How is GDP calculated? What are the components of aggregate expenditure? Which components vary with changes in the level of real GDP? E. Explain the difference between nominal and real GDP, and how to calculate real GDP F. Explain the difference between GDP and Per Capita GD...
In America, the GDP per capita remains in excess of $50,000 in a year, while some poor countries may have a fraction of that amount. However, it is not so simple since it is possible to differentiate between the nominal GDP and the Real GDP, resulting in a more accurate diagnosis of...
Define and explain briefly what each of the following GDP statistics would measure. A) Real GDP B) Real GDP per Capita Suppose you purchase a used car. Is this included in the calculation of this year's GDP? Explain. Explain how the consumer ...
Theper capita gross domestic product(GDP) of a country should typically increase along with the median household income. In recent years, a divergence has been seen between these figures in the United States. In turn, this has led to discussions about referencing median household income as a be...
Suppose nominal GDP in 2010 was $120,008,000 and in 2011 it was $130,000,000. The GDP price index in 2010 was 140 and in 2011 it was 150. The population in 2010 was 25,600 and in 2011 it was 35,000. 1. Calculate Real GDP and Real GDP per capita in each ...
For year to year comparisons, Gross National Product needs to be adjusted for inflation to produce real GNP. Also, for country to country comparisons, GNP is stated on a per capita basis. In computing GNP, there are complications on how to account for dual citizenship. If a producer or man...
What is the difference between nominal GPD and real GDP? What may be the value of cultural intelligence for intercultural What is potential GDP in macroeconomics? What are the determinants of the price elasticity of supply? How did the factory system develop in the United States?
Suppose the money supply in country {eq}\displaystyle X {/eq} is {eq}\displaystyle 44000 {/eq} and nominal {eq}\displaystyle GDP {/eq} is {eq}\displaystyle 88000 {/eq}. Calculate the velocity of money and enter it below. Velocity ...
A) Real GDP B) Real GDP per Capita Explain how GDP deflator and CPI measures of inflation are calculated. Calculate GDP for the following economy using data from the table below. ||Category||Amount |Consumption expenditures|$600 |Exports|$75 |Go...
A country's per capita real income is equal to the product of a nation's population multiplied by the country's aggregate, inflation-adjusted income. a. True b. False Determine if the following statement is true or false and explain: "GDP is the best possible measure of well...