in comparing GDP data over a period of years, a difference between nominal and real GDP may arise because:  Group of answer choices 1. the length of the workweek has declined historically. 2. prices may also change over time. 3. depreciation may be greater or smaller than gross investment. 4. of changes in trade deficits and surpluses.

Q: Changes in business inventory will be calculated in GDP under which of the following categories

A: GDP = C + I + G + X - M Where C = personal consumption expenditure I = Gross private domestic…

Q: Year 2020 2021 2022 Nominal GDP Real GDP (Dollars) 350 700 1,400 (Dollars) GDP Deflator 350 350 700…

A: GDP is the gross domestic product.. GDP is the market value of all the final goods and services…

Q: please answer part a-d using the data given below following data for Bacon County, Georgia, an area…

A: GDP(gross domestic product) is the total value(monetary value) of final goods/services produced in…

Q: In 2008, Lisa bought a used Cadillac from her local automobile dealer.  The Cadillac was originally…

A: The gross domestic product(GDP) calculates the market value of all the final commodities(goods and…

Q: Which items count as part of this year's GDP? Group of answer choices a. final goods [ Choose ] no…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: All of the following, except one, lead to the official GDP figures being understated. Which is the…

A: Activities not included in GDP are- illegal activities ( black market), underground economy (…

Q: Which of the following would be counted as part of the GDP?     a) the value of your fixing your…

A: Gross Domestic Product(GDP) is defined as the market value of all the goods and services produced in…

Q: What components of GDP (if any) would each of the following transactions affect? Explain. (a) Aunt…

A: We are going to answer these questions keeping Gross Domestic Product's definition as a primary…

Q: Match the concepts in Column A to the definitions in Column B

A: The macroeconomic concepts that deals with determination of the growth rate in an economy in a…

Q: The base year is 2011. A. Refer to the table, in 2010, this country nominal GDP was? B. Refer to the…

A: A. Nominal GDP of 2010:Nominal GDP= price of the current year×Quantity of the current yearNominal…

Q: Which of the following items is included in thecalculation of GDP?a. Purchase of 100 shares of…

A: Production means producing goods and services by using raw materials in such a way that productivity…

Q: In 2020 and 2021, a country produced two products: X, Y, and Z. The quantities produced and the…

A: The table containing the value of X, Y and Z is given as YearQuantity of X in UnitsPrice of X in…

Q: Consider the information in the table below:   Nominal GDP GDP Deflator Real GDP…

A: The following formulae is used to calculate the missing values in the table:Nominal GDP = (Real GDP…

Q: Question a) Calculate GDP Deflator of 2009. b) Calculate the Growth rate of real GDP of 2009. c)…

A: Gross domestic product is the final combination of goods and services in a country. GDP is an…

Q: Calculate nominal GDP for 2011 and 2012. Using 2011 as the base year, calculate real GDP for 2011…

A: Nominal GDP is the GDP that is based on the prices on the prices of the current year or the year in…

Q: Depreciation = $479 Gross private domestic Investment (I) = $516 Government spending = $924 Imports…

A: National income is the total monetary value of all goods and services that are produced by a nation…

Q: Macmillan Leadin taxes. se the table to answer the questions. Assume firms pay all profits out to…

A: Gross domestic product refers to the total market value of the products and services produced in an…

Q: Which one of the following is included in the GDP of Japan? Group of answer choices The value of the…

A: Gross domestic income refers to the value of goods and services produced domestically during an…

Q: Exhibit 11-6 Use the table below to answer the following question(s).   Nominal GDP GDP Year…

A: Given GDP deflator and nominal GDP, the following formula would be used for real GDP GDP deflator =…

Q: The economy of Tuland produces only two products fish and watches. The following information is…

A: We have the following information-

Q: The economy of Tuland produces only two products shirts and watches. The following information is…

A: GDP = Quantity of shirt×Price+Quantity of watches×Price 1) GDP for 2009in 2009's price= 120×12+60×30…

Q: Component of GDP affected: Effect on GDP Scenario С, 1, G, X-M, оr NC- not counted (increase,…

A: We are going to segregate the scenarios as per their transaction properties to solve this question.

Q: Each scenario occurred this year but fails to fit one of the criteria for the definition of U.S.…

A: For a good or service to be included in the GDP, it requires to have market value, it should be a…