Fill in the blank: An economy is in a recession if ____________ falls over two quarters (six months). Select one: a. nominal GDP b. real GDP c. gross national happiness d. the unemployment rate
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- b) Why is GDP critically linked with inflation and unemployment rate?2011 (base Year) 2011 2012 2012 2013 2013 P Q P Q P Q Good A $30 900 $31 1000 $36 1050 Good B $100 192 $102 200 $100 205 to calculate Nominal GDP in 2012 and 2013. What is the growth of such nominal GDP from 2011 to 2012, and from 2012 to 2013. Do the same for the real GDP. Which has grown more, nominal GDP or real GDP? What does this imply?A) Macroeconomics is concerned with: only long-run trends in economic activity. only short-run fluctuations in the business cycle. both long-run trends and short-term fluctuations in economic activity. only with changes in the overall price level. GDP is: a) a measure of all spending in the economy on foreign and domestic goods and services. b) the total market value of all final goods and services produced in an economy in a given year. c) the value of all output produced within an economy. d) made up of three components: consumption, investment, and government expenditure.
- 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 imageQuestion 16 The measure of production that values output using a base year (constant price) is called: real GDP. nominal GDP. value added GDP. underground GDP.1) Explain how GDP is used in the calculation of a recession or economic growth. What is a recession? How do you know whether an economy is growing or not? 2) Explain why intermediate goods are not counted in the calculation of GDP. What is an intermediate good?
- Which of the following variables falls when the national economy enters a recession? (choose all that apply) Unemployment O Nonfarm payrolls Michigan's economic output Inflation1.Potential GDP is equal to total production when all employment in the economy is being used to the maximum and there is no unemployment rate. False True 2.Nominal GDP is the real GDP divided by the population in a given fiscal or calendar year. False True 3. If the production of a foreign company is generated within the United States, this production is accounted for in the United States GNP. True Falsea) 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?
- 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?A recession will occur if an economy’s actual GDP ____ its potential GDP. a. rises above b. equals c. grows faster than d. falls belowIn an economy, people like to eat and spend for restaurant foods. This change in behavior causes ______________________ in GDP. Select one: a. Increases b. Stable c. Unchanged d. Decreases