Determine whether each description refers to nominal gross domestic product (GDP) or real GDP. A measure of an economy's output using current prices. real GDP nominal GDP A measure of an economy's output using constant prices. real GDP nominal GDP A measure of output that is adjusted for inflation. nominal GDP real GDP A measure of output that is not adjusted for inflation. nominal GDP real GDP

Which spending category of GDP does each of the following transactions count in? Please enter the letter C, I, G, NX, or N to represent consumption, investment, government spending, net exports, or none. The government paid a total of $30,000 in subsidies to people who had installed solar panels on their homes  . Bill spent his $400 social security check on rent and food  . Company X produces $5,000 of wine this year but they do not sell it  . Your parents pay $8,000 for tuition to UCF  . The government pays $1 million to people it hires to collect census data

The largest component of GDP is government purchases of goods and services. net exports of goods and services. investment. consumption expenditures.

What is the relationship of the GDP deflator to real GDP? To make comparisons across time or across borders, one must use the notion of a GDP deflator to convert nominal GDP into real GDP for comparisons. Nominal variables are in current dollars and have price level changes such as inflation and deflation included in them. Real variables are in constant dollars due to the factoring out of price level changes using a base year and a deflator. What is the current nominal GDP for the US economy? What is the current real GDP for the US economy?

The word "final" in the definition of GDP refers to counting the intermediate goods and services used to produce GDP. not counting intermediate goods or services. valuing production at market prices. the time period when production took place.

The single largest expenditure component in GDP is   Group of answer choices net exports. government spending. consumption. investment.

The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.       Price 2017 (base year)   Price 2018   Item Production Price per unit($) Production Price per unit($) Rice 50,000 1.50 55,000 2 Wheat 100,000 2.00 98,000 2.5 Tractors mid-size 50,000 23,000.00 45,000 24,500 Cotton 120,000 100.00 110,000 120 Used cars 5,000 5,000.00 6,000 7,000 Manufacture garments 150,000 50.00 145,000 70 Eggs 2,000 2.50 2,300 3.5 Coca Cola 6,000 0.80 6,500 1.2 Pepsi Cola 700 1.10 850 1.5 Beef 5,000 6.50 4,800 8.5 Second-hand clothes 500 15.00 450 25…