To determine the true value of goods and services, we use Select one: O a. Nominal GDP O b. Real GDP O c. Neither A nor B

Identify each of the following as nominal or real variables.a. the physical output of goods and servicesb. the overall price levelc. the dollar price of applesd. the price of apples relative to the price of orangese. the unemployment ratef. the amount that shows up on your paycheck after taxesg. the amount of goods you can purchase with the wage you get each hourh. the taxes that you pay the government

In a strong, growing economy, what happens to the number of jobs and types of jobs? O The number of jobs grows and the types of jobs grow as well. O The number of jobs varies with the old types of jobs and the new types of jobs. O There are fewer workers in each type of job as machines replace them, though there is no change in the types of jobs. The average trend is that there is an increase in the number of jobs but some types of jobs cease to exist while other, new types of jobs replace them. Which of the following is the best example of frictional unemployment? * John, a coal miner, was laid off because of a lack of demand for workers in his O industry. He is looking into new opportunities in computer programming, but they require him to gain some new skills. Heather recently graduated with her doctorate in economics. She is searching for a job that matches her skills. Peter, a highly skilled construction worker, lost his job when the recession began. He is looking for work, but…

Assume an economy produces only footballs and baseballs and the base year is 2017. Quantity Produced 2017 Prices 2018 2017 2018 200 $20 $25 $10 $15 Footballs 300 Baseballs 500 600 Given the data in the table above, what is the value of nominal GDP in 2017? OA. $4,000 O B. $5,000 OC. 59,000 O D. $12,500

Which of the following would NOT be included in this year's GDP? Select one: Oa. The tuition fee for a course in economics. O b. Season tickets to the Minnesota Vikings home games. O c. The purchase of 100 shares of Harley Davidson stock. Od. The commission charged by a real estate agent.

2015 2016 2017 P Onion 1,2 400 1,5 2,5 12 600 2,5 400 Tomato 1 320 200 4 400 Рерper 4 50 50 14 50 1. Assumethat there are only 3 goods produced in the economy. As seen in the table above, price( P) and quantity(Q) of goods are given for each year. Base year is 2016. According to this, a) Calculate nominal GDP for each year. b) Calculate real GDP for each year c) Calculate the growth rate for the years 2016 and 2017. d) Calculate the inflation in 2016 and 2017 by using GDP deflator.

What components of GDP (if any) would each of thefollowing transactions affect? Explain.a. Uncle Henry buys a new refrigerator from adomestic manufacturer.b. Aunt Jane buys a new house from a local builder.c. The Jackson family buys an old Victorian housefrom the Walker family.d. You pay a hairdresser for a haircut.e. Ford sells a Mustang from its inventory to theMartinez family.f. Ford manufactures a Focus and sells it to Avis, thecar rental company.g. California hires workers to repave Highway 101.h. The federal government sends your grandmothera Social Security check.i. Your parents buy a bottle of French wine.j. Honda expands its factory in Ohio.

QUESTION 11 Nominal GDP Real GDP 2000 Time Refer to the accompanying graph. The year 2000 must be the O a. year when depreciation or capital consumption equaled zero. O b. base year of the GDP price index. Oc. point in time when GDP equaled 100. O d. year when the GDP price index is zero. Nominal and Real GDP ($)

Income Mexican citizens earn in the U.S. counts in Select one: a. Mexican GNP. O b. Mexican GDP. C. U.S. GNP. d. both U.S. and Mexican GDP.

GDP would be a better measure of economic well-being if it included: Select one: O a. the costs of education. O b. the total value of intermediate goods. О с the market value of final goods. O d. the value of leisure. Conqumntion nondi