If the size of the underground economy is large, O A. it is relatively easy to gather productivity data on many businesses. O B. measuring real GDP is relatively easy, but measuring nominal GDP is difficult. OC. government agencies have difficulty measuring nominal and real GDP. O D. measuring nominal GDP is relatively easy, but measuring real GDP is difficult.
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- Suppose that Moby went from a stay-at-home father to a paid worker. He now earns $300 a week but pays $150 a week for daycare and $100 a week for a housekeeper. Moby is O A. better off by $550 and GDP increases by $150. O B. better off by $150 and GDP increases by $550. O C. better off by $50 and GDP increases by $600. O D. better off by $50 and GDP increases by $550.Why is per capita gross domestic product (per capita GDP) better than gross domestic product (GDP) as a measure of a country's wealth? O Location and land mass have a large effect on GDP and must be considered in assessing a country's economy. O Because per capita GDP takes population into account, it is more useful for comparing the standard of living in different countries. O Per capita GDP provides information on income, while GDP only provides information on investment. O Per capita GDP includes the value of land, minerals, and crops not counted by normal GDP. The advantages of the sole proprietorship include O ease of start-up © full control ob business decisions © exclusive rights to profits © all of the aboveQUESTION 3 Suppose the total market value of all the final goods and services produced in the country of GDPLAND was 530 billion in 2019 (measured in 2019 prices) and 532 billion in the year 2020 (measured in 2019 prices). Which of the following statements is definitely correct? O Nominal GDP increased in GDPLAND between 2019 and 2020. O Average price levels increased in GDPLAND between 2019 and 2020. O Production increased in GDPLAND between 2019 and 2020. O None of these statements is correct.
- OC 7.5%. O D. 6.67%. O E. -3%. QUESTION 20 Suppose that a simple economy produces only the goods and services shown in the table. Assume all of the strawberries are used in the production of strawberry jam. Using the information in the table, nominal GDP for this simple economy equals Product Quantity Price Strawberries 250 $1.00 Strawberry jam 30 4.00 Second hand cars 10 950.00 Tablets 85 210.00 Shirts 60 18.00 O A. $19,300. O B. $19,050. OC. $28,800. O D. $28,550, O E. 435 units. Click Save and Submit to save and submít. Click Save All Answers to save all ansuwers.11 GDP measures the value of new goods and services produced by American owned companies located in the United States. True False 12 Of the four spending categories, which is the largest for the United States economy? consumption spending government spending investment spending net export spending 13 D Consider the following information about a simple economy that produces two goods across two years. The base year is 2020. Donuts Coffee 2020 Price $1.25 $1.75 What is the value of real GDP in 2021? Round to two decimal places. Type your answer... 2020 Quantity 2021 Price 80 150 $1.35 $1.95 2021 Quantity 100 186Only two goods are produced in Macroland - Pens and Notepads. Given below are the quantities and prices of these goods in the years 2016 and 2017 Price (2016) Quantity (2016) Price (2017) Quantity (2017) 325 Pens 300 1.5 Notepads 3 200 4 250 Assume 2016 is the base year. Calculate the Real GDP for the year 2017. O so00 O $1487.5 O $1075 O $100
- Table 8-13 Oranges Price of Shirts Price of Year Produced Oranges Produced Shirts 2016 1,800 $0.90 100 $30.00 2018 2,000 1.00 110 35.00 Consider the data shown above for Vicuna, a country that produces only two products: oranges and shirts. Refer to Table 8-13. Nominal GDP for Vicuna for 2016 equals O $4,620. O $4,920. O $5,850. O $5,100.Use the following table to answer this question The components of GDP in the accompanying table were produced by the Bureau of Economic Analysis. Consumer spending Durable goods Nondurable goods Services Investment spending Fixed investment spending Nonresidential Structures Equipment and software Residential Change in private inventories Net exports Exports Imports Government purchases of goods and services Federal Category National defense Nondefense State and local What is the value of l? O A. $9,710.2B. O B. $2,130.4B. O C. $2,674.8B. O D. $5,794.4B Components of GDP in 2020 (billions of dollars) $1,082.80 2,833.00 5,794.40 2,134.00 1,503.80 480.3 1,023.50 630.2 -3.6 1,662.40 2,370.20 979.3 662.2 317.1 1.695.50Economics Use the table to answer the question 2015 Quantity Price Hotdogs 152 2 T-shirts 92 26 Toy cars 36 11 2016 Quantity Price Hotdogs 163 3 T-shirts 95 30 Toy cars 41 15 Refer to the table above. The table gives the quantities produced and prices in 2015 and 2016. What is chained-dollar real GDP of 2015 in 2016 dollars? O A. 3760.62 O B. 3820.32 O C. 3251 OD. 3342.17 O E. None of the above undefined
- Question 7 Which of the following would be counted in this year's GDP? O a O b O C Od Question & What is the difference between real GDP and nominal GDP? O a O b Column A 1. 2. C d Question 9 Match each phase of the business cycle to its correct definition. 3. The bonus check a worker receives this year the value of a loan taken out this year The value of a savings bond sold by the federal government to investors this year The value of a television produced last year but sold this year 4 Real GDP allows for depreciation; nominal GDP allows for no depreciation. Real GDP includes nonmarket activities; nominal GDP has no nonmarket activities. Real GDP is based on constant prices; nominal GDP is based on the current year's prices. Real GDP is accurate to hundreds of dollars; nominal GDP is accurate to thousands of dollars. period of economic decline marked by falling real GDP a period of economic growth as measured by a rise in real GDP the height of an economic expansion, when real GDP…The expenditure approach measures GDP by adding together Select one: O A. wages, salaries and supplementary labour income, and other factor incomes. O B. the total expenditures of consumers, firms, net exporters, and by governments at all levels. O C. wages, salaries and supplementary labour income, other factor income, subsidies paid by the government, indirect taxes paid, and income of nonfarm unincorporated businesses. the total expenditures of consumers and firms. compensation of employees, rental income, corporate profits, net interest, proprietors' income, indirect taxes paid, and capital consumption expenditures, and by subtracting subsidies paid by the government. O D. O E.Choose which statement is most correct. Nominal GDP must always equal potential GDP. O a. O b. Real GDP can never exceed potential GDP. O C. Nominal GDP can never exceed potential GDP. O d. Real GDP must always equal potential GDP. O e. At times, real GDP can exceed potential GDP.