produces two goods, Good A and Good B. The following is informatic production of these two goods and their prices for three consectutive years. Year 2006 Year 2007 Year 2008 Quantity of Good A rice of Goods A uantity of Good B ice of Good B 3 4 $500 $550 $550 10 10 10 $2 $4 $5 Scenario 11-1: Good A and Good B

Q: If a surfboard is produced this year but not sold until next year, how is it counted in this year's…

A: GDP is all final value of all commodities in the market produced within a country. GDP can be…

Q: On which basis the GDP of the country is decided?

A: Gross domestic product (GDP): It is the value of all finished or final goods and services produced…

Q: If you were in charge of regulating the way GDP is calculated, would you include illegal activities…

A: The total monetary or market worth of all finished goods and services produced within a country's…

Q: The GDP deflator of the country is 1.5 and it's nominal GDP is 800 million. Calculate the real gdp.

A: Given GDP deflator = 1.5 Nominal GDP = 800 million Real GDP = ?

Q: Nominal GDP for this simple economy in year 1 equals

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

Q: Which is better for making comparisons over time, nominal GDP or real GDP, and why?

A: The measure that depicts the final values of production of services and goods within a certain time…

Q: What is gdp and how do I calculate it?

A: The Gross Domestic Product (GDP) is the measurement of the monetary value of all the final goods and…

Q: Nominal GDP does not include inflation?

A: GDP measures the market value of all goods and services produced in the economy.

Q: Why are there two measures of GDP.

A: The gross domestic product (GDP) is that the most commonly used indicator of an economy's size…

Q: if the GDP deflator is 125 and the nominal GDP is 130 billion then what is the real GDP

A: Nominal GDP(NGDP) is the GDP at current prices(P). It does not account for changes in the price(P)…

Q: How are nominal and real GDP calculated?

A: Nominal GDP refer to the market value of all final goods and services produced in an economy during…

Q: nominal GDP is $

A: ‘Nominal GDP’ is the total amount of output produced in an economy in a year at ‘current market…