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: 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: 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: Why the components of GDP exhibit behaviors much different than GDP itself?

A: Gross Domestic Product refers to the sum total of the goods and services produced in the economy…

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: How do we adjust GDP for changes in the price level?

A: To observe the effect of change in price level in the GDP, we consider two different measures. One…

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: 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: 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: 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: 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…

Q: Why do economists use nominal GDP to compare different countries at a single point in time, but use…

A: Nominal GDP : When the GDP is measured in terms of the current market price and measures the value…

Q: Provide a table with the nominal GDP for Trinidad and Tobago for 2020 and 2021. Using only the…

A: Macroeconomic analysis provides a thorough picture of an economy's financial situation. It detects…

Q: In year one, the GDP deflator is 100 and in year two 110. If nominal GDP in year two is $220…

A: The objective of the question is to calculate the real GDP for year two given the GDP deflator for…

Q: Explain why GDP may not always be the best measure of economic welfare

A: GDP measures the final value of goods and services produced in an economy. However, economic welfare…