What the strategy adopted by India to calculate the GDP of the country. b) What the strategy adopted by China to calculate the GDP of the country. c) Which strategy is better? Why?
Q: Question 34: thinking locally, we know that today about 24% of economic output in the…
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A: Since you have asked for c, d, and e. So, I am answering these only. c. Nominal GDP in 2019 = 14×18…
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Q: 5) (KEY QUESTION) Consider the following data assuming that these are the only products produced and…
A: Answer is given below
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A: From the above information, There are 20 people of age 16 or above. 8 are employed, 2 are…
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A: Productivity refers to the ability to produce goods and services with the given resources and…
Q: 1. What is the GDP of this country for 2009? 5. What is the GDP of this country for 2010?
A: Nominal gdp is calculated on the basis of current price.
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A: Gross domestic product is a measure of national income.
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Q: Suppose production and prices of food and clothing (the only two goods produced in this economy) in…
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Q: 11. Differentiate between nominal and real GDP. (Nominal , Real ) GDP is the actual measured GDP in…
A:
Q: 2. The determinants of productivity Consider a simple economy whose only industry is fishing. In…
A: An important factor that contributes to economic growth is the productivity level. Productivity…
Q: 3. Consider the economy of Sandersonia. The population of Sandersonia is 100 people. Of the…
A: Answer - Labor Force :- It is the no. of people of a population who are working and actively…
Q: 5. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not…
A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…
Q: Suppose that nominal per capita GDP was $40,000 in 2000 and $60,000 in 2007. If the GDP deflator was…
A: Answer: Given, Year Nominal per capita GDP GDP deflator 2000 $40,000 100 (base year) 2007…
Q: 1. You just heard on the news that GDP is higher this year than it was last year. This means that…
A: Gross domestic product (GDP) is the monetary value of all the finished goods and services produced…
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A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…
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A:
Q: 3. Suppose an economy produces steel, wheat, and oil. The steel industry produces $100,000 in…
A: GDP is the sum total of money value of goods and service produce in a country or economy within a…
Q: 2. The circular flow of income and expenditure The income and expenditure approaches to measuring a…
A: The circular flow model is a way of measuring the various transactions (income and expenditure) that…
Q: Question 1 Suppose an economy consists of only two types of products: laptops and automobiles. Sales…
A: In Nominal GDP, the goods are valued at current year prices. In Real GDP, the goods are valued at…
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Q: Suppose an economy produces steel, wheat, and oil. The steel industry produces $120,000 in revenue,…
A: GIVEN Suppose an economy produces steel, wheat, and oil. The steel industry produces $120,000 in…
Q: Question 1 The table below shows the national income data of a country with a population of 40…
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Q: 1. ………………..enables users to identify the real similarities and differences in economic phenomena…
A: ANSWER: Faithful representation
Q: 1) Suppose GDP consists of book and clothes. In 2020, 200 books are sold at $8 each unit, and 20…
A: Hi! thanks for the question but as per the guidelines, we answer only one question at one time.…
Q: Omani government wanted to reduce the supply of high sugar drinks in the economy. As an economist,…
A: Taxes are the money that is paid by the consumers to the government of the country. Government…
Q: 16) Given that China has a larger GDP than GNP, you will expect that A) income earned by foreigners…
A: The value of products and services generated inside a country's boundaries, by residents and…
Q: 6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not…
A: GDP measures the market value of final goods and services produced in the economy within a given…
Q: Suppose Robinson and Crusoe are stranded on a desert island in the Pacific Ocean and discover a…
A: GDP measures the money value of all final goods and services produced in an economy during a period…
Q: Question 3 Describe what must change for the economy to experience persistent increases in standard…
A: Answer - "Thank you for submitting the questions.But, we are authorized to solve one question at a…
Q: What is ‘recession”? How many times did Turkish economy enter recession in its history? Discuss the…
A: In recession,economic activity is down. Because of decrease in stock prices,employment level,profits…
Q: 5. The following data (in millions of dollars) expresses all the relevant information for the agents…
A: We have GDP = C + I + G + NX ( using expenditure method )
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- 2 The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur? Capital per hour worked (labor) grew rapidly from 1950 to 1980, but technological change occurred very slowly. Capital per hour worked (labor) grew slowly, but technological change grew very rapidly. Increasing implementation of new technologies eventually suffered diminishing marginal returns. The centrally planned economy invested too heavily in technological change. Consumption goods eventually took priority.Problem 3. (25 points) Below is data on two countries: Country A $21mil $25mil $10mil $15mil 100 Nominal GDP in 2015. Nominal GDP in 2016 Real GDP in 2015 Real GDP in 2016 Population in 2015 Country B $360mil $370mil $340mil $345mil 1000 Answer the questions below providing appropriate computations (i.e. computing and comparing GDP per capita, growth rates and inflation rates). 1. Which country has higher GDP per capita in 2015? What does this say about living standards? 2. Which country's economy grew more in 2016? 3. Which country has higher inflation in 2016?Table 36-2 Domestic GDP Expenditure Exports Imports Total Expenditures (Y) C + I + G (X) (IM) C + I + G + (X − IM) $2,500 $3,100 $650 $250 _____ 3,000 3,400 650 300 _____ 3,500 3,700 650 350 _____ 4,000 4,000 650 400 _____ 4,500 4,300 650 450 _____ 5,000 4,600 650 500 _____ 5,500 4,900 650 550 _____ From Table 36-2, what can you conclude about net exports as GDP rises? a. Net exports fall as GDP rises. b. Net exports rise as GDP rises. c. Net exports are constant as GDP rises. d. Net exports rise and then fall as GDP rises.
- Question 15 Which of the following statements is correct regarding measuring GDP? GDP can be measured either as the total spending on domestically produced goods and services, or the total value added in domestic production, or sum of all incomes received from domestic production A B C D E GDP can be measured only as the total spending on domestically produced goods and services Information about exports but not imports is necessary to calculate GDP- Government production is not included in the GDP The value added of government production is computed using the price that public goods and services are sold at in the marketTable 36-2 Domestic GDP Expenditure Exports Imports Total Expenditures (Y) C + I + G (X) (IM) C + I + G + (X − IM) $2,500 $3,100 $650 $250 _____ 3,000 3,400 650 300 _____ 3,500 3,700 650 350 _____ 4,000 4,000 650 400 _____ 4,500 4,300 650 450 _____ 5,000 4,600 650 500 _____ 5,500 4,900 650 550 _____ In Table 36-2, what are net exports when GDP = 3,500? a. 300 b. 400 c. 100 d. 200QUESTION 2 The table below gives the values of different expenditures in the United States during 1999. Answer the following questions about the United States a) Define the concept of Gross Domestic Product (GDP) b) Calculate the value of net exports of goods and services in 1999? c) Calculate (nominal) GDP equal to in 1999? d) What was the (nominal) value of total production equal to in 1999? Note: 1. No need hand writing 2. Please clear answer no whois one a,b,c,d
- Use the following Table to answer Part (a) Assume that Bolivia has the following economic data: GDP (Y) 550 billion Taxes (T) 120 billion National Savings (S) 180 billion Private Savings 154 billion Net Exports ((NX) 49 billion (a) Calculate the following variables for Bolivia: (i) Consumption (C): [2 Points] (ii) Investment (I); [2 Points] (iii) Public Savings: [2 Points] (iv) Government Spending (G). [2 Points] IQuestion 20 Revisit Later Q. "The National Statistical Office, which is under the Union Ministry of Statistics & Programme Implementation, has released its estimates for gross domestic product (GDP) in the first quarter (Q1) of this fiscal year, 2022-23. The headline is that GDP at constant prices in the first quarter showed 13.5 per cent growth year on year. This is a deceptively high level, given the base effect." The following options are given to explain why this number is deceptively high. i. Most expectations were for quarterly GDP growth in the 15-16 per cent range year on year. ii. Given the base effect, the growth rate of 13.5 percent is in fact a clear disappointment. iii. It needs to be remembered that the equivalent quarter of the previous year, April-June 2021, was when the devastating second wave of the coronavirus epidemic was raging through the country. iv. Even though there was no national lockdown as draconian as that observed during the first wave in 2020, activity…6) In order to be ranked as one of the top ten fastest growing states in the country, Montana needed to achieve GDP growth of 5% in 2021. Montana's Treasury department informed the Governor that the state is currently on track for 3% growth, and as a result, GDP will have to expand by an additional $1 million for the state to rank in the top ten. The governor does not believe the state legislature will approve a $1 million spending package, so she is convinced there is no chance Montana will make the top ten, particularly since she just received a report that Montanans tend to save 40% of any additional income they receive. If you were advising the Governor, what you tell her about her predicament? Based on this, please indicate the dollar amount of the spending package she should request from her legislature.
- Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Wages and Salaries 1000 Consumption 1700 Investment 700 Depreciation 50 Government Expenditure 100 Taxes 300 Exports 50 Imports 40 Income receipts from rest of the world 10 Income payment to rest of the world 50 1. What are net exports for China? 2. Suppose that GDP in Japan is 1030 and then grows to 1160 (all numbers in billions) what is the growth rate of GDP in Japan?(21) Carla just started her new job working at the Department of Commerce. In order to see whether Carla “knows her stuff,” her boss asks her to put together a presentation on the current state of the economy. What economic indicators should Carla look at? Select one: a. The unemployment rate, business profits, and auto sales. b. The growth rate of real GDP, employment in the steel industry, and Oil prices. c. The inflation rate, the unemployment rate, and the growth rate of real GDP. d. The inflation rate, the unemployment rate in Georgia, and mortage interest rates in Texas. (22) Price ceilings typically result in ________. Select one: a. shortages b. price equilibrium c. excess supply2) The following data summarize the expenditures for the country of XYZ during 2003 in millions of alphabet, the currency of country XYZ. Gross Private Domestic Investment $300 Business Fixed Investment $200 Change in Inventories $100 Exports $200 Imports $200 Personal Consumption Expenditures $800 Government Consumption Expenditures and Gross Investment $500 Statistical Discrepancy $10 Depreciation Expenditures $50 Calculate net exports Calculate GDP Calculate national income Assume that the GDP deflator is 120 and calculate real GDP for 2003.