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

If all quantities produced rise by 5 percent and all prices fall by 5 percent, why is nominal GDP unchanged?

How is GDP defined? What are the components? Explain the difference among nominal GDP, real GDP and the GDP deflator.  If an activity is “off the books”, is it counted in GDP?

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?

An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. If the base year is 2018, use the chained-dollar method to calculate real GDP in 2018 and 2019. Quest In terms of what dollars is each of these two real GDPS measured? In 2018 Item Quantity Price Real GDP in 2018 using the chained-dollar method is Food 90 $2 $4 Fun 71 $5 In 2019 Item Quantity Price Food 79 $3 Fun 68 $7 Enter your answer in the answer box and then click Check Answer. Check Answ Clear All parts remaining MacBook Air DD F11 F10 F9 F8 F7 80 F6 F5 F4 F3 F2 esc F1 & 2$ 7 8. 9 4 1 2 Y # 3

Explain three limitations in measuring the real GDP

If nominal GDP for 2017 is $62 trillion and real GDP for 2017 is $46 trillion, then the GDP deflator for 2017 is (Round your response to two decimal places.)

Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.

The question is in the image.

Ben is a farmer who grows oranges. In the current year Ben produces oranges valued at $54,087, half of which he sells directly to consumers, and half of which he sells to Tropicana to make orange juice. Tropicana produces orange juice and sells it to consumers for $84,605. What is the value of GDP in this simple economy? Enter a whole number with no commas and no dollar sign, such as 1876.