If real GDP in a year was $3,600 billion and the price index was 104, then nominal GDP in that year was approximatelyMultiple ChoiceMcGrawHill1$3,462 billion.$3,744 billion.O$3,600 billion.$5,040 billion.!@2QA< Prev23 of 25Next >MacBook Pro27&6

Calculating Nominal GDP from Real GDP and Price IndexUnderstanding the Concepts:Nominal GDP:…

Answered: If real GDP in a year was $3,600…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 11RQ: What are the main components of measuring GDP with what is demanded?

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Similar questions

Why is the GDP deflator not an accurate measure of inflation as it impacts a household?
What are the two main difficulties that arise in comparing different comparing GDP?
Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declines
U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up 'How do statisticians measure GDP?', does this surprise you, or does this simply reflect the complexity of a modern economy?
Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?
Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant decline in national output, can you identify any post-1960 recessions in addition to the 20082009 recession? (This requires a judgment call.)
Country A has export sales of 20 billion, government purchases of 1,000 billion, business investment is 50 billion, imports are 40 billion, and consumption spending is 2,000 billion. What is the dollar value of GDP?

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If real GDP in a year was $3,600 billion and the price index was 104, then nominal GDP in that year was approximately Multiple Choice Mc Graw Hill 1 $3,462 billion. $3,744 billion. O $3,600 billion. $5,040 billion. ! @ 2 Q A < Prev 23 of 25 Next > MacBook Pro 27 & 6