If the GDP deflator is greater than 100, then A) nominal GDP is greater than real GDP. B) nominal GDP is lower than real GDP. C) nominal GDP equals real GDP. D) prices decreased by more than half between the current and the base years.

Q: Calculate Nominal GDP if  Real GDP is 2700, GDP Deflator is 70 and the price of nutmeg is $10 and…

A: Real GDP can be calculated by using the following formula.

Q: Which of the following is required to construct a consumer price index? The choice of a base year in…

A: The Consumer Price Index (CPI) is a key economic indicator that gauges the average change in prices…

Q: An economist in Zimbabwe has data about current year prices and base year pride (2000) as well the…

A: Real growth - When there is an increase in the production level of goods and services in an economy.

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: Hi, can someone help me. I'm not understanding what it's asking me to do.

A:

Q: If real GDP rises while nominal GDP falls, then prices on average have: risen. decreased and then…

A: Real GDP:- Real GDP is a measurement of all the commodities generated in a country after taking…

Q: CPI (consumer price index) and PCE (personal consumption expenditures) are used to gauge inflation.…

A: Consumer price index:CPI refers to the change in price based on the basket of goods and services.…

Q: GDP? If the Consumer Price Index rose from 166.3 in 1985 to 380.1 in 2010, what would be the…

A: Real gross domestic product is a macroeconomic measure of the value of economic output adjusted for…

Q: his economy only produces two goods apples and TV. For the years 1997 and 1998 the quantities are…

A: We have been given that the prices and quantity of Apple and TV  produced in an economy.…

Q: which of the following is NOT a problem in using economic statistics? a) using GDP statistics to…

A: Economic statistics refers to the collection, compilation, processing, analysis, and dissemination…

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: The measurement of GDP calculates the value of intermediate goods which is already included in the…

A: Final goods are goods that do not need any further processing. Final goods are produced for the…

Q: Real GDP measure changes in: A) Prices, but no production B) Production, but not prices C) Prices…

A: Real GDP- It is a microeconomic static by which the value of goods and services produced by an…

Q: The Consumer Price Index is subject to the substitution bias and the quality/new goods bias. Are the…

A: Despite being the most accurate, commonly used measure of inflation, CPI has some limitations. It…

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: Price 2017 (Base year) Price 2018 Price per I tem Price per Production 50,000 100,000 Unit ($)…

A:

Q: The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following…

A: To determine the nominal GDP and real GDP for the years 2017 and 2020, we will do the following…

Q: The GDP deflator is... The difference between Nominal and Real GDP. The inflation rate used to…

A: The economies around the globe are involved in various types of financial, and economic activities.…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

A: The value of all the final goods and services produced in an economy during a financial year is…

Q: Determine whether each description refers to nominal gross domestic product (GDP) or real GDP. A…

A: Solution -  Definition  GDP - GDP is a measure to calculate total output of a country in a year .…

Q: An increase in the price of Dell computers manufactured in Austin Texas and purchased by Americans…

A: Inflation refers to the increase in the average price level of goods and services. It is measured…

Q: If the GDP deflator increases, we say that we had   Group of answer choices a) recession. b) none of…

A: In an economy z GDP deflator is used to compare nominal GDP and real GDP or to show the ratio of…

Q: Which statement best describes the difference between Nominal and Real GDP? Group of answer choices…

A: Nominal GDP measures the value of goods and services at current market prices. Real GDP measures the…

Q: The nominal value of any economic statistic means the statistic is measured in terms of actual…

A: Answer (1); True Explanation: It is true that the nominal GDP is measured based on the prices of the…

Q: When we compare the difference between Nominal GDP and Real GDP we note A. Nominal GDP is always…

A: Real GDP is calculated on the basis of base or fixed year while current GDP is calculated on the…

Q: Show your work for the following questions.if nominal output rises from $240billion to$259 billion…

A: Given  Nominal output rises from $240billion to$259 billion. GDP deflator rises from 100 to 105.

Q: A decrease in real GDP at the same time that nominal GDP increases would be consistent with: None…

A: Nominal GDP= Current year quantity × Current year price.  Real GDP = Current year quantity × Base…

Q: Question 1 Problem 1. The following table shows Nominal GDP for two consecutive years together with…

A: Data table :    2029  2030 Nominal GDP  5000 5350 GDP deflator  240 252

Q: Suppose from one year to the next, the GDP deflator increased by 3% and nominal GDP increased by 1%.…

A: GDP Deflator helps to change in prices of all goods produced; only includes goods produced…

Q: Nominal GDP measures the value of all goods and services   Group of answer choices without…

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

Q: Which of the following is a reason why the Traditional CPI overstates the true price level?     A)…

A: The CPI measures the overall cost of goods and services that is purchased by a typical consumer. It…

Q: If the price level has been falling over time (i.e. deflation), and Nominal GDP has been increasing,…

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

Q: Which of the following statements is true?   multiple choice 4 Real GDP is nominal GDP divided by…

A: In an economy, price index provide information about the inflation gap that arises between real and…

Q: Considering the other variables constant which of the following statement is true? a) The CPI is…

A: The GDP deflator is a calculation of the value rate in the market of all latest, locally…

Q: which of the following are included in GDP and which ones are not,

A: GDP is an important macroeconomic measure of growth that is used to determine the total aggregate…

Q: When nominal GDP rises, we can be certain that...   a) prices must have risen   b) both prices…

A: Gross domestic product (GDP) measures the market value of final goods and services produced by an…