Bob is measuring the GDP in 2018 by using the quantity of each final good and...
Bob is measuring the GDP in 2018 by using the quantity of each final good and service produced in 2018, multiplied by the price at which the goods and services were sold in 2018. What type of calculation is Bob creating?
| The GDP using real values. |
| The GDP using both nominal and real values. |
|
The GDP using nominal values. |
Of the following statements, which describes macroeconomy?
| Retail stores have been in decline due to the online retail business growth. |
| The US inflation rate has been under 3% annually over the last 5 years. |
| The technology sector in San Francisco has seen the largest job gains in 2017. |
Homework Answers
1. Bob is creating the GDP using nominal values because he is using the current year price level to calculate GDP. Hence, option(C) is correct.
2. The US inflation rate has been under 3% annually over the last 5 years describes macroeconomy .Hence,option(B) is correct.
Add Answer to:
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