On the following graph, the black line shows potential real GDP and the blue line shows actual real GDP for a Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that re use the purple quadrilateral (diamond symbols) to shade the area between actual and potential real GDP that GDP (Billions of 2000 dollars) 10 9 8 10 N 1 0 Potential Real GDP 1990 1994 Actual Real GDP 1998 YEAR 2002 2006 2010 Positive GDP Gap The GDP gap is negligible. Everyone in the labor force is employed. OCyclical unemployment is negligible. The economy is operating at the natural rate of unemployment. Negative GDP Gap Which of the following are true of an economy operating at full employment? Check all that apply.

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Use the following data to answer this question. a. Calculate real GDP in 2006, 2008, & 2010 in 2005 dollars. b. What was the percent change in real GDP between 2006 and 2008? What was the percent change between 2008 and 2010?

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The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions.                   2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05   Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places.  Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places.  Why does % change calculated from constant dollars differ from % change calculated from current dollar? Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar.  2010 per capita spending: 2020 per capita spending: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…

The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Price Year 1 $6 $4 $3 Good Quarts of ice cream Bottles of shampoo Jars of peanut butter Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? $ b. What was its nominal GDP in year 2? 3 1 3 Price Year 2 $6 $4 $3 Quantity of Goods Year 2 5 2 2

Consider a simple economy that produces two goods: stickers and donuts. The following table shows the prices and quantities of the goods over a three-year period. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars per sticker) 2 3 2 Stickers From 2021 to 2022, nominal GDP Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Dollars) (Base year 2020, dollars) GDP Deflator The inflation rate in 2022 was Quantity (Number of stickers) 255 165 130 and real GDP Donuts Price (Dollars per donut) 2 3 3 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of donuts) 195 190 195 Real GDP is not influenced by price changes, but nominal GDP is. Real GDP includes the value of exports, but nominal GDP does not. 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.

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The table gives data on the economy of Iberia. Calculate Iberia's GDP. Iberia's GDP is $ billion. Item Net taxes Government expenditure on goods and services Saving Consumption expenditure Investment Exports of goods and services (billions of dollars) 10 20 15 65 18 35

Core chapter 1.2 will help with this question. Do not include the dollar sign in your answer. Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges 100 Quantity in year 1 Price in year 1 Quantity in year 2 Price in year 2 50 $1.00 $0.80 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer: