Nominal GDP of a country  is $400 million and Real GDP $200. Calculate the GDP deflator.

Calculate GDP given the following.  Please leave off the dollar sign in your answers. Item Quantity Price Apples 10 $2 Oranges 20 $2 Bananas 30 $1

Which of the following are included in the year’s GDP? which are excluded? Explain your answers Coca-Cola builds a new bottling unit in the United states. Income of a tax accountant working for H&R block. The value of car batteries used in production of electric cars.

Define Gross Domestic Product and Gross National Product (GNP). Explain the difference between Gross Domestic Product and Gross National Product.

If real GDP for a given year is $2400 and nominal GDP is $2400, what is the GDP Deflator?

What Are some of the shortcomings of the GDP

The factor payments measure of GDP   a. is found by summing all interest, profit, rent, and wages and salaries generated during the year   b. calculates how much workers paid for goods and services during the year   c. is found by summing all expenditures on final goods and services during the year   d. can be expressed as GDP = C + I + G + NX

While Gross Domestic Product (GDP) is generally a good indicator of a country’s economic productivity and standard of living, it does have some shortcomings.Why? Discuss two factors that are not included in GDP but that improve economic wellbeing.

Explain why we need to compute nominal GDP, REAL GDP, AND PER CAPITA GDP

Gross Domestic Product  If nominal GDP in 1975 was $1699.9 billion and the GDP deflator (price index) was 100, what is the value of real GDP in 1975?