Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 19, Problem 19.3.10PA
Subpart (a):
To determine
Nigeria’s GDP .
Subpart (b):
To determine
Nigeria’s GDP.
Subpart (c):
To determine
Nigeria’s GDP.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
look at this (Links https://www.cbsnews.com/news/why-gdp-fails-as-a-measure-of-well-being/) article published by CBS News. Do you agree with the author's assessment that GDP fails to measure well being? Why (or why not)? Are there things that contribute to your well-being and happiness but are excluded from the calculation of GDP? Share an example and describe why it might be excluded from the GDP calculation.
For the following question , please indicate whether current GDP of the United States will be affected and, if so, by how much .In each case, indicate also which component(s) of GDP will be affected and by how much
This month, a manufacturer in colorado sells $60,000 worth of t-shirts to a distributor in New York City, who sells them to the public. Then the New York distributor buys corporate bonds for a value of $10,,000, which promise to return $9400 one year from now.
Briefly discuss five reasons why a rise in real Gross Domestic Product within a country over
time does not necessarily mean that living standards have improved.
Chapter 19 Solutions
Economics (7th Edition) (What's New in Economics)
Ch. 19 - Prob. 19.1.1RQCh. 19 - Prob. 19.1.3RQCh. 19 - Prob. 19.1.4RQCh. 19 - Prob. 19.1.5RQCh. 19 - Prob. 19.1.6PACh. 19 - Prob. 19.1.7PACh. 19 - Prob. 19.1.8PACh. 19 - Prob. 19.1.9PACh. 19 - Prob. 19.1.10PACh. 19 - Prob. 19.1.11PA
Ch. 19 - Prob. 19.1.14PACh. 19 - Prob. 19.2.1RQCh. 19 - Prob. 19.2.2RQCh. 19 - Prob. 19.2.3RQCh. 19 - Prob. 19.2.4PACh. 19 - Prob. 19.2.9PACh. 19 - Prob. 19.2.10PACh. 19 - Prob. 19.3.1RQCh. 19 - Prob. 19.3.2RQCh. 19 - Prob. 19.3.3RQCh. 19 - Prob. 19.3.4PACh. 19 - Prob. 19.3.5PACh. 19 - Prob. 19.3.6PACh. 19 - Prob. 19.3.7PACh. 19 - Prob. 19.3.8PACh. 19 - Prob. 19.3.9PACh. 19 - Prob. 19.3.10PACh. 19 - Prob. 19.4.1RQCh. 19 - Prob. 19.4.3RQCh. 19 - Prob. 19.4.4PACh. 19 - Prob. 19.4.6PACh. 19 - Prob. 19.4.7PACh. 19 - Prob. 19.4.8PACh. 19 - Prob. 19.1RDECh. 19 - Prob. 19.2RDECh. 19 - Prob. 19.6RDECh. 19 - Prob. 19.7RDE
Knowledge Booster
Similar questions
- List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a county.arrow_forwardWhy might even real GDP be a misleading index of changes in output between 1950 and 2015 in the United States?arrow_forwardIn the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years 2010 - 2016. All dollar figures are in trillions and have been rounded to the nearest trillion. Some entries are missing from the table. Let's see if you can figure out one of these missing values. 2010 2011 2012 2013 2014 2015 2016 Current-dollar GDP 15.0 15.5 16.2 16.8 17.5 18.2 18.7 GDP in chained 2012 dollars 15.8 16.5 16.9 17.7 chained growth rate of GDP (%) 2.6 1.6 2.5 2.9 1.6 What was real GDP in 2015? a) 16.9 x 1.029 = 17.4b) 16.9 x 1.025 = 17.3c) (16.9 + 17.7)/2 = 17.3d) 17.5 x 1.029 = 18.0arrow_forward
- As an economist with the World Bank you have been asked to measure the Gross Domestic Product for the US for 2019. You are told that the private consumption, gross domestic investment, government purchases and exports all add up to $ 24 trillion. You later learn that imports to the US in 2019 were $4 trillion. To get GDP, you should A. Ignore the $ 4 trillion because exports have already been included in the $ 24 trillion B. Add $ 4 trillion to $24 trillion because imports are used as inputs in the production of other goods in the US C. None of the above D. Subtract $4 trillion from $24 trillion because imports are not part of US domestic outputarrow_forwardConsider a country in which three goods (A, B, and C) are produced. The following table shows data for prices and quantities produced for two years. Quantities produced Unit prices Quantities produced Unit prices Q1 Q2 P1 P2 Good A 51 45 10 14 Good B 23 54 10 6 Good C 6 12 10 8 Using year 1 as the base year, what is the value of the GDP deflator between years 1 and 2? Hint: Remember that the GDP deflator is a way of measuring the aggregate change in prices from one period to another. a. -25% b. 8% c. 12.5% d. 0% Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.arrow_forwardThe participation of women in the U.S. labor force has risen dramatically since 1970. How do you this this rise affected GDP? Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change in this measure of well-being compare to the change in GDP? Can you think of other aspects of well-being that are associated with the rise in women’s labor-force participation? Would it be practical to construct a measure of well-being that includes these aspects?arrow_forward
- Classify each of the following as IN Africa's 2020 GDP or NOT IN Africa's 2020 GDP. Cars produced in 2019 but sold in 2020: IN Africa's 2020 GDP,NOT IN Africa's 2020 GDP Cars produced in 2020 but sold in 2021: IN Africa 2020 GDP, NOT IN Africa 2020 GDP Used cars sold in 2020: IN Africa 2020 GDP, NOT IN Africa 2020 GDP Crude oil (used in the production of gasoline) produced in 2020: IN Africa 2020 GDP, NOT IN Africa 2020 GDP Oil produced by an Australian company in Africa in 2020 (and sold to consumers): IN Africa 2020 GDP, NOT IN Africa 2020 GDP Oil produced by Africa-owned companies outside of Africa (and sold to consumers) in 2020: IN Africa 2020 GDP, NOT IN Africa 2020 GDParrow_forwardJohn owns a small farm in central lowa. John has been using the same resources to grow the same amount and quality of potatoes each year on the farm for 25 years. Is John helping to drive growth in real GDP? Because John is not adding additional value each year by doing something better than he did the year before, he is contributing to GDP; but he is not driving growth in real GDP. John is using land as a factor of production and making something with it; thus, he is driving growth in real GDP. John is adding value by growing potatoes, so each year he contributes to driving growth in real GDP. Because John is not adding additional value each year by doing something better than he did the year before, he both not contributing to GDP nor driving growth in real GDP.arrow_forwardHow useful is GDP as a measure for countries' well-being and why? What other measures could be included in comparing well-being across countries? If you were to design an index to measure well-being in a country, what factors would you include in the index?arrow_forward
- Suppose that an Al Khaleej Food company owned entirely by Emirati Business Group opens a new Restaurants Chain in Jordan. What sort of foreign investment would this represent? What would be the effect of this investment on Jordan GDP and on UAE GDP?arrow_forwardWhat components of GDP tend to decline significantly during recessions (particularly during the 2008 recession), and what GDP components rise during expansion?arrow_forwardThe participation of women in the Gambian labor force has risen dramatically since 2000. How do you think this rise affected GDP? Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change in this measure of well-being compare to the change in GDP? Can you think of other aspects of well-being that are associated with the rise in women’s labor-force participation? Would it be practical to construct a measure of well-being that includes these aspects?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax