Q: The national income accounts for a hypothetical country, Hypothetica, appear in the table below. a.…
A: National income analysis is important to find the economic status of an economy and compare it with…
Q: Question 22
A: Answer in step 2
Q: The accompanying table provides the annual real GDP (in billions of 2009 dollars) and nominal GDP…
A: GDP DEFLATOR = NOMINAL GDPREAL GDP×100Inflation Rate = Gdp Deflatort - Gdp Deflatort-1Gdp…
Q: Define “retail sales” index and tell why it is important as an economic indicator.
A: The Retail Sales Index (RSI) is an indicator of retail industry’s performance in the short-run based…
Q: The difference between the formulae used in the computations of CPI and GDP deflator is a) The CPI…
A: There are so many economic indicators to measure price index. The two important economic indicators…
Q: Suppose that the prices of capital goods (goods purchased by firms as investment) rose. How would…
A: In an economy, capital goods at ethe goods that are produced and consumed for the long-run.
Q: conometrics is always better than statistics." What say you?
A: The answer is given below
Q: eal-Time Data Analysis Exercise se the data in the following table to calculate the GDP deflator for…
A: The gross domestic product(GDP) refers to the market value of final commodities(goods and services)…
Q: Find gdp and nnp
A: Gross domestic product (GDP) is the value of all goods and services produced domestically in the…
Q: role of statistics in business and economics"
A: Statistics- It is related to the collection, organization, analysis, interpretation, and…
Q: Question 2 Using the below table for an economy, please calculate a) Nominal income. b) Real income…
A: Hi! Thank you for the question but as per the guidelines, we answer only 3 sub-parts at one time.…
Q: What are the three (3) measures of GDP ? How are they calculated? (100-300 words)
A: Gross domestic product (GDP) refers to the value of final goods and services produced within the…
Q: 3) Consider two fictional economies: Metropolis and Gotham. Based on the following economic…
A: Even though prima facie Metropolis has a higher absolute GDP, we will still say Gotham is stronger…
Q: What wil be the economic condition if GDP deflator is 107
A: GDP deflator tells us the inflation rate in the country. It is calculated by dividing the GDP at the…
Q: Briefly describe how to avoid double counting while calculating national income
A: National Income is the final value of goods and services produced in an economy during a given year…
Q: Question 3/Chapter 6 Fill in the blanks in the following table of GDP statistics: Nominal GDP…
A: The GDP deflator is an economic instrument that indicates the new price level of all domestically…
Q: 3. Fill in the blanks in the following table of GDP statistics: 2014 2015 2016 Nominal GDP 17,522…
A:
Q: a. Based on the data, calculate the following values: (Enter your responses as integers) L Calculate…
A: GDP is calculated as C+I+G+(NX) = 385+ 106+304+(140-111) = 824 billion dollars
Q: Calculate the value of income if consumption is $2000 and savings is $1200
A: The Given information is as follows:- Consumption expenditure = $2000 Savings expenditure = $1200 We…
Q: Tornadoes destroy many factories in the country, while a severe drought ruins many crops. Make a…
A: The total demand, price, and even the supply conditions of a nation can be severely affected by…
Q: Do averages show the real picture of data
A: Answer: The averages are simply an outcome of the sum of numbers divided by the number of units or…
Q: what problem does the value added approach of measuring GNP resolve? does the value added approach…
A: The term GDP means the aggregate total output produced by a country in the current year. This…
Q: role of statistics in business and economics?
A: Statistics- It has an important role in every field of human activity. It helps in the determination…
Q: Which of the following is not a method for measuring GDP in a country? Select one: a. Elasticity…
A: The Gross Domestic Product (GDP) is the measurement of the monetary value of all the final goods and…
Q: Briefly describe any four census-related deficiencies as sources of geographical data
A: Types of Census Information Most censuses collect information on: Individual residents aged 0…
Q: What is a leading economic indicator? Provide two example
A: There are different economic models and theories through which an individual can better understand…
Q: Use the numbers to help calculate the Net GDP(NDP);Green GDP;& Genuine Progress Indicator (GPI).…
A: Since you have posted multiple questions as per the guidelines we can solve only one at a time
Q: Distinguish between GDP deflator and Consumer Price Index
A: GDP deflator and Consumer Price Index (CPI) are used to determine price inflation in the economy.…
Q: In a given economy where citizens spend 80% of each additional dollar of income, the government…
A: Here, it is given that the 80% of additional income of households is used by them to spend in the…
Q: The national income accounts for a hypothetical country, Hypothetica, appear in the table below. c.…
A: Gross domestic product of a country is the sum total of money value of goods and services produced…
Q: must include: • Use data, tables and graphs, and/or create your own graphs and tables to illustrate…
A: Overview of the economy of Australia and Newzealand Over the few past decades, the Australian…
Q: feeling less happy with the greater prevalence of crime and resent having to "waste' more resources…
A: (a) The market worth of all finished goods and services generated in the economy is measured by…
Q: teractive Book: Measuring a Nation's Income (Ch 10) g. California hires workers to repave Highway…
A: GDP delfator=Nominal GDPReal GDP×100We can re-write the formula as:Nominal GDP=GDP deflator×Real…
Q: List the two aspects of statistics:
A: Statistics is the subject that concerns the assortment, association, examination, translation, and…
Q: How should be the following given be treated while estimating national income
A: # National income calculates the total value of all the goods and services which are final and are…
Q: Why must income and expenditure measure be equal and why might they not be equal? Please use…
A: Income refers to the money earned by the households in the form of rent, interest, wages, or profit…
Q: Meereen's National Accounts (2019) ($ billions) Government purchases 48 34 Proprietors' incomes and…
A: GDP or gross domestic product is the total output produced in an economy during a given period of…
Q: Tornadoes destroy factories and a severe drought ruins crops. Draw a graph that shows 3 curves and…
A: Destruction of factories and drought decrease aggregate supply, shifting aggregate supply curve to…
Q: What is GDP deflator? What for do we use GDP deflator?
A: Gross domestic product refers to the total value of all final goods and services generated in an…
Q: The income of Americans is on the rise. What happens to the sales of new luxury cars? Graph it
A: Answer: Introduction: The income of consumers is positively related to the demand for a good. As the…
Q: Explain the difference between GDP and GNP with an example.
A: GDP includes the values of only final goods thus it excludes the value of intermediate goods.
Q: Prices for which of the following are included in the GDP deflator, but not included in the Consumer…
A: The GDP deflator considers the price of currently produced goods and services to the price of the…
Q: In what ways are national income statistics useful?
A: The national income accounting refers to a bookkeeping system used by the government of a country to…
Step by step
Solved in 2 steps
- Econometrics has evolved as a separate discipline from mathematical statistics because the later focuses on problems inherent in collecting and analysing nonexperimental data. 1. A. True B. FalseThis data is a files that was gathered for another purpose and already exists is said to be: a. observational data b. primary data c. classified data d. secondary dataThere are a number of statistics computed to measure the price level of an economy, such as the GDP deflator and the CPI. The choice of which of these measures to use depends in many cases on the specific question you are interested in. For each of the following situations, explain whether the CPI or the GDP deflator is a more appropriate measure to use and explain why the statistic is preferred. (a) The government is interested in whether increases in defense spending are affecting the price level. (50 words) (b) An economic consulting firm is investigating the impact on the aggregate price level of more computers and electronic technology used in production.
- Briefly describe any four census-related deficiencies as sources of geographical data.The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2017 and 2018 Items Production Price per/unit ($) Production Price per/unit ($) Rice (tons) 50,000 1.5 55,000 2 Wheat (tons) 1,00,000 2 98,000 2.5 Tractors 50,000 23,000 45,000 24,500.00 mid-size (units) Cotton (tons) 1,20,000 100 1,10,000 120 Used cars (units) 5,000 5,000 6,000 7,000 Manufacturing Garments (tons) 1,50,000 50 1,45,000 70 Eggs (trays) 2,000 2.5 2,300 3.5 Coca Cola (litres) 6,000 0.8 6,500 1.2 Pepsi Cola (litres) 700 1.1 850 1.5 Beef (tons) 5,000 6.5 4,800 8.5 Second hand clothes (tons) 500 15 450 25 Alcoholic Beverages (litres) 500 3.25 600 3.75 Milk (litres) 7000 2.3 7,500 2.5 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP.…Analyze the two approaches used to measure Gross Domestic Product (GDP) Give examples
- Explain the term Panel Data or longitudinal data?which of the following is NOT a problem in using economic statistics? a) using GDP statistics to compare income in the U.S. and Bangladesh may be inaccurate because household production (non-market) is a much higher percentage of the economy of Bangladesh. b) Using the published CPI statistics to calculate changes in the purchasing power of your income is inaccurate because the CPI is calculated for the "average consumer's" spending pattern. c)The same statistics are often interpreted differently by different politicians and reporters, which makes it difficult to understand what is really happening without understanding how the statistics were calculated. d) Government statisticians in the U.S. frequently distort the numbers.Residents in one housing development were asked a series of questions by their homeowners’ association. Identify the type of data for each question.a. Did you play golf during the last month on the development’s new golf course?b. How many times have you eaten at the country club restaurant during the last month?c. Do you own a camper?d. Rate the new security system for the development (very good, good, poor, or very poor).