Actual and potential output in the United States \table[[Year, \table[[Real GDP], [(trillions)]],\table[[Potential Output], [( trillions)]]],[2016,$17.68, $18.02 og.ald on toolwo woy motal glad was bo of Actual and potential output in the United States doj Year Real GDP Папознае за 16 (trillions) Potential Output (trillions) 10.11 2016 $17.68 $18.02 sqad 2017 $18.08 $18.32 2018 $18.61 $18.65 2019 $19.03 $19.02 ง 2020 $18.38 $19.38 S 2021 $19.43 $19.78 a. Calculate the output gap for each year. b. What does it mean when the output gap is negative? What does it mean when it is positive? c. For each year, calculate how much the output gap changed. Compare this to the growth rate of actual output that year, less the growth rate of potential output. Output

The following table shows the goods produced in 2020 and 2023. Use this table to answer the following question. Shirts Shoes Hats O $18,500 O $29,250 O $33,700 $25,500 Price ($) 50 90 2020 35 Quantity 100 What is the nominal GDP of 2023? 150 200 Price ($) 60 110 30 2023 Quantity 120 200 150

The seasonally adjusted data below depict the performance of the economy of the United States in five quarters of 1948-1949. Year/Quarter 1948/Q4 1949/Q1 1949/Q2 1949/Q3 1949/Q4 Time left 0:44:23 Select one: OA 1948/Q4. OB. 1949/Q1. OC 1949/02 OD 1949/Q3 19/04 Annual Percent Change Nominal GDP 1.7 -7.4 -5.2 2.3 -3.3 Annual Percent Change Real GDP The inflation rate in the United States was highest in which of the following quarters? 0.5 -5.4 -1.4 4.2 -3.3

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Real and Nominal GDP jenergy drinks 2 video games year 1 price year 1 output year 2 price year 2 output 40 100 500 40 2.5 120 550 year 3 price year 3 output 45 2.5 150 600 Based on the table "Real and Nominal GDP," if year one is the base year, then the real GDP in year three, is A) 7200 В) 8250 С) 1050 D) 7500 E) none of the above

11 GDP measures the value of new goods and services produced by American owned companies located in the United States. True False 12 Of the four spending categories, which is the largest for the United States economy? consumption spending government spending investment spending net export spending 13 D Consider the following information about a simple economy that produces two goods across two years. The base year is 2020. Donuts Coffee 2020 Price $1.25 $1.75 What is the value of real GDP in 2021? Round to two decimal places. Type your answer... 2020 Quantity 2021 Price 80 150 $1.35 $1.95 2021 Quantity 100 186

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U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up "How do statisticians measure GDP?", does this surprise you, or does this simply reflect the complexity of a modern economy? Suppose GDP was modified to include the value - positive or negative - of changes in environmental quality. How could this be done accurately?

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Assessment tions ts 0% 0% ! 1 0% 0% Q A 1 N a. First, calculate the change in GDP by adding up every dollar spent on final goods. b. Next, calculate the change in GDP by adding up every dollar's worth of output produced by detailing the value added at every stage of production. c. Finally, calculate the change in GDP by adding up every dollar of income earned. $ 54 0% C Sizing Up the Economy Using GDP - End of Chapter Problem Dan spent $200 on a new computer monitor that he purchased from a local store. The local store had bought it from an area wholesaler for $150. The area wholesaler had bought it from the manufacturer for $85. The manufacturer bought raw materials that cost $10 to produce the monitor. For the raw-materials provider, the $10 was pure profit. This monitor also had cost the manufacturer $65 in wages, the area wholesaler $20 in wages, and the local store $15 in wages. Calculate how much GDP changed as a result of this purchase using each of the three ways to measure…