(1f) If Nominal GDP is $16,000 billion and the GDP deflator is 50, then Real GDP is:$25,000 billion.$32,000 billion.$8,000 billion.(1g) For productivity to increasethe total number of hours worked has to increase.the value of the production per hour worked has to increase.the total production or output has to increase.(1a) The Helper Company’s customer service representatives received new computers and training on how to utilize them best. In regards to measuring productivity, these new computers and updated technology knowledge haveincreased profit for the Helper company.increased capital deepening for the Helper company.increased costs for the Helper company. (1b) Of the following examples, which one has little or no effect on labor productivity?The frequency of business cycles. (my guess)Technological change.The quality and quantity of available capital resources.(1c) What can you conclude when a nation’s production possibilities frontier shifts outward?The sum of goods and services produced exceeds the level of neighboring countries.The country’s real GDP has reached a peak in the business cycle.The country is achieving economic growth. (my guess)

“Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for you. To get remaining sub-part solved please repost the complete question and mention the sub-parts to be solved.”. Nominal GDP measures market value of goods and services using current prices. Nominal GDP = $16000 bn GDP deflator = 50 GDP deflator = Nominal GDP / Real GDP X 100 Real GDP = Nominal GDP / GDP deflator X 100 = 16000 / 50 X 100 = $32000 MPL = ∆TP / ∆L Marginal productivity depicts change in total productivity that results from an additional units of labor There is an increase in the proportion of the stock in compassion for the number of labor worked

Answered: 1f) If Nominal GDP is $16,000 billion…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(1f) If Nominal GDP is $16,000 billion and the GDP deflator is 50, then Real GDP is:

$25,000 billion.
$32,000 billion.
$8,000 billion.

(1g) For productivity to increase

the total number of hours worked has to increase.
the value of the production per hour worked has to increase.
the total production or output has to increase.

(1a) The Helper Company’s customer service representatives received new computers and training on how to utilize them best. In regards to measuring productivity, these new computers and updated technology knowledge have

increased profit for the Helper company.
increased capital deepening for the Helper company.
increased costs for the Helper company.

(1b) Of the following examples, which one has little or no effect on labor productivity?

The frequency of business cycles. (my guess)
Technological change.
The quality and quantity of available capital resources.

(1c) What can you conclude when a nation’s production possibilities frontier shifts outward?

The sum of goods and services produced exceeds the level of neighboring countries.
The country’s real GDP has reached a peak in the business cycle.
The country is achieving economic growth. (my guess)

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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