1. True. The national income of an economy is same as its total expenditure because the money that is spent is someone's income only.
2. False. GDP is the market value of all final goods and services produced within the domestic territory of an economy.
3. True. The formula for GDP deflator is (Nominal GDP/Real GDP)*100 i.e for this case (10,000/8,000)*100 =125
4. False. There is no certain relationship between real GDP per
person and life expectancy and literacy rates
Find true or false 1. TRUE/FALSEC 1 mark per question, 20 marks in total) aj An...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) 11] An economy's income is the same as its expenditure because every transaction has a buyer and a seller. [21 GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. 3] If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. 14) Other things equal, in countries with higher levels of real...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1 An economy's income is the same as its expenditure because every transaction has a buyer and a seller. 2) GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. (3) If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125 14) Other things equal, in countries with higher levels of real...
1. TRUE/FALSE(1 mark per question, 20 marks [i] An economy's income is the same as its expenditure because every transaction P) GDP is the market value of all final goods and services produced by a country's (3] If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. has a buyer and a seller. citizens in a given period of time. 41 Other things equal, in countries with higher levels of real GDP per person,...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the same as its expenditure because every transaction has a buyer and a seller. 2) GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. [3) If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. 14) Other things equal, in countries with higher levels of real...
1. TRUE/FALSE( 1 mark per question, 20 marksi 11] An economy's income is the same as its total) expenditure because every has a buyer and a seller every transaction ket value of all final goods and services produced by a country's citizens in a given period of time p) If'nominal GDP is $10,000 and real GDP is $8,000 then the GDP deflator is 125. thines equal, in countries with higher levels of real GDP per person, life expectancy and literacy...
has to spend s] When the consumer price index falls, the typical family fewer dollars to maintain the same standard of living. economy' s overall price level is rising. which to choose, and this in turn increases the cost of maintaining the 6l Economists use the term inflation to describe a situation in which the 17) When a new good is introduced, consumers have more variety from same level of economic well-being. 18) The real interest rate is the interest...
need it as soon as posible today please. thanks it is Macroeconomics 20) As per capita GDP has increased a) life expectancy has decreased b) rate of illiteracy has increased c) rate of infant mortality has increased d) amount of leisure time has increased in the US and other O countries, the 21) Which of the following will most likely occur during the a) real GDP rises, unemployment rate falls b) real GDP declines, inflation rate rises c) le of...
1. For the Cobb-Douglas production function Y=AKaL1-a, the marginal product of capital is: a. (1-a)(Y/L) b. a(Y/K) c. a d. aY 2. The principal economic cost of growth is: a. higher interest rates b. consumption sacrificed for capital formation c. higher unemployment rates d. higher inflation rates Countries with a high level of real GDP per person are likely to have: a. low levels of commercial energy use b. superior literacy levels for females compared to males c. females with...
Fill in the blanks in the table below. he blanks in the table below. Population growth Inflation Real GDP growth per capita Nominal GDP growth 58 28 -18 Country Svea Bonifay Chaires Drifton Estiffanulga 18 28 08 58 78 Does the rule of 70 predict greater increases in the amount of income for poorer countries when both rich and poor countries have the same growth rate? No, according to the rule of 70, if the growth rate of income is...
QUESTION 4 In February 2014, South Africa had an inflation interest rates in January and is expected to increase or maintain the interest rates through 2014. The South African central bank is pursuing rate of 5.9 % and an unemployment rate of 24.1%. The South African central bank raised a(n): contractionary monetary policy to contain inflation. expansionary monetary policy to contain inflation. expansionary monetary policy to fight unemployment. contractionary monetary policy to fight unemployment QUESTION 5 When the economy is sluggish, the Fed will: raise interest rates, which...