The value of the nominal GNP of economy was $ 6000 in a particular year. The value of the GNP of that country during the same year evaluated at the prices of some base year was $3000. Calculate the value of the GNP deflator of the year in percentage terms. Has the price level rising in between the base here and the year under consideration?

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A: Inflation refers to the increase in the price levels of goods and services in the country over a…

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A: Gross domestic product is the output produced in the country. It gives national income.

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A: The data presented in the question is as follows:- Intermediate consumption for 2016 = $600 million…

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A: Cost of the basket, 2020 = 10 x 7 + 6 x 10 + 12 x 5 = 70 + 60 + 60 = 190 Cost of the basket, 2021 =…

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A: A nominal wage, or money wage, is the precise amount of money you get paid per hour or per salary.…

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A: The information being provided to us is as follows:- Net factor income from abroad = $900 million…

Q: example of CPI in todays economy (2022) -exmaple of GPD in todays economy (2022)

A: The Consumer Price Index, which measures the total change in consumer prices over time, is derived…

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A: Generally in the given question Value of nominal GNP = 2530 Value of the real GNP = 3000 GNP…

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A: The nominal income refers to the income that a person receives in money terms at current prices and…

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A: Here, it is given that CPI changes from 114 to 120 and nominal income changes from $30,000 to…

Q: The nominal value of any economic statistic means the statistic is measured in terms of actual…

A: Answer (1); True Explanation: It is true that the nominal GDP is measured based on the prices of the…

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A: Price Index = 135Base year purchase price = $7000

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Q: The GDP Deflator reflects Group of answer choices the prices of all final goods and services…

A: The correct option is : The GDP deflator reflects the prices of all final goods and services…

Q: If the nominal GDP is 900 and The Price index is 180 calculate the real GDP

A:

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A: GDP Deflator: The GDP deflator is a price index that measures the average change in the prices of…

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A: Formula for GDP price indexGDP Deflator=Nominal GDPReal GDP ×100 where Nominal GDP is the market…