If the quantity of output produced remains unchanged between 2018 and 2028 but the price of allgoods falls by 10% over this period, what can we say about the period from 2018 to 2028? 1.The percentage change in real GDP will be larger than the percentage change in nominal GDP 2.We cannot compare changes in nominal GDP to changes in real GDP without further information 3.The percentage change in nominal GDP will be larger than the percentage change in real GDP 4.The percentage change in nominal GDP will equal the percentage change in real GDP

The table given below reports the value of sales at each stage of production of an economics book.Table 5.1 The Production of an Economics Book Production Stage Sales Value Purchase of Timber $1.25 Processing of Timber into Paper $7.75 Printing $24.50 Retail Sales of Economics Book $38.00   Refer to Table 5.1. What is the contribution to GDP from the production of an economics book? Group of answer choices $71.50 $38 $7.75 $13.50 $24.50

1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical fashion in your document): Expenditure Components of GDP by Country, 2018 (billions of US dollars) Denmark Finland Australia Canada India Japan New Zealand UK US Consumption 808.7 996.9 165.9 146.1 1650.6 2763.3 120.0 1870.5 13998.7 Investment Business fixed investment 336.9 385.1 78.8 65.6 842.7 1202.5 49.1 487.3 4260.7 Changes in inventories 0.1 9.4 2.9 3.4 27.4 11.2 0.1 5.8 54.7 Government 275.5 357.1 86.6 62.7 312.1 981.6 38.4 528.3 2904.3 Net Exports Exports Imports 348.5 544.9 197.9 106.8 548.6 917.1 58.2 856.8 2510.2 312.0 581.1 176.4 108.8 657.0 904.4 58.1 907.1 3148.5 GDP Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices – US dollars 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports? Which one(s)? Which country has the largest negative net…

What is the difference between GDP and Gross National Product (GNP)? Why do economists look at per capita measures of GDP and GNP when making comparisons between nations?

Explain why each of the following should be taken into account when GDP data are used to compare the “level of well-being" in different countries:  Population levels  The distribution of income  The amount of production that takes place outside of markets.  The length of the average workweek  The level of environmental pollution

Consider the following data for an economy that produces only two goods. In 2010, for Good A: Price = 100 and Quantity = 100, and for Good B: Price: 100 and Quantity = 100. In 2015, for Good A: Price = 200 and Quantity = 200, and for Good B: Price = Quantity 100. = 100 and = (a) Compute nominal GDP in 2010. (b) Compute nominal GDP in 2015. (c) Compute real GDP in 2010 (using 2010 as the base year).