If 2010 is the base year for real GDP calculations , we know for certain that nominal GDP:     In 2009 will be greater than real GDP in 2010     Equals real GDP in 2010.     Is less than real GDP in 2010.     Is greater than real GDP in 2010.

Suppose an economy consists of only three goods, as shown in this Table:    What is the nominal value of GDP in 2020 and 2021?

A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 115 600 Product Apple Pies Software Price Per Unit Production and Prices in Year 2 Quantity 143.75 900.00 Product Apple Pies Software In Year 2, nominal GDP is equal to: $ and real GDP is $ $2.50 $60.00 Price Per Unit $3.75 $120.00 (enter both responses rounded to the nearest penny).

Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200.  Calculate the US Real GDP for 2010. $30 trillion $300 trillion $7.5 trillion $0.75 trillion

Which of the following is a way to compute real GDP?     a. add up the market values of all final goods and services using prices from the base year   b. add up the current market values of all goods and services   c. add up the quantities of all final goods and services taking into account inflation   d. add up the wages paid to all workers and the market values of their outputs

please do the questions and the chocies for the last question is (high, low)   thankyou!!

In year one, the GDP deflator is 100 and in year two 110. If nominal GDP in year two is $220 billion, what is real GDP for year two? Answers: $200 billion. $100 billion. $272.73 billion. $220 billion.

It is the year 2020. Natalie purchases a home that was built in 2020. In GDP accounting, this purchase is included in   Question 40 options:   A)  personal consumption expenditures   B)  govenment purchases   C)  exports   D)  gross private domestic investment

Gross Domestic Product  If nominal GDP in 1975 was $1699.9 billion and the GDP deflator (price index) was 100, what is the value of real GDP in 1975?

The gross domestic product (GDP) of the United States is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2023. Scenario Generic Motor Company, a U.S. automobile company, produces a pickup truck at a manufacturing facility in Lordstown on January 6, 2023. It sells the car at a dealership in Dallas on February 2, 2023. Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 25, 2023. It sells the corn syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2023. (Note: Focus exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the cereal on GDP.) Using wood from a red maple tree on your Michigan property you make a birdhouse in 2023. A similar birdhouse sells for $55 in a craft store. Sleepytown, a…