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i. Your parents buy a bottle of French wine. j. Honda expands its factory in Ohio. 2. Fill in the blanks: GDP Deflator (base year 2000) Nominal GDP (in current dollars) Real GDP (in 2000 dollars) Year 1,200 3,000 1970 60 1980 5,000 100 6,000 1990 8,000 2000 200 15,000 2010 300 10,000 2020 20,000 50,000 2030 3. The government purchases component of GDP does not include spending on transfer such as Social Security. Thinking about the definition of GDP, explain why transfer pay excluded.

i. Your parents buy a bottle of French wine. j. Honda expands its factory in Ohio. 2. Fill in the blanks: GDP Deflator (base year 2000) Nominal GDP (in current dollars) Real GDP (in 2000 dollars) Year 1,200 3,000 1970 60 1980 5,000 100 6,000 1990 8,000 2000 200 15,000 2010 300 10,000 2020 20,000 50,000 2030 3. The government purchases component of GDP does not include spending on transfer such as Social Security. Thinking about the definition of GDP, explain why transfer pay excluded.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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i. Your parents buy a bottle of French wine. j. Honda expands its factory in Ohio. 2. Fill in the blanks: GDP Deflator (base year 2000) Nominal GDP (in current dollars) Real GDP (in 2000 dollars) Year 1,200 3,000 1970 60 1980 5,000 100 6,000 1990 8,000 2000 200 15,000 2010 300 10,000 2020 20,000 50,000 2030 3. The government purchases component of GDP does not include spending on transfer such as Social Security. Thinking about the definition of GDP, explain why transfer pay excluded.
Transcribed Image Text:i. Your parents buy a bottle of French wine. j. Honda expands its factory in Ohio. 2. Fill in the blanks: GDP Deflator (base year 2000) Nominal GDP (in current dollars) Real GDP (in 2000 dollars) Year 1,200 3,000 1970 60 1980 5,000 100 6,000 1990 8,000 2000 200 15,000 2010 300 10,000 2020 20,000 50,000 2030 3. The government purchases component of GDP does not include spending on transfer such as Social Security. Thinking about the definition of GDP, explain why transfer pay excluded.
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