Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were produced in 2002 and 4 in 2009, then real GDP (measured in 2002 prices) in 2009 was: a. $5. b. $6.50.

Q: 3. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not…

A: GDP or the gross domestic product is the value of all the output produced in an economy during a…

Q: In 2018, GM produced 30 cars, of which 25 were sold in 2018 and 5 were added to its inventories. The…

A: Gross domestic product includes value of all final goods and services produced in the economy within…

Q: Determine the growth rate of real GDP (if Apple were the entire economy). ˆ Use the shortcut you…

A: Nominal GDP is the value of all final goods and services produced within the domestic territory of…

Q: 2) The following data summarize the expenditures for the country of XYZ during 2003 in millions of…

A: Gross domestic product (GDP) is a broad measure of a country's economic activity. It represents the…

Q: Time left 1:52:43 Item € (billion) Government purchases of goods and services 250 Compensation of…

A: GDP = Consumption + Government expenditure + Gross investment + Net exports = 1425 + 250 + 325 +…

Q: Which of the following statements are correct in general ? The statement will be true if it is true…

A: In an economy, the national income depends upon the products and services generated within the…

Q: 25. In a country called Disney World, in 2020, GDP amounted to $7,000; consumption amounted to…

A: Government purchases include any spending by federal, state, and local agencies, with the exception…

Q: Real GDP C I G NX 2500 1770 540 400 - 250 2400 1700 540 400 -240 2300 1630 400 -230 540 2200 1560…

A: The components of an economy's aggregate expenditure that are unaffected by the real amount of…

Q: Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold…

A: Revenue is the amount of money a business receives at any one time, excluding any costs incurred…

Q: A country's GDP is being measured by the expenditure method. Various categories of expenditure are…

A: Gross Domestic Product (GDP) is a macroeconomic measure that represents the total value of all final…

Q: 4. Refer to Table 3-2. Assume that England and France each has 10 labor hours available. If each…

A: Given: Total hours available with each country=10 hours Production of: Cheese and Wine To find:…

Q: The BEA says “Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the…

A: A country's overall economic output is measured by its real gross domestic product (GDP), which is…

Q: Under the expenditure categories to measure GDP, Why are (exports minus imports) included instead of…

A: The expenditure method of GDP looks at the expenditure side of the economic activities. It is…

Q: Ford, an American-owned company, operates a factory in Mexico. The value of the output produced in…

A: The term GDP represents gross domestic product. The total monetary or market value of all finished…

Q: If the United States decides to include the underground economy as part of their GDP calculation,…

A: Underground Economy:- Transactions of products or services not disclosed to the government and hence…

Q: Table 1 contains price and quantity information for two products produced by Apple, the iPhone and…

A: A key indicator of how well or poorly an economy is performing is the GDP, or gross domestic…

Q: If 2019 is the base year, what is the growth in real GDP from 2020 to 2021?

A: Real GDP is the GDP value which is adjusted to inflation. It is calculated on the basis of a…

Q: QUESTION 17 A dairy buys $100,000 worth of milk and spend $10,000 on cartons and utilities. It sells…

A: Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced…

Q: We sometimes need to find out how long it will take a sum of money (or something else, such as…

A: When we try to compute the final amount of something growing at a certain rate we generally use the…

Q: Which of the following items is not a component of the income approach of measuring the U.S. GDP? O…

A: The Gross Domestic Product (GDP) is the standard measure of value-added produced during a certain…

Q: The curves showing the various quantities of goods and services that domestic consumers, businesses,…

A: Price and quantity are two important variables in the markets to decide the equilibrium. Except…

Q: A farmer sells $150,000 of apples to individuals who take them home to eat and $75,000 of apples to…

A: A farmer is selling the apples to two individuals one is final consumer and one is the producer.

Q: 3. The value of a 2005 boat you purchase from a boat dealer in 2007 would be counted in 2007's GDP.…

A: "GDP i.e. gross domestic product represents the market value of all the goods and services produced…

Q: n 2020, Computers Inc. produced personal computers worth $25 million. If $20 million worth was sold…

A: GDP- It stands for gross domestic product. It refers to the market value of all final goods and…

Q: (1) Year 1980 1985 1990 2000 2005 2009 a. $2686.9 Based on the above information, what is real GDP…

A: Real GDP is the GDP in base year price.  Real GDP does not include inflation Nominal GDP includes…

Q: The table below includes data for a one-year period required to calculate GDP from the income side…

A: Domestic income refers to the total income that a country earns by producing goods and services…

Q: According to the figure showing 2020 GDP for selected countries, how much larger (in percentage…

A: GDP is the sum total of market value of final goods and services produced in a country during a…

Q: Table 7-3 (in $ billion) consumption = %3D $1,000.00 inventory investment = $450.00 !3! purchased of…

A: The formula is:GDP = consumption + Inventory investment + purcahse of new capital goods + govenment…

Q: Economists refer to the measure of GDP, after the effects of inflation have been removed, as Select…

A: GDP is defined as the total output that is produced in the economy by employing the inputs like…

Q: 18. Which of the following would not cause a shift in the aggregate demand (AD) curve? * O The…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The investment component of GDP has accounted for about ___% of total GDP, including a.…

A: In economics investment meaning is different from accounting sense, It means addition to capital…

Q: QUESTION 12 In the expenditure approach to GDP, which of the following is excluded from measurements…

A: Introduction: Gross domestic product (GDP) is the total monetary or market worth of all completed…

Q: Explain why per capita gross domestic product (GDP) is a better measure of a nation's standard of…

A: Per capita GDP refers to the per-person GDP of aa nation. It is calculated by dividing the total GDP…

Q: Question 34 If Volkswagen (a German-based firm) produces a car in Tennessee and exports it to…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 1 of 10 In 1980, Denmark had a GDP of $70 billion (measured in U S. dollars) and a population of 5.1…

A: here we can find the GDP per capita rise by following method

Q: 4. Consider an economy that produces two different types of goods: apples and oranges. Assume that…

A: GDP: GDP determines the sum of the values of all end commodities produced within an economy in a…

Q: Suppose that in 2018, per-person GDP in the United States was $62,794, and in China, it was $9,770…

A: A measure of a nation's economic production per capita is its GDP per person. It is obtained by…

Q: 2. Which of the following will decline in US GDP according to national income accounting? a. An…

A: OPTION A is TRUE as a decrease in government assistance or subsidies decreases government…

Q: Course: Macroeconomics Find GDP per capita when the population is 1 billion and GDP is $3 trillion.

A: Formula for GDP per cpaita = GDP/ population.

Q: In the first half of 2017, automobile sales in the United States were lower than they were in the…

A: GDP calculation by the expenditure method is based on summation of consumption expenditure, private…

Q: 7) Assume that a tire company sells 4 tires to an automobile company for $400, another company sells…

A: We compute the GDP by getting the total market value of every final great and services produced in a…

Q: When people living in America spend $10,000 to buy imported goods at the shopping mall, how does…

A: GDP or gross domestic product is the value of final goods and services produced in an economy during…

Q: 38)The following data are for a hypothetical economy in billion. What is GDP? Consumption…

A: GDP: GDP i.e. the gross domestic product is the value of all finished products produced in the…