4. A country in which a large majority of the population resides and works outside the country is most likely a country in which...? a. the relationship between GDP and GNP cannot be determined b. GDP is roughly equal to GNP. c. GDP is much larger than GNP. d. GNP is much larger than GDP.

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A: Real growth - When there is an increase in the production level of goods and services in an economy.

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A: 1.

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A: Answer: (a). The formula to calculate nominal GDP is given below: Nominal GDP=Price in current…

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A: a. Nominal GDP for year 1 can be calculated as follows: NGDP1=0.5×6+0.3×7+0.7×10=3+2.1+7=12.1 Thus,…

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A:

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A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Formula:  Inflation rate = (GDP Deflator2019-GDP Deflator2018)÷ GDP Deflator2018

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A: Hello, thank you for the question. Since there are multiple questions asked here, only the first…

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Q: If nominal GDP grows by 7% but inflation rises 3%, what is the real GDP?

A: Given that, nominal GDP grows by 7% but inflation rises 3%, what is the real GDP.

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A: If inflation increases at the same nominal levels, then real GDP decreases

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