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Answer:
C) is constant and nominal GDP is increased by half.
Real GDP is the value of total production of goods and services adjusted against inflation while nominal GDP is the market value of total production of goods and services prevailing in the current time.
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If production remains the same and all prices rise by 50%, then real GDP B) and...
34. Question 34 of 60 > The difference between nominal GDP and real GDP is that...
34.
Question 34 of 60 > The difference between nominal GDP and real GDP is that nominal GDP: O measures a country's production of finished goods and services at fixed prices, whereas real GDP measures a country's production of all finished goods and services at current market prices. measures the total value of only finished goods and services, whereas real GDP measures the value of all goods and services, both intermediate and finished. measures a country's production of finished goods...
Need help with this, please show work 4. If nominal GDP and real GDP both rise...
Need help with this, please show work
4. If nominal GDP and real GDP both rise by 10 percent, then the GDP deflator O O falls by 10 percent. also rises by 10 percent. remains unchanged. rises by about 20 percent. O
Can we have a situation where, even though, nominal GDP increases real GDP remains the same?
Can we have a situation where, even though, nominal GDP increases real GDP remains the same?
A rise in oil prices has caused input prices to increase throughout the economy, causing nominal GDP to increase by 13%....
A rise in oil prices has caused input prices to increase throughout the economy, causing nominal GDP to increase by 13%. Meanwhile, the price level decreases by 2%. What is the real GDP growth rate during this period?
The GDP gap is the difference between: a. frictional unemployment and actual real GDP. b. unemployment...
The GDP gap is the difference between: a. frictional unemployment and actual real GDP. b. unemployment rate and real GDP deflator. c. actual real GDP and full-employment real GDP. d. full-employment real GDP and real GDP deflator. Inflation is an increase in: a. prices of all products in the economy. b. homes, autos and basic resources. c. the general price level of products. d. none of these. 46. Suppose that last year you borrowed $100 at 5 percent interest to...
Calculating chain-weighted real GDP Prices (in dollars) and production for an orchard are provided in the...
Calculating chain-weighted real GDP Prices (in dollars) and production for an orchard are provided in the following table: Year--------Good------Price------Quantity 2016-------apples -----5----------20,000 2016-------apple juice---10-------9,000 2016-------cider----------14--------5,000 ________________________________ 2017------apples--------8--------25,000 2017----apple juice----15-------12,000 2017-----cider-----------18-------4,500 ______________________________ 2018----apples----------12-------35,000 2018-----apple juice----18-------15,000 2018-----cider------------25-------10,000 In all years, half of all apple production is used to produce apple juice and cider. For this problem, round all market values to the nearest whole dollar. a) Calculate real production in all three years using 2016 prices, then calculate output growth for 2017 and...
(4 marks) Suppose both nominal GDP and real GDP rise by 10 percent. How will the...
(4 marks) Suppose both nominal GDP and real GDP rise by 10 percent. How will the GDP deflator change? What has happened to the general price level? What is the inflation rate? Show your calculation. (4 marks) Other things being the same, if an unemployed person gives up searching for jobs and becomes a stay-at-home parent, what will happen to the labor force, the number of unemployed persons and the unemployment rate? Explain briefly.
19. Which of the following values would be included in U.S. GDP for 2006? a. the...
19. Which of the following values would be included in U.S. GDP for 2006? a. the rent that John, an American citizen, would have paid on his home in New York in 2006 had he not owned that home b. the rent that Sarah, an American citizen, paid on her apartment in San Francisco in 2006 c. the value of the legal services provided by Carlos, an attorney and a Mexican citizen, who lived in Houston and practiced law there...
Real GDP is calculated using Select one: D a. prices at the time of sale O...
Real GDP is calculated using Select one: D a. prices at the time of sale O b. the cost of production. O c. the same prices in all years. o d. a correction for inflation.
Question: Calculating chain-weighted real GDP Prices (in dollars) and production for an orchard are provide... Calculating...
Question: Calculating chain-weighted real GDP Prices (in dollars) and production for an orchard are provide... Calculating chain-weighted real GDP Prices (in dollars) and production for an orchard are provided in the following table: Year--------Good------Price------Quantity 2016-------apples -----5----------20,000 2016-------apple juice---10-------9,000 2016-------cider----------14--------5,000 ________________________________ 2017------apples--------8--------25,000 2017----apple juice----15-------12,000 2017-----cider-----------18-------4,500 ______________________________ 2018----apples----------12-------35,000 2018-----apple juice----18-------15,000 2018-----cider------------25-------10,000 In all years, half of all apple production is used to produce apple juice and cider. For this problem, round all market values to the nearest whole dollar. a) Calculate chain-weighted...
34.
Question 34 of 60 > The difference between nominal GDP and real GDP is that nominal GDP: O measures a country's production of finished goods and services at fixed prices, whereas real GDP measures a country's production of all finished goods and services at current market prices. measures the total value of only finished goods and services, whereas real GDP measures the value of all goods and services, both intermediate and finished. measures a country's production of finished goods...
Need help with this, please show work
4. If nominal GDP and real GDP both rise by 10 percent, then the GDP deflator O O falls by 10 percent. also rises by 10 percent. remains unchanged. rises by about 20 percent. O
The GDP gap is the difference between: a. frictional unemployment and actual real GDP. b. unemployment rate and real GDP deflator. c. actual real GDP and full-employment real GDP. d. full-employment real GDP and real GDP deflator. Inflation is an increase in: a. prices of all products in the economy. b. homes, autos and basic resources. c. the general price level of products. d. none of these. 46. Suppose that last year you borrowed $100 at 5 percent interest to...
(4 marks) Suppose both nominal GDP and real GDP rise by 10 percent. How will the GDP deflator change? What has happened to the general price level? What is the inflation rate? Show your calculation. (4 marks) Other things being the same, if an unemployed person gives up searching for jobs and becomes a stay-at-home parent, what will happen to the labor force, the number of unemployed persons and the unemployment rate? Explain briefly.
19. Which of the following values would be included in U.S. GDP for 2006? a. the rent that John, an American citizen, would have paid on his home in New York in 2006 had he not owned that home b. the rent that Sarah, an American citizen, paid on her apartment in San Francisco in 2006 c. the value of the legal services provided by Carlos, an attorney and a Mexican citizen, who lived in Houston and practiced law there...
Real GDP is calculated using Select one: D a. prices at the time of sale O b. the cost of production. O c. the same prices in all years. o d. a correction for inflation.
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