Assume that you are told a country’s nominal GDP decreased from one year to the next.  All of the following could have occurred, except one.  Which one?    Output increased and the price level decreased. Output decreased and the price level decreased. Output decreased and the price level remained constant. Output increased and the price level increased. Output remained constant and the price level decreased. Output decreased and the price level increased

Q: ou looked at many economic indicators, including data regarding unemployment, GDP, housing starts,…

A: Answer- Need to find- You looked at many economic indicators, including data regarding unemployment,…

Q: Identify the following variables as more variable than GDP or less variable than GDP: (1)…

A: In an economy, different variables are influenced by market condition in different ways and in…

Q: Following a real GDP - trough; increases trough; decreases peak; increases Otrough; decreases for…

A: Answer: Trough: it refers to the lowest point of declining business activities. After the trough,…

Q: A Minnesota farmer buys a new tractor made in Iowa by a German company. As a result,   U.S.…

A: The Gross Dome­stic Product (GDP) quantifies the total economic output and value of goods and…

Q: According to many economists, production that occurs in the underground economy   a. is accurately…

A: Underground economy: It is the part of the total economy which is built from illicit activities like…

Q: A closed economy produces three products, bread, cloth and rice, in 2019 and 2020, as shown in the…

A: Nominal GDP are measure on current year price on the other hand Real GDP measure on Base year price.

Q: Answer the following questions from the given Table below which contains data for Saudi Arabia for…

A: Government expenditure includes all the money that the government spends on various programs and…

Q: Consider an economy that only produces and consumes two goods-cars and blankets. Suppose the…

A: CPI's full form is the Consumer Price Index. It is a widely used economic indicator that measures…

Q: Changes in nominal GDP are caused by price changes and changes in real GDP are caused by quantity…

A: Inflation is defined as the rise in the average price level of commodities and services in the…

Q: During 2020, Nation Z produced only 10 goods. Goods A, B C, D and E are intermediate goods. Goods F,…

A: Nominal GDP is the total value of the goods and services produced in the country's economy over a…

Q: Consider this data from a hypothetical country in 2020: Nominal GDP was calculated to be $12,600…

A: In economics, GDP deflator is one of the measure of inflation which shows the difference between…

Q: Suppose the Philippines experiences a period of high inflation (>4%) in 2022, which stabilizes into…

A: Here, it is given that Phillipines has a high inflation in 2022 and stabilizes the economy to more…

Q: Hence calculate to one decimal place the percentage change in the GDP deflator between period 1 and…

A: GDP Deflator is the ratio of nominal GDP to real GDP. GDP deflator of a base year is always 100.

Q: Sarah is a United States citizen. Sarah works in the United Kingdom. Which of the following…

A: GDP is Gross Domestic Product which means the value of finished goods and services produced within…

Q: Suppose that nominal GDP was $12 trillion in 2040 in Bedrock. In 2050, nominal GDP was $15 trillion…

A: Economic growth is defined as an increase in the production of economic goods and services from one…

Q: Two countries, Sahara and Arctica, conduct consumer surveys. In Sahara, consumers buy 69 units of…

A: Africa   Sahara Product Quantity Current Price Base Price   Product Quantity Current Price Base…

Q: 6. Mariam and Ahmed are discussing current economic data printed in the Times of Oman newspaper.…

A: Both are right,because when GDP increases,price level also rises.

Q: If national income (output) is $8.5 Trillion, Consumption is $6 Trillion, Exports are $1 Trillion,…

A: National Income or output is "the market value of all the goods and services produced within the…

Q: Suppose that nominal GDP was $20 trillion in 2040 in Bedrock. In 2050, nominal GDP was $18 trillion…

A: The nominal GDP in 2040 was $20 trillion The nominal GDP in 2050 was $18 trillion…

Q: If a U.S. firm produces cars in Canada, that production should count towards A) U.S. GNP. B) U.S.…

A: The value of the products a nation produces over the course of a fiscal year is referred to as…

Q: What is the difference between nominal GDP and real GDP?     Nominal GDP measures actual…

A: GDP is the value of final goods and services produced in the economy within a given period of time.

Q: Between 2013 and 2014, the Real GDP of a country fell. Which of the following is a potential…

A: The real gross domestic product is the total output or production of goods and services with a…

Q: ecognize why economists believe that economic problems such as “shocks” and “sticky prices” are…

A: The stability of GDP is one of the primary attributes of economic growth. But, often GDP fluctuates…

Q: The following table contains data on the fictional country of Penguinia. Presented are the country's…

A: Formula for Real GDP Real GDP = Nominal GDPGDP CHAIN PRICE INDEX×100 Calculating the values of the…

Q: Select all events that contribute to increase the current year's GDP in Canada? A firm provides…

A: Gross Domestic Product (GDP) measures the money value of all final goods and services produced in an…

Q: If the value of an economy's imports exceeds the value of that economy's exports, then net exports…

A: The domestically produced goods and services which are sold in the foreign market is known as the…

Q: If the GDP increases what is expected to happen. to the interest rate? Please answer uniquely in 500…

A: GDP is an important economic factor that measures the development of economic productivity,…

Q: Provide your answer below: Price Level 116 Real GDP = 120 billion

A: The real GDP of a country is a measure of its gross domestic product adjusted for inflation. areal…

Q: Notice that real GDP trends upward over time but experiences ups and downs in the short run. These…

A: The business cycle refers to the various phases of up and down in the economy. The fall and rise of…

Q: Producers will change their prices when GDP is at the equilibrium level.  True or  False

A: Gross Domestic Product is the sum total amount of goods and services produced in the economy at a…

Q: Suppose that nominal GDP was $20 trillion in 2040 in Bedrock. In 2050, nominal GDP was $18 trillion…

A: The nominal GDP was $20 trillion in 2040.In 2050 the nominal GDP was $18 trillion.The price level…

Q: In 2014, GDP was $12 million and the price of the market basket was $40. In 2020, GDP was $15…

A: In 2020 production level was higher.

Q: Gross Domestic Product ( GDP) is limited as a measure of the productivity and output of an economy…

A: The GDP is the production of goods and services during an accounting year. GDP does not include the…

Q: Nominal GDP increased from roughly $15 trillion in 2010 to $21 trillion in 2020. In the same period,…

A: Nominal GDP and real GDP are two important measures used to assess the economic performance of a…

Q: Which of the following statements is false? a) Trend GDP shows what the path of potential GDP would…

A: Trend GDP The predicted pace of increase of a country's productive capacity is known as trend…

Q: When actual GDP does not rise as fast as potential GDP, the economy most likely will experience…

A: The answer to the question is as follows :

Q: If nominal GDP decreased by 3 percent and the GDP deflator increased by 1 percent, then real GDP…

A: Introduction Real GDP is defined as the total amount spent on the manufacturing of goods and…

Q: Suppose that nominal GDP was $8 trillion in 2040 in Bedrock.  In 2050, nominal GDP was $10 trillion…

A: Nominal GDP is inferred by increasing the present year amount yield by the present market cost.

Q: Suppose that nominal GDP was $8 trillion in 2040 in Atlantis. In 2050, nominal GDP was $10 trillion…

A: Nominal GDP refers to the value of goods and services that are measured at current year market…

Q: The table below represents the goods that are produced in Surrrey. Bread and water are used by the…

A: Note:- As per guidelines we can only answer one question at a time, we'll answer the first one.…

Q: The Wakandan GDP for the year 2040 was $87,000. Government expenditures were $29,000 and investment…

A: GDP =Y Y= C+I+G+NX

Q: Describe how a country of your choice’s economy is measured. Explain why it is desirable for a…

A: The United States uses Gross Domestic Product (GDP) as its economic measurement to assess the total…

Q: If all quantities produced rise by 10%, while all prices fall by 10%, what happens to real GDP? What…

A: Here, it is given that all quantities increased by 10%, while all prices are decreased by 10% in the…

Q: Suppose that nominal GDP was $9250000.00 in 2005 in Orange County California. In 2015, nominal GDP…

A: A) Nominal GDP growth rate is the % change in nominal GDP from 2005 to 2015   nominal GDP growth =…

Q: Which statement best describes the Consumer Price Index? The Consumer Price Index measures inflation…

A: Consumer price index (CPI) is defined as average change in the prices of fixed baskets of goods. It…