If the GDP deflator is equal to 100, then for that year nominal GDP is equal to real GDP. True or False? explain

Q: Can you explain how the nominal GDP for 2011 is the same as the real GDP?  Also, can you answer the…

A: Nominal GDP is the product of current year quantity and current year price.  Real GDP is calculated…

Q: your opinion, which economic indicator, nominal GDP, real GDP,  or inflation, do you believe…

A: Real GDP provides a clearer picture of the state of the economy than nominal GDP and inflation.

Q: Why do economists include only final goods and services in measuring GDP for a particular year? Why…

A: GDP is a macroeconomic measure used in the computation of the aggregate total output produced in an…

Q: Write the difference between Nominal GDP and real GDP.

A: The nominal gross domestic product (GDP) measures the monetary value of all goods and services…

Q: Given the data table below: GDP Deflator, 2015-100 Year 2015 2016 2017 2018 2019 2020 100.00 100.40…

A: Here, the given table shows the data of GDP deflator and real GDP with 2015 as the base year. If…

Q: Mostly people argued that  GDP is not a better measure of  economic well-being. Explain.

A: Economic well-being is the degree of contentment or happiness that people or a society as a whole…

Q: What is the value of real GDP in 2019 if the GDP deflator is equal to 1.1 and nominal GDP is $21.5…

A: The GDP deflator:- The GDP deflator, also referred to as the implicit price deflator, is a measure…

Q: Which would fall most quickly in a recession with inflation? the GDP deflator nominal GDP real GDP

A: A recession is a situation in which economic activity slows down. Inflation is a situation in which…

Q: The following represents the production of goods for a country Commodity Quantity 2010 Quantity 2009…

A: Nominal GDP=Units of output×Price per unitsReal GDP=Units of output × Price per unit from base…

Q: Question 2 If Nominal GDP is $12,000 billion and the GDP deflator is 80, then Real GDP is a) $15,000…

A: here we can find the Real GDP by using the GDP deflator because here GDP deflator is given , so…

Q: If the GDP deflator in 2019 equals 1.1 and nominal GDP in 2019 equals $21.5 trillion, what is the…

A: GDP deflator A gauge of inflation is the GDP deflator, often known as the implicit price deflator.…

Q: Is it possible to figure out nominal GDP and real GDP of each three years with no price or quantity…

A: Nominal GDP refers to the value of GDP which is not adjusted to inflation whereas real GDP refers to…

Q: In the year 2023, the economy produces 100 loaves of bread that sell for $2 each. Calculate the…

A: To calculate nominal GDP, real GDP, and the GDP deflator, we first need to define the terms:Nominal…

Q: What is the value of real GDP in 2019 if the GDP deflator is equal to 1.1 and nominal GDP is $21.5…

A: "Nominal GDP represents GDP at current prices without taking into account the adjustments for…

Q: Distinguish between nominal GDP and real GDP, Give examples.

A: Introduction  Nominal GDP = when GDP of a given year is estimated on the basis of the price of the…

Q: Which statement best describes the difference between Nominal and Real GDP? Group of answer choices…

A: Nominal GDP measures the value of goods and services at current market prices. Real GDP measures the…

Q: Nominal GDP in 1990 was $40,000, and in 2000 it was $35,000. The GDP deflator was 102 in 1990, and…

A: The GDP deflator is a measure of inflation that reflects the price changes of all goods and services…

Q: When we compare the difference between Nominal GDP and Real GDP we note A. Nominal GDP is always…

A: Real GDP is calculated on the basis of base or fixed year while current GDP is calculated on the…

Q: Calculate real GDP for all years

A: Real GDP is the monetary value of all the final goods and services produced within the national…

Q: If the GDP deflator in 2020 equals 2 and nominal GDP in 2020 equals $20 trillion, what is the value…

A: The GDP deflator is a measure that reflects the average price change of all goods and services…

Q: How will you differentiate nominal GDP from real GDP?  Which one (nominal or real) do you consider…

A: Every country focuses on its economic growth. Each country runs on its production, investment, and…

Q: How Real GDP is measured? Explain Real GDP of the United States at present time.

A: Real GDP is the final value of goods produced in an economy in a given fiscal year. It only…

Q: Explain the merits, and why we would expect to see a correlation between GDP and well-being.

A: The standard measurement of the value added produced via the production of goods and services in a…

Q: If national income is $5,000 billion and disposable income is $4,000 billion, then what is personal…

A: Given: National Income (Y) = $5,000 billion Disposable income(Yd) = $4,000 billion We know,…

Q: Provide a table with the nominal GDP for your assigned the Dominican Republic for 2020 and 2021.…

A: For a particular period, the final value of goods and services produced in an economy is known as…

Q: Read Eye on Potential GDP in the eText or click on the icon following exercise to open a copy. Then…

A: The job market is crucial in the intricate interaction of policy goals. It's an environment in which…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

A: The value of all the final goods and services produced in an economy during a financial year is…

Q: Define the following i. Gross Domestic Product ii. GDP Deflator iii. National Income iv. Autonomous…

A: A charge for products or services made with money or credit is referred to as an expense.

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

A: Nominal GDP is the GDP that is unadjusted for inflation. Real GDP is the GDP that is adjusted for…

Q: Which of the following is a way to compute real GDP?     a. add up the market values of all final…

A: The value of all goods and services generated by an economy in a given year (expressed in base-year…