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b. Describe three problems that make the consumer price index an imperfect measure of the cost of living.
c. List two (2) differences between the consumer price index and the
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- . 1. Describe three problems that make the consumer price index an imperfect measure of the cost of living. 2. List two (2) differences between the consumer price index and the GDP deflator?1. Explain briefly what the consumer price index tries to measure? 2. Describe three problems that make the consumer price index an imperfect measure of the costof living.3. List two (2) differences between the consumer price index and the GDP deflator?A) Write the formula for GDP (expenditure), and explain in detail eachvariable. Be sure to include types of goods/services that go into each category. B) Why are goods and services counted in GDP at market value?Are there any disadvantages or problems in using market values to measureproduction?
- (a) Use the following table to calculate GDP price deflator in 2019 and 2020 and the change in the overall price level from 2019 to 2020. You will need to round your answer to the nearest whole number. GDP 2019 2020 Nominal GDP $26 000 $28 000 Real GDP $21 000 $22 000 (b) Consider an economy only producing two goods: pen and bread in both Year 1 and Year 2. Can the Real GDP of this economy increase between Year 1 and Year 2, while the Nominal GDP decreases or remains the same? Explain your answer with a numerical example.a. Explain briefly what the consumer price index tries to measure?b. Describe three problems that make the consumer price index an imperfect measure of the cost of living. c. List two (2) differences between the consumer price index and the GDP deflator? d. Calculate the missing information in the table Year Real GDP Nominal GDP GDP Deflator Prices of Nutmeg ($per Nutmeg) Prices of Drapes ($ per Drapes) 2013 2700 70 10 8 2014 3600 100 12 9 2015 3600 4680 14 10 e. Distinguish between nominal GDP and real GDP?Which of the following is wrong? Select one: a. In the expenditures approach to GDP we subtract imports because they represent spending on production outside the borders of a country. b. Price indexes are computed by dividing the price of a specific collection or market basket of output in a particular period by the price of the same market basket in a base period and multiplying the result (the quotient) by 100. c. Exports are subtracted from imports in calculating GDP because exports are not available for domestic consumption. d. Gross private domestic investment exceeds depreciation in an economy that experiences expanding production capacity.
- a) Give the definition of GDP and explain what items are not included in its calculation? What is the current environment in the USA and Australia?b) Define unemployment and its measurement. What is the current environment in the USA and Australia?a) Give the definition of GDP and explain what items are not included in its calculation? What is the current environment in the USA and Australia? b) Define unemployment and its measurement. What is the current environment in the USA and Australia?d) Compute the GDP deflator in 2018.e) Compute the GDP deflator in 2019.f) What caused the increase in GDP from 2018 to 2019?
- Which approach to calculating GDP focuses on summing the value added at each stage of production? a) Expenditure approach b) Income approach c) Output approach d) Value - added approach1. The following prices and quantities produced were recorded in computer land during the years shown and Calculate the following and show your work. a) What was the GDP deflator in 1993? b) Using the GDP deflator what was the average annual rate of inflation during 1993 and 1994?Explain the differences between the Consumer Price Index (CPI) and the GDP deflator