1. Option D
Explanation: Real GDP can increase, decrease or remain the same depending on the change in price level.
2. Option D
Explanation: According to BLS, one is unemployed when one does not have a job and has actively looked for a job in the last four weeks.
3. B
Explanation: The market basket needs to correspond to actual purchase habits of consumers.
Q1) If nominal GDP increases, then real GDP. a. Must decrease b. Must increase c. Must...
Instructions: Please answer all y The following are all final goods except Four used by the baker to make cupcakes. b. Bread eaten by a family for lunch. c. Pencils used by a student in class. d. Adidas shoes used by a basketball player. in one year, a firm increases its production of computers by $9 million and it increases its sales by $8 million. Everything else remaining constant in the economy, which of the following statements is true a....
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...
According to the textbook, which of the following statements is (are) correct? (x) If real GDP is higher in one country than in another, it is not necessarily true that the standard of living is higher in the country with the higher real GDP. (y) Real GDP per person is not a perfect measure of the well-being of individuals in society because it excludes things like leisure time, the value of goods produced at home, and environmental quality. (z) Poor...
When real GDP grows more slowly than potential GDP, a. nominal GDP rises. b. the unemployment rate falls. c. labor productivity falls. d. the unemployment rate rises. 8. The unemployment rate is the number of unemployed people, expressed as a. a ratio of total employed to the population. b. a ratio of unemployed to the total employed. c. a percentage of the labor force. d. a percentage of the population. 9. If part of the labor force is unemployed, the...
Which of the following is NOT true about gross domestic product (GDP)? a. It includes only final goods and services. b. The values are measured in current dollars c. Intermediate goods and services are excluded to prevent double counting. d. It includes the value of transfer payments. The gross domestic product (GDP) excludes: a. the value of intermediate goods produced. b. the spending by government on new roads and bridges. c. household spending on goods and services. d. the increase...
Figure: Monetary Policy 2 LRAS SRAS C Price level a AD b yf Real GDP Goods and services market Refer to Figure: Monetary Policy 2. If an economy operates in the short run at point a, then if the government were to raise the required reserve ratio, then we should expect a/an decrease in SRAS, which moves the economy toward point. Уf Real GDP Goods and services market Refer to Figure: Monetary Policy 2. If an economy operates in the...
2. Download the annual real GDP and GDP data of the United States 1950-2018 from FRED. For the real GDP, the data online is chain-weighted and uses 2012 as the base year. In the lecture hursday, I showed you the detailed method and calculated the new chain-weighted real GDP when 1990 is the base year. You are required to calculate a new sequence of chain- weighted real GDP given a new base-year. The base year you should use in your...
16. to the wealth effect, an increase in the price level causes ease in real wealth and more purchases b. An incr C. A decrease d. rease in real wealth and fewer purchases se in real wealth and fewer purchases A decrease in r price level increase tends to reduce net exports, thereby reducing the amount of real goods a. The b. The international banner effect C. rvices purchased in the U.S. Economists refer to this phenomenon as international wealth...
question 1: nominal GDP for 2016 question 2: real gdp for 2015 question 3: GDP deflator for 2014 question 4: calculate cost/price of the market basket for 2015 question 5: calculate CPI for 2016 question 6: use CPI to calculate the inflation rate from 2014 to 2015 question 7: which person makes more in inflation-adjusted terms or (real) terms? would it change if nick made 82k a year instead? question 8: best too look at pic. Note: please show work...
Question 1 Real measurements are expressed in constant dollars. expressed in current dollars. expressed using today’s currency. Flag this Question Question 2 To measure a real increase in wages, the wages would have to be adjusted for inflation overtime. the changes would have to be averaged. the increase would have to be compared to the growth in GDP. Flag this Question Question 3 If inflation occurs in a given year, the change in the real measurement (GDP) would be equal...