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Real
a. production.
b. average wages.
c.
d. inflation.
e. interest.
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- Nominal 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.Which of the following is true about real GDP? A. It is always equal to nominal GDP B. It increases only when price increases C. It increases only when output increases D. It increases when population increasesThe financial sector of a country is very small. Local banks refuse many clients because they do not have enough capacity. As a result, some households put their savings in banks of neighboring countries. Which of the following is most likely ? Select one: a. GDP is greater than GNP. b. GDP and GNP are equal c. GNP is greater than GDP d. It is not possible to say anything on GDP and GNP
- Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP includes the value of exports, but nominal GDP does not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does.Social Security payments are a. included in GDP because they represent potential consumption. b. excluded from GDP because they do not reflect the economy's production. c. excluded from GDP because they are not private pensions. d. included in GDP because they represent current income.Although GDP is a reasonably good measure of a nation’s output, it is not an accurate measure of a nation’s well-being. Which of the following options are either not accounted for or are measured inaccurately in calculations of GDP for the United States? Check all that apply. A. The variety of goods available to consumersB. Funds spent by state governments to build highwaysC. The costs of overfishing and other overly intensive uses of resourcesD. The value of babysitting services, when the babysitter is paid in cash and the transaction isn’t reported to the governmentE. The parts of a car manufactured in the United States that are produced in Canada
- Choose the correct statement A. We measure the change in production by comparing nominal GDP in one year with nominal GDP in another year. B. Real GDP is the value of the final goods and services produced in a given year valued at the prices that prevailed in that same year C. Real GDP must increase every year D. We measure the change in production by comparing the value of real GDP in two different years.The GDP for a small economy in 2010 was $9,950. This was composed by $4,600 of consumption, $2,650 of investments, $2,100 of government purchases, and $4,550 of exports. In this case what is the amount of imports for this economy in 2010? Select one: a. $3,550 b. $3,950 c. $4,780 d. None of the answers are correct e. $4,120How Real GDP is measured? Explain Real GDP of the United States at present time.
- What is the difference between nominal GDP and real GDP? Nominal GDP measures actual productivity. Nominal GDP adjusts for inflation. Real GDP adjusts for inflation. Real GDP excludes imports and exports.Multiplying the volume of each good produced by the price of each that obtains in the year of production, and summing over all the goods will yield? Select one: a. nominal GDP. b. the GDP volume index. c. the consumer price index. d. the GDP deflator. e. real GDP.a) Give the definition of GDP and explain what items are not included in its calculation? What is the current environment in the USA and Australia?b) Define unemployment and its measurement. What is the current environment in the USA and Australia?c) Define inflation and its measurement. What is the current environment in the USA