You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C It does not include the services produced in a country Options: A.advances in technology allow computers to accurately process billing records B.a large number of job seekers get discouraged, Consider a production function in two factors Q = f(K,L) that is CRS. In a growing economy, depreciating capital is replaced. 5. how does a sea affect the coastal area ?, What is it called when a company focuses on making only one product? C. GDP is calculated using market values. O a. Aren't all the indices(indexes) like measures of economic development, not GDP and hence why would they be taken as limitations? A 50 In 2009, 100 dozen eggs are sold at $3 per dozen and 50 pounds of ham sold at $4 per pound. a) federal,, A:GDP includes value of final goods and services produced in the economy within a given period of time, Q:This question considers GDP in a country in a single year. It was thought that the gold standard contained an automatic mechanism that contributed to the simultaneous achievement of a balance-of-payments equilibrium by all countries. Answer: True statements are B Money received for services is included in GDP and C GDP is calculated using market values. the decrease in the value of a nations capital stock over time; GDP accounts for investment in new capital but does not subtract the lost value of depreciated capital. 1 See answer Answer is B & C Ok Advertisement colbylittl Your answer should be, B Advertisement O an average of prices of all goods and services. In the above table,, A:The nominal GDP increased between 1992-02 from 3000 to 6000 $ GDP, A:Information given is:- Their charge is $2.50 per mile for truck rental. per week VS. Sweden with 31 hrs. 4 $6 trillion. What must you do to add a local commit to the remote repository? . Select one or more: Government purchases Question 8 If the nominal GDP is $2 trillion in 1990 and $6 trillion in 2000, and if the GDP deflator is 300 in 1990 and 600 in 2000, then what is the real 2000 GDP in 1990 dollars? O A. corporate, A:the formula for calculating by income approach Round your answer to the nearest tenth. Select one: b. Snell Co. performs services for a client in May and bills the client $1,000. O a. final goods and services, A:GDP is the value of all final goods and services produced within the domestic territory of a country, Q:If the correlation between GDP and x is -0.75, we say x is A. GDP is the output produced by workers and resources owned by residents of a nation. How might this affect our understanding of a countrys economy/production? Real GDP cannot be greater than potential GDP. singular True or False:, A:Here, it is given that the US had experienced an increase in the number of women in the labor force, Q:Refer to the information provided in Table 21.10 below to answer the question that follow. Whether an economy is growing or not, equipment wears out. 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If the price level was 100 in 2007 and 190 in 2013, what was the real GDP in 2013 (using 2007 dollars)? Is there any evidence of bias or stereotypes? Which of these statements is true about the Northern economy? U.S. macroeconomic data are among the best in the world. Transfer payments are $1.00 O A. countercyclical. A fall in the price level, -Uncertainty about price changes Start your trial now! They're not included because they're not reported. a composite measure of nations social and economic development developed by the United Nations that includes measures of health, wealth, and education. GDP is the market value of all final goods and services produced by a. Year 3: Which of the following would not be a use for GDP data? O The CPI refers to a base year; the GDP deflator always refers to the current year. Direct link to Kenya Melendez's post Why are household product, Posted 3 years ago. When the output gap is positivewhen GDP is higher than potentialthe economy is operating above its . a measure of a nations quality of life that includes the income and output measured by gross domestic product. Gross Domestic Product{ GDP} is the total market value of all the finished goods produced within the boundaries of a country at a specific time. Quantity Price per unit, A:GDP measures the final value of all goods and services that are produced within the domestic, Q:A rancher raises sheep. 1. a.) B. Which one of these statements about remote repositories is true? You have been asked by the king of the small island nation of Littleston to present the labor force data listed below. Which of the following statements is false? A: Information given is:- Final sales = $400 billion Change in business inventory = $100 billion. You earned $30,000 in 2018, when the value of the CPI was 251107. *Response times may vary by subject and question complexity. The coal producer pays $50 million wages and steel producer pays $40 million wages,, Q:Assume an economy produces only footballs and bascballs and the base year is 2017. It includes profits from companies' overseas operations O c. It does not include profits earned by foreign companies within the country being measured O d. It essentially takes into account the concept of GDP in relation to population O e. It measures only those goods and services made within a country. measure of a country's economic healt? + Unemployment linked to the business cycle is termed frictional unemployment QUESTION 20 The natural rate of unemployment is ---- the sum of the frictionally and cyclically unemployed as a percentage of the labor force the sum of the structurally and cyclically unemployed as a percentage of the labor force the sum of the frictionally and structurally unemployed as a percentage of the labor force the sum of the frictionally and structurally unemployed as a percentage of the working-age population QUESTION 21 The following statement, concerning the US Bureau of Labor Statistics classification of persons, is untrue: An 18 year old who works 20 hours a week without pay in a family enterprise is considered employed, O A 17 year old who works 10 hours a week for pay is considered employed A 50 year old unable to work due to a disability is considered unemployed. This is a free question! These, Q:Which of the following statements are correct? A. \hline 3 & 16 & 18 \\ \hline 7 & 20 & 20 \\ nominal wage adjusted for changes in the price level. O d.) GDP will be less than GNP for countries whose nationals do NOT produce in other countries. D. Real GDP is just an average of GDP. O The CPI measures the price level; the GDP deflator measures the production of an economy. Jay is moving a distance of 200 miles and needs 9 hours of loading/unloading and 7 hours of packing/ unpacking. Usually settled in cash. The, A:As we know that GDP is the calculated by adding all the market value of goods and services produced, Q:Below is a summary of the goods produced by a small economy in 2017: -Unreported transactions that are, therefore, untaxed. A. This commit does not belong to any branch on this repository, and may belong to a fork outside of the repository. A prolonged decline in total output, Q:1 A slower tempo can be experienced by a person who mentally stretches the duration of time. Suppose that an economy produces only green eggs and ham. Hint: Use the accounting equation. Price level a) a prolonged decline in total, A:the correct option is a Tempo is the time that events last. GDP is always a good indicator of the economic health of a country c.) GDP measures the production of a country's citizens no matter where they are located. Which one of these statements about a merge involving a merge commit is true? relation to population 60 O b) a decrease in income tax rates GDP Group of answer choices Question: QUESTION 1 The following statement about Gross Domestic Product is true: GDP is the market value of all goods, final as well as intermediate, produced by a nation's resources in a year. O $1,150 billion B. ', does this surprise you, or does this simply reflect the complexity of a modern economy? What will his moving cost be if the service also charges 7.25% tax on the total? GDP is a useful indicator of a nations economic performance, and it is the most commonly used measure of well-being. Which of the following statements about producers is false? What must you do to add a new file to the next commit? The gold standard broke down during the 1930s as countries engaged in competitive devaluations. Nominal gross domestic product (GDP) is GDP measured in Why is the GDP deflator not an accurate measure of inflation as it impacts a household? Though GDP is . Measuring living standards A 45 year old full-time homemaker is considered out of the labor for The CPI is consumer price index and is usually used to calculate Economist uses GDP as a scorecard of a country's economic status. Which one of these statements about commits is true? O b) current, A:GDP is the value of all the goods and services in an economy at a given point of time. The value of the GDP deflator was 112.26. Which one of the following statements is true? o the price of a fixed basket of goods and services, relative to the price of the same basket in a base year. Some of the poorest countries in the world may actually appear poorer than they really are if we only consider their official GDP figures. They use it to determine the growth rate of an economy and its size. This implies that -- the cost of living would be $600 next year if were $500 this year O the purchasing power of real dollar is decreasing at the rate of 5% a year the purchasing power of a nominal dollar is decreasing at the rate of 5% a year (a) and (c) above QUESTION 12 The current value of the CPI is 100. ons of coal, selling for $5, A:Given that The difference between the level of real GDP and potential GDP is known as the output gap. Island nation of Littleston to present the labor force data listed below a... 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