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- Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant decline in national output, can you identify any post-1960 recessions in addition to the 20082009 recession? (This requires a judgment call.)Real GDP is best described as: A measure of a nation's output and employment holding wages constant. A measure of a nation's output holding prices constant. A measure of a nation's output at the current level of prices. OOOO. A measure of a nation's prices holding output constant. A measure of a nation's prices at the current level of output. A Moving to the next question prevents changes to this answer. E JUL 19 tv 10 O A22. Which of the following is the technical definition of a recession? A. a fall in GDP for four consecutive quarters B. a rise in unemployment for two consecutive quarters C. a fall in GDP for two consecutive quarters D. a rise in unemployment for four consecutive quarters
- 1. Consider the following data on Prices and Quantities of T-Shirts and Pajamas on the attached image. (i) Calculate the total value of goods and services at current prices in this economy eachyear?(i) Calculate the total value of goods and services at constant prices in this economy eachyear? (Note: GDP deflator for 2015 is 100) (ii). Whatisthe growth rate of RealGDP between 2016and 2017? (iv). What wasthe growth rate ofNominalGDP between 2016and 2017?(v) Was the growth rate of real GDP higher or lower that the growth rate of nominalGDP?Explain. (vi) Using 2015 asthe base year, calculate the CPI for each year. (vii). Calculate the inflation rate for 2015, 2016 and 2017.4- Assume that in Berberistan only three goods are produced: coffee, tea, and cheesecake. The table below shows the prices and quantities of the three goods in 2018, 2019 and 2020. (Take 2018 as the base year when necessary) 2018 2019 2020 Quantity price quantity Price quantity Price Coffee 2 20 6. 10 5 12 Tea 20 2 20 25 3 Cheesecake 15 8. 10 10 15 a) What is the nominal GDP in 2019. b) What is the nominal GDP in 2020. c) What is the real GDP in 2019. d) What is the real GDP in 2020. e) What is the real economic growth from 2019 to 2020.Economics 1B Jan22 Y1 S2 "TOKYO, Aug. 17 (Xinhua) -- Although Japan's economic growth turned positive as shown by the statistics of the second quarter, it remained sluggish due to poor control of the COVID-19 pandemic and persistently weak personal consumption. Japan's real gross domestic product (GDP) inched up 0.3 percent in the second quarter compared to the previous quarter, up 1.3 percent at an annual rate, according to statistics released by the Cabinet Office on Monday. Which of the following is NOT a problem associated with using Gross Domestic Product as a measure of economic performance?" A. Statistics released by the Cabinet Office are often revised as more accurate information becomes available. OB. Transactions being counted more than once. C. Certain transactions that take place in the Japanese economy are not recorded. D. Non-market production Tim Ques Not y Mark PFI.
- QUESTION 15 The production and prices in a country in two subsequent years are described by the following table Year 1 Year 2 Good Оиаntity Price Оuantity Price Apples Oranges 60 $1.00 55 X 40 $1.00 45 y Where x is $1.53 and y is $1.53. What is the nominal GDP growth rate in percent terms? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.)Refer to the information provided in Table Table Prices Production Year 1 Year 2 Year 3 50 Year 1 Year 2 Year 3 $1.20 $1.00 60 $1.00 $1.20 Good X 50 Good Y 100 120 140 $0.60 $0.60 Refer to Table Assume that this economy produces only two goods Good Xand Good Y. The value for this economy's nominal GDP in year 1 is Select one: a. $130 b. $160 O C. $110 d. $160Refer to the Table. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is Year 1 Good X 60 Good Y 100 OA) $204. OB) $222. OC) $250. OD) $270. Production Year 2 80 110 Year 3 100 130 Year 1 $1.00 $0.80 Prices Year 2 $1.00 $0.90 Year 3 $1.40 $1.00
- 4.Explain why tourism satellite accounts are useful and give examples for direct and indirect effects (two examples for each).Identify the effect on GDP due to the following factors. Factors Effect on GDP An improvement in transportation facilities. A decreased investment in infrastructure. An increase in brain drain in a nation. Increase in GDP Decrease in GDP The use of advanced technology Which of the following statements regarding the aggregate production function is true? O A. GDP increases at a decreasing rate for every unit increase in the efficiency units of labor B. GDP increases at an increasing rate for every unit increase in the physical capital stock C. GDP increases by a constant amount for every unit increase in the physical capital stock. O D. GDP decreases by a constant amount for every unit increase in the efficiency units of labor. O Oestion 6 Real GDP is best described as: A measure of a nation's output and employment holding wages constant. A measure of a nation's output at the current level of prices. A measure of a nation's prices holding output constant. 0 0.0 о A measure of a nation's output holding prices constant. A measure of a nation's prices at the current level of output. L Moving to the next question prevents changes to this answer. .:: JUL 19 tv 10 2