Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200.  Calculate the US Real GDP for 2010. $30 trillion $300 trillion $7.5 trillion $0.75 trillion

Q: 80, Legola 20, its GDP was $350 billion, and its GDP defl Iculate Legoland's 1980 GDP in 1990…

A: GDP deflator depicts the product of ratio of nominal GDP and real GDP with 100. GDP deflator=Nominal…

Q: Based on the following data (in billions of dollars), calculate GDP Disposable income Consumption…

A: GDP is the gross domestic product.  GDP is the money value of all the goods and services produced in…

Q: In 2019, nominal GDP is than real GDP. This means that the purchasing power of the currency in…

A: The issue statement includes figuring out the connection between nominal GDP and real GDP with…

Q: Consider the following table for the economy of a nation whose residents produce four final goods:…

A: Nominal GDP is defined as the total production of all goods and services within a territory of the…

Q: What is the contribution to 2021 U.S. GDP in the following scenario? A car company produces a…

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

Q: The table below details the composition of an economy’s GDP by spending category. Category…

A: Given information: Nondurable goods = $5,200 billion Services = $8,250 billion Durable goods =…

Q: From the data below find the measure of GDP. Personal Consumption Expenditures 50 Depreciation 3…

A: GDP is the sum of the value of goods and services produced in a nation in a particular period of…

Q: Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP)…

A: Nominal GDP, or Gross Domestic Product, refers to the sum of the product of final goods price and…

Q: The 2010 Deep Water Horizon oil spill in the Gulf of Mexico caused the tourism industry to lose $2…

A: Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and…

Q: Australian GNP and GDP. Australia contains many natural resources and foreign firms often come into…

A: Economics is a social science that studies the production, distribution, and consumption of goods…

Q: escribe the circular flow of income and discuss why GDP can be computed using either income or…

A: Macroeconomics refers to the branch of economics that deals with the performance, structure,…

Q: 5. Real versus nominal GDP Consider a simple economy that produces two goods: beers and enamel pins.…

A: GDP or gross domestic product determines the sum of the values of all end commodities produced…

Q: Year Real GDP Nominal GDP 2019 $15,283.65 $16,260.44 2020 $17,573.60 $18,433.70 2021 $19,810.67…

A: GDP is the gross domestic product.  GDP is the market value of all final goods and services produced…

Q: What is the contribution to 2020 U.S. GDP in the following scenario? A Michigan family takes a trip…

A: Gross Domestic Product is the total value of goods and services are Produced in the country's…

Q: Use the table to find GDI, GDP, gross private domestic investment, personal income, and personal…

A: The calculation of GDI, GDP, gross private domestic investment, personal income, and personal…

Q: In the year 2023, the economy produces 100 loaves of bread that sell for $2 each. Calculate the…

A: To calculate nominal GDP, real GDP, and the GDP deflator, we first need to define the terms:Nominal…

Q: he economy of Tuland produces only two products shirts and calculators. The following information is…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: In 2001, the economy of Greatstown only produced apples and blackberries. The price of apples was $2…

A: The gross domestic product is the total value of the goods and services produced in an economy in a…

Q: The American Airline purchased an airplane from a Chinese company for $60M. What is the contribution…

A: Gross domestic product refers to the final value of all final goods and services produced in a…

Q: Calculate GDP deflator if real GNP is $47,000 and the nominal GNP is $60,000

A: The data presented in the question above is:- Real GNP = $47,000 Nominal GNP = $60,000 The value of…

Q: What is the value for Gross Domestic Product if consumer spending is $25,486, gross private domestic…

A: Gross Domestic Product (GDP) refers to the measure of a country's total economic output in a given…

Q: The GDP price index in the United States in 2015 was about 105, and real GDP in 2015 was $17.4…

A: Gross domestic product is the value of goods and services produced domestically during a year.

Q: Suppose the following table records the total output and prices for an entire economy. The base year…

A: Nominal GDP is calculated on the current year price on the other Real GDP measures on Base year…

Q: What is the value for Gross Domestic Product if consumer spending is $21,247, gross private domestic…

A: A macroeconomic indicator known as the gross domestic product (GDP) measures the entire value of…

Q: ategory Expenditures (billions of dollars) Fixed business investment $2,950.00  Durable goods…

A: The total worth of all services and goods produced in a nation during a given period is its GDP. The…

Q: In the following situations, explain what is counted (or is not counted) in this year’s GDP. Apple…

A: GDP refers to the total value of all the final goods and services produced within the economy during…