following table records the total output and prices for an entire economy. Further,...
2. Suppose the following table records the total output and prices for an entire economy. Further, suppose the base year in the following table is 2004. Quantity of Soda Quantity of Jeans Year 2004 2005 Price of Soda €1.00 1.00 Price of Jeans €10.00 11.00 a. What is the value of nominal GDP in 2004? Answer: b. What is the value of real GDP in 2004? Answer: c. What is the value of nominal GDP in 2005? Answer: d. What...
6. Let real GDP growth-2.4% per year, money growth-5% per year, nominal interest rate 4.8% and...
6. Let real GDP growth-2.4% per year, money growth-5% per year, nominal interest rate 4.8% and velocity of money-constant. (a) Find the inflation rate, the real interest rate, and the cost of holding money. (b) What are the inflation rate, the real interest rate, and the cost of holding money if the central bank changes the money growth to 6% per year? 2. An economy produces 5 goods. The quantities produced and the prices of the 5 goods in year...
a) Prices and output increase. b) Prices and output decrease. c) Prices increase and output decreases....
a) Prices and output increase. b) Prices and output decrease. c) Prices increase and output decreases. d) Prices decrease and output increases 18. Assume that the Canadian economy is experiencing a deflationary (recessionary) gap and neither the Government nor the Bank of Canada are not planning corrective measures (policies). What will happen to Canadian prices and output (real GDP) as the economy slowly regains macroeconomic equilibrium? a) Prices and output will increase. b) Prices and output will decrease. c) Prices...
2. Suppose the following table records the total output and prices for an entire economy. Further,...
2. Suppose the following table records the total output and prices for an entire economy. Further, suppose the base year in the following table is 2004. Quantity of Jeans Year 2004 2005 Price of Soda €1.00 1.00 Quantity of Soda 200 220 Price of Jeans €10.00 11.00 a. What is the value of nominal GDP in 2004? Answer: b. What is the value of real GDP in 2004? Answer: c. What is the value of nominal GDP in 2005? Answer:...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But what happens when relative prices change? As you know,...
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)...
2. Suppose the following table records the total output and prices for an entire economy. Further, suppose the base year in the following table is 2004. Quantity of Soda Quantity of Jeans Year 2004 2005 Price of Soda €1.00 1.00 Price of Jeans €10.00 11.00 a. What is the value of nominal GDP in 2004? Answer: b. What is the value of real GDP in 2004? Answer: c. What is the value of nominal GDP in 2005? Answer: d. What...
6. Let real GDP growth-2.4% per year, money growth-5% per year, nominal interest rate 4.8% and velocity of money-constant. (a) Find the inflation rate, the real interest rate, and the cost of holding money. (b) What are the inflation rate, the real interest rate, and the cost of holding money if the central bank changes the money growth to 6% per year? 2. An economy produces 5 goods. The quantities produced and the prices of the 5 goods in year...
a) Prices and output increase. b) Prices and output decrease. c) Prices increase and output decreases. d) Prices decrease and output increases 18. Assume that the Canadian economy is experiencing a deflationary (recessionary) gap and neither the Government nor the Bank of Canada are not planning corrective measures (policies). What will happen to Canadian prices and output (real GDP) as the economy slowly regains macroeconomic equilibrium? a) Prices and output will increase. b) Prices and output will decrease. c) Prices...
2. Suppose the following table records the total output and prices for an entire economy. Further, suppose the base year in the following table is 2004. Quantity of Jeans Year 2004 2005 Price of Soda €1.00 1.00 Quantity of Soda 200 220 Price of Jeans €10.00 11.00 a. What is the value of nominal GDP in 2004? Answer: b. What is the value of real GDP in 2004? Answer: c. What is the value of nominal GDP in 2005? Answer:...
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