Based on the GDP information in the table below for 2 countries:   Country A Country B GDP per capita in 2020 $30,000 $25,000 GDP per capita in 2021 $32,000 $30,000   Group of answer choices Countries A and B have improved their standard of living in 2021, but A’s living standards have lowered compared to B. Country A has improved their standard of living in 2021 more than country B. Countries A and B have improved their standard of living in 2021 but A has higher standards of living than B. Country B has a higher GDP in 2021 than country A.

Q: Analyze how much Pakistan’s GDP and each of its components is affected by the following…

A: The dinner purchased by Atiya will increase Personal Consumption Expenditure by 100 and so, increase…

Q: Describe Marilyn Waring’s assessment of Gross Domestic Product (GDP) as a measure of economic…

A: She has been outspoken in her criticism of the idea of gross domestic product (GDP), the economic…

Q: Toward the end of the podcast they talk about how GDP has become a measure of quality of life, and…

A: GDP per capita talks about standard of living but how this income is distributed is silent . It is…

Q: Calculation of GDP using the income approach, the size of a country's national income will be equal…

A: GDP is the final value of goods and services produced in the economy during a given period of time…

Q: How long will it take until Soccerland’s GDP increases by 75%?

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: Country A produces GDP according to the following equation: GDP = 5/K and has a capital stock of…

A: Introduction Country A produces its GDP according to the following equation = 5 K And the capital…

Q: A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units…

A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The following table gives data for a small country, Magnolia: Use the data to calculate GDP for…

A: National Income refers to the total income that is derived from the economic activities in a…

Q: Briefly discuss five reasons why a rise in real Gross Domestic Product within a country over time…

A: The measure that depicts the final goods and services that are being produced in an economy during a…

Q: If the GDP per capita of a country doubles every one hundred years, the shape of its graph on a…

A: The total population is divided by the gross domestic product to arrive at GDP per capita. The gross…

Q: An economy produces 10 cookies in year one at a price of $2 per cookie and 12 cookies in year 2 at a…

A: An economy produces 10 cookies in year one at a price of $2 per cookie, so total GDP = 10×2=$20 An…

Q: The following table shows the composition of GDP in 2015 for a hypothetical country. Complete the…

A: The given table shows the information about the components of aggregate demand with some missing…

Q: Use the data below to calculate GDP for a given country.

A: With the given data we can calculate GDP by using expenditure method or outlay method.

Q: India has a higher GDP than Austria. Explain, using the concept of per capita GDP, why Austria…

A: Standard of living is the level of comfort, necessities, material goods, and wealth available to the…

Q: The United Nations Human Development Report gives the following data for real GDP per person in​…

A: Answer -  Given in the question Data for real GDP per person in 2014  which are - China $12,547 ,…

Q: Real GDP per capita is NOT an adequate measure of the well-being of each person in an economy.…

A: The real GDP per capita shows the average real GDP per person in the economy. A country’s average…

Q: With the use of GDP data over a 25 year period assess the main source of economic growth in Barbados…

A: Economic growth is the increment in the production rate of products and services in an economy.

Q: The table below contains data for country A for the year 2010. Household purchases of durable goods…

A: GDP refers to the total value of finished goods and services that produced within the economic…

Q: Which of these statements is not true when we discuss GDP calculation? a. GDP includes earnings of…

A: The market value of all final goods and services produced in the economic territory of the country…

Q: Use the table below to answer the following questions. GDP per capita 2015 ($) 3, 664 4, 102 2, 007…

A: We have the following information- Part (a) According to the above table, Argentina had the…

Q: Country A produces GDP according to the following equation: GDP = 5√K. The country has a savings…

A: The measure that depicts the final value of goods and services produced in an economy during a…

Q: The following table shows the composition of GDP in 2015 for a hypothetical country. Complete the…

A: The gross domestic product (GDP) is the total market value of goods and services produced by a…

Q: What are shortcomings of using GDP to measure the standard of living? Group of answer choices GDP…

A: GDP measures the value of goods and services produced in an economy during a specific period of…

Q: Fill in the blanks:  GDP = The  ______________value of all ___________ goods and services…

A: Note : Since the question contains multiple sub parts , only the first three sub parts shall be…

Q: During a federal election campaign, the incumbent argues that he should be re-elected because GDP…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Explain the following identity: C + G + I + NX ≡ Y ≡ YD + (TA − TR) ≡ C + S + (TA − TR)   How is…

A: In this given identity C + G + I + NX ≡ Y ≡ YD + (TA − TR) ≡ C + S + (TA − TR) C is household…

Q: The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods…

A: In an economy, GDP of a year is also known as the cost of basket of goods and services in a specific…

Q: From the World's Largest Economies 2016 visual, we can conclude which of the following to be the…

A: GDP refers to the gross domestic product which is the measurement of all the final commodities and…

Q: Which of the following would not be included as government spending in the calculation of GDP?…

A: The expenditure approach to calculating gross domestic product (GDP) takes under consideration the…

Q: 2009 $4.00 100 $2.00 180 2010 $5.00 120 $2.50 200 2011 $6.00 150 $3.50 200 Table 10-4. In 2008, this…

A: Nominal GDP refers to the total value of final goods and service produced during a given period in…

Q: A U.S. consumer buys a new Toyota vehicle (a Japanese company), which is manufactured at Toyota…

A: The final value of goods and services that are being produced in an economy within a given time…

Q: Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200.…

A: Answer: US Nominal GDP in 2010 = $15 trillion GDP deflator = 200 Real GDP2010=Nominal GDP2010GDP…

Q: Which of the following would cause the value of a nation's GDP to increase in a given year?   An…

A: GDP is the sum of the value of goods and services produced in an economy in a particular period.

Q: The statement that total sales by businesses were up 0.3 percent means that GDP​ ______ because​…

A: Gross Domestic Product (GDP):It is the primary indicator which shows the health of an economy. It…

Q: (Change the values to the chart below.  Show all of your calculations including the Total GDP.)…

A: One method of showing up at GDP is to tally up the entirety of the cash spent by the various…

Q: Marijuana is sometimes estimated to be California’s largest cash crop. It is not included in…

A: Marijuana is sometimes considered to be California’s largest cash crop. It is not included in…

Q: The following table shows hypothetical values for the real GDP and population for the United States,…

A: Real GDP per Capita is calculated by dividing Real GDP divided by the population of the country.…

Q: Construction contractor purchased five new trucks at $400 000 each. He sold his one old tractor to…

A: GDP refers to the gross domestic product. It is the market value of final goods and services that…

Q: Classify each of the following as IN Africa's 2020 GDP or NOT IN Africa's 2020 GDP. Cars produced in…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Country A produces GDP according to the following equation: GDP = 5√K. The country has a savings…

A: A steady-state economy seeks to strike a balance between increases in output and population growth.…

Q: Refer to the table below for a very simple economy producing three goods: movies, pizzas and cars.…

A: GDP is the value of final goods and services produced in the economy within a given period of time.…

Q: Country A produces GDP according to the following equation: GDP = 5 K. The country has a savings…

A: Steady state refers to state where economic variable in per capita term, no longer changes.

Q: In each of the following cases, determine how much GDP and each of its components is affected (if at…

A: Gross Domestic Product or GDP is a statistical measure used to calculate the total money value of…

Q: Explain why each of the following should be taken into account when GDP data are used to compare the…

A: When the developments of various nations are compared, the main factors of GDP are considered. But…

Q: Professor Jung grows fruits and vegetables for home consumption. This activity is     1)  excluded…

A: GDP is the value of final goods and services produced in an economy within a given period of time,…

Q: The UK GDP per capita measures: Select one or more: a. the total output of London’s economy. b. the…

A: GDP per capita measures the total output of country divided by the number of people in the country.…

Q: Assignment 3 Chapter 6. Determine if each of the following would be included or not included in USA…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Country A produces GDP according to the following equation: GDP = 5√K. The country has a savings…

A: