2. Which of the following variables is independent of the choice of base year?a. Nominal GDPb. Real GDPc. GDP Deflatord. none of the above

In the calculation of an index, a base year is chosen to enable inter-year comparisons.

Answered: 2. Which of the following variables is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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GDP is best defined as a. the cost of producing all final goods and services sold during a given year. b. the market value of all final goods and services produced during a given year. c.the cost of producing all final goods and services during a given year. d.the market value of all final goods and services sold during a given year.
Gross domestic product (GDP) is defined as the: A. value of all final goods and services produced in a country during a period of time B. value of all final goods produced by a country’s resources that are in foreign countries during a period of time. C. value of all final goods that can be produced in a country by utilizing all resources during a period of time. D. value of the income earned by the owners of resources in a country during a period of time E. value of all intermediate goods and services produced in a country during a period of time
Calculate NNP at FC and personal income in the question below. GDP at FC 400 Income from domestic product accruing to private sector 300 Net transfer from government 50 Net indirect taxes 75 NFIA -25 Undistributed profits 20 corporate taxes 15 Consumption of capital 45
I. Based on the data in Table 2 below, calculate Indonesia's 2011-2016 by measuring changes in the GDP Deflator. Table 2.Indonesia's Gross Domestic Product 2011-2016 year Product Domestik Bruto (Miliar Rp.) Nominal IHK (%) Deflator 2010 6,864,133.1 6.96 100.0 2011 7,831,726.0 3.79 107.5 2012 8,615,704.5 4.30 111.5 2013 9,546,134.0 8.38 117.0 2014 10,569,705.3 8.36 123.4 2015 11,531,716.9 3.35 128.4 2016 12,406,809.8 3.02 131.5
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 6
Nominal 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. 125
iv. What is the GDP deflator? How is the GDP deflator calculated? Calculate Malaysia's GDP deflator for the year 2020. V.
How do other methods of measuring living standard compare with GDP
1. Check on the table below the factors that measure national income. Choose only three from the list and write down an example that represents to it. Measures of National Income Example 1. Gross Domestic Product 2. Gross National Product 3. Net National Product 4. NNP at Factor Cost 5. Personal Income 6. Disposable Personal Income
What is GDP? Which are the main components? What is the difference between nominal and real GDP? What is GNI? What are the main differences between GDP and GNI?
If GDP deflator is 177 and real GDP is $16000 million Calculate the value of Nominal GDP
Year 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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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