Q1. a) State the two reasons that nominal GDP increased (or decreased) between each pair of years. b) Using addition, show how the two reasons listed in part A contribute to the percentage change in nominal GDP in 2000. Explain your answer

Q1. a) State the two reasons that nominal GDP increased (or decreased) between each pair of years. b) Using addition, show how the two reasons listed in part A contribute to the percentage change in nominal GDP in 2000. Explain your answer

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 11SQ

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Question

100%

Q1.

a) State the two reasons that nominal GDP increased (or decreased) between each pair of years.

b) Using addition, show how the two reasons listed in part A contribute to the percentage change in nominal GDP in 2000. Explain your answer.

1967 to 1968
1968 to 1969
1999-2000
2000-2001
2020 to 2021
2021 to 2022
% Change in
Nominal GDP =
9.4 =
8.2
6.4
3.2
10.7
9.2
% Change in GDP
Price Index +
4.3 +
4.9
2.3
2.3
4.5
7
% Change in Real
GDP
4.9
3.1
4.1
1
5.9
2.1

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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