2. Which of the following variables is independent of the choice of base year? a. Nominal GDP b. Real GDP c. GDP Deflator d. none of the above
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![2. Which of the following variables is independent of the choice of base year?
a. Nominal GDP
b. Real GDP
c. GDP Deflator
d. none of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9bd326fc-7830-4a7c-aef9-e092778e2d0e%2Fe8bced44-94d0-4876-bf02-3d2a506e973d%2Fmkjokbq_processed.jpeg&w=3840&q=75)
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- The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity Ford Escape SUV's $24,485 307,069 $24,645 308,296 F-Series Trucks $44,400 820,799 $47,800 896,764 A. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. B. Determine the growth rate of nominal GDP (if Ford were the entire economy). C. Determine the growth rate of real GDP (if Ford were the entire economy).Calculate median income in 2000 (real) dollars for each of the 3 years. Suppose GDP in current (nominal) dollars and the GDP price index for the United States are as follows: Year 1990 2000 2005 GDP in current dollars (trillions) 6.0 10.0 15.0 Calculate GDP in 2005 (real) dollars for each of the 3 years. Price index [2000=100] 80 100 125Gross Domestic Product If nominal GDP in 1975 was $1699.9 billion and the GDP deflator (price index) was 100, what is the value of real GDP in 1975?
- teractive Book: Measuring a Nation's Income (Ch 10) g. California hires workers to repave Highway 66. h. The federal government sends your grandmother a Social Security i. Your parents buy a bottle of French wine. j. Honda expands its factory in Ohio. 2. Fill in the blanks: Nominal GDP GDP deflator Real GDP (in 2000 dollars) Year (base year (in current dollars) (000 1,200 1970 000's 09 1980 000's 066 000 2010 000 2020 2030 000'0 000'0 3. The government purchases component of GDP does not include spending on tr such as Social Security Thinking about the definition of GDP, explain why trans 59 rch 五。 Prt Scn F8 Home, F5 F4 $ V # 6 6Nominal GDP GDP deflator Year 1 $200 bill. 100 a. Express year 2 GDP in the prices of year 1 b. Calculate the growth of real GDP Year 2 $300 bill. 125The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity ford escapes $24,485 307,069 $24,645 308,296 ford trucks $44,400 820,799 $24,645 896,764 a. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. b. Determine the growth rate of nominal GDP (if Ford were the entire economy). c. Determine the growth rate of real GDP (if Ford were the entire economy).
- Real gross domestic product Select one: a. measures the value of final goods and services produced within the borders of a given country during a given time period using current prices. b. measures the value of final goods and services produced within the borders of a given country during a given time period corrected for changing prices. c. is a measure of the overall level of prices. d. can change from one year to the next even if there is no change in output.What does GDP measure? a. the value of all final goods and services produced domestically within a given period b. the value of all goods and services sold in an economy within a given period c. the value of all intermediate goods produced domestically within a given period d. the value of the government's domestic productGDP Deflator (NomGDP/Real GDP)*100 88.4 Assignment 3 Chapter 6. Determine if each of the following would be included or not included in USA GDP for 2020. All transactions occurred in 2020. Circle Yes or No 1. Rebecca real estate agent sells a house built in 2014 for $1,500,000. Yes No 2. $250,000 Bushels of wheat produced in 2020 were exported to Mexico. Yes No 3. Michael, a US citizen works over in Germany producing automobiles. Yes No 4. A Mickey Mantle Rookie card is sold on EBAY for $60,000. Yes No 5. John takes his family out for dinner at Shake Shack Dec 15,2020. Yes No 6. Quark company purchases $5,000,000 of new property, plant, and equipment. Yes No 7. The Government employees Higgs Inc. to repair the roads in Washington DC at a cost of $2,500,000. Yes No 8. Veronica secretly sells Marijuana out of her laundry mat and makes $750,000 revenue for 2020. Yes No 9. General Motors has $35,000,000 Work in Process inventory on Dec 31, 2020 Yes No
- I know for real GDP you use price of base year and quantity of current year but I keep getting an answer that is not one of the options.Label each statement according to whether it describes the consumer price index (CPI) or GDP deflator. Statements may describe one, both, or neither of the terms. If both labels apply, place both in the box. If neither applies, leave the box blank. 1. Is equal to 100 for the base year 2. is based on commonly used consumer goods only 3. includes the quantity and price of a 747 aircraft produced 4. equals nominal GDP divided by real GDP, times 100 5. uses the same price for goods in the market basket and adjusts quantities to reflect changes over time 6. is subject to biases because it does not reflect changes in buying patterns 7. would include the price of imported tomatesYear Guns Produced Price of Guns Butter Produced Price of butter 2005 80 $5 40 $4 2011 90 $6 60 $10 Consider the data above for Islandia, a country that produces only two products: guns and butter. Real GDP for Islandia for 2011 using 2005 as the base year equals.
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