Real GDPa. is the current dollar value of all goods produced by the citizens of an economy within a given time.b. measures economic activity and income.c. is used primarily to measure long-run changes rather than short-run fluctuations.d. All of the above are correct.
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Real GDP
a. is the current dollar value of all goods produced by the citizens of an economy within a given time.
b. measures economic activity and income.
c. is used primarily to measure long-run changes rather than short-run fluctuations.
d. All of the above are correct.
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- Gross domestic product (GDP) is defined as the: A. value of all final goods and services produced in a country during a period of time B. value of all final goods produced by a country’s resources that are in foreign countries during a period of time. C. value of all final goods that can be produced in a country by utilizing all resources during a period of time. D. value of the income earned by the owners of resources in a country during a period of time E. value of all intermediate goods and services produced in a country during a period of timeReal gross domestic product Select one: a. measures the value of final goods and services produced within the borders of a given country during a given time period using current prices. b. measures the value of final goods and services produced within the borders of a given country during a given time period corrected for changing prices. c. is a measure of the overall level of prices. d. can change from one year to the next even if there is no change in output.What is the term for the total value of goods and services produced within a country's borders in a given year? A. Gross national product (GNP) B. Gross domestic product (GDP) C. Net exports D. Aggregate demand
- a) Calculate GDP Deflator of 2009. b) Calculate the Growth rate of real GDP of 2009. c) What can you conclude from your answer to part a. d) What can you conclude from your answer to part b. please show all calculation .Answer must be correct. Answer follow imageNominal GDP can be found by: Answers: A. Adding the value of all final output produced and measuring it in constant prices. B. Adding the physical amount of all final goods and services produced. C. Adding the monetary value of all final goods and services produced. D. Taking the difference between exports and imports.1. Nominal GDP is the value of final goods and services A) at the prices of that year. B) at the prices of the immediately previous year. C) at the prices of a base year. D) produced in foreign countries but consumed in the domestic country. 2. which of the following, which is correct? A) Nominal GDP does not change when the production of goods and services increases. B) Nominal GDP is not affected by changes in prices of goods and services. C) Nominal GDP increases when the prices of goods and services increase. D) Real GDP changes only when the prices of goods and services really change. Item Billions of dollars Compensation of employees 80 Net interest and rental income 30 Corporate profits 10 Proprietor's income 20 3. Use the information in the table above plus the fact that indirect taxes less subsidies are $10 billion and depreciation is $30 billion to calculate the value of GDP. A) $180 billion B) $150 billion C) $140 billion D) $130…
- MCQS 1- Which of the following is NOT a component of Gross Domestic product? Investment. Consumption. Tax Government Expenditure 2- ………… is the market value of all final goods & services produced within a country in a given period of time. Inflation Multiplier Gross Domestic Product Gross National Product 3- ………………... refers to the measure of the overall cost of the goods and services bought by a typical consumer. Producer price index Nominal interest rate Consumer price index Inflations please answer all mcqsThe GDP deflator measures A .the changes in aggregate prices of all final goods and services produced within a country’s borders within a certain time period and incorporates the relevant parts of the CPI and PPI statistics. B. the inflation rate based on consumer cost of living over time, turning dollar figures into meaningful measures of purchasing power. C. the inflation rate based on the producer price index, turning dollar figures into meaningful measures of purchasing power. D. the inflation rate of both exports and imports over time, turning dollar figures into meaningful measures of purchasing power.1. When you go to your local mall and buy new clothing that was produced in a foreign country, this has no impact on our GDP. Group of answer choices True False 2. What does Gross Domestic Product measure? Group of answer choices the value of all final goods and services sold in the economy the value of all final goods and services produced in the economy the value of all goods and services produced in the economy the value of all goods and services sold in the economy 3. If the price of a banana is twice the price of an apple, then the sale of a banana contributes twice as much to GDP as the sale of an apple. Group of answer choices True False
- You are given the following: Year Quantity of Cars Price of Cars Quantity of Buses Price of Buses 2013 5 million $20,000 1 million $100,000 2014 5.1 million $22,000 1.2 million $102,000 Base Year = 2013 2a. Calculate nominal GDP for 2013. 2b. Calculate nominal GDP for 2014. 2c. Calculate real GDP for 2014. 2d. Calculate the GDP Deflator to the nearest tenth for 2014. 2e. What does your previous number mean? 2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)a) Calculate GDP Deflator of 2009. b) Calculate the Growth rate of real GDP of 2009. c) What can you conclude from your answer to part a. d) What can you conclude from your answer to part b. Please answer all and answer must be correct.1. The following prices and quantities produced were recorded in computer land during the years shown and Calculate the following and show your work. a) What was the percentage change in nominal GDP from 1993 to 1994? b) What was the percentage change in nominal GDP from 1992 to 1993?