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A: Answer: Nominal GDP represents the market value of goods and services at current year prices,…
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A: Real GDP measures the market value of goods and services produced within an economy using constant…
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A: The Gross Domestic Product is the summation of the money value of all the final goods and services…
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A: The GDP deflator is a tool used for understanding the movement of price from the base year to the…
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A: Nominal income does not take prices into account. It is not adjusted for inflation. Real income is…
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A: Inflation is the increase in the general price level over a given period of time. Inflation is…
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A: GDP Deflator = Nominal GDPReal GDP×100Unemployment rate = Number of Unemployed personLabor…
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A: Given that, nominal GDP grows by 7% but inflation rises 3%, what is the real GDP.
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A: The GDP price deflator estimates the progressions in prices for every one of the goods and services…
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A: GDP is the value of final goods and services produced in the economy within a given period of time.
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A: "Nominal GDP growth rate is computed by adding growth rate in real GDP and inflation rate (which is…
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A: Nominal GDP is defined as the monetary value of all goods and services produced within the…
Q: If nominal GDP for 2017 is $62 trillion and real GDP for 2017 is $46 trillion, then the GDP deflator…
A: The GDP deflator measures the changes in prices for all of the goods and services produced in an…
Q: Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Economica.…
A: GDP Deflator = (Nominal GDP/ Real GDP)*100 (GDP Deflator* Real GDP)/100 = Nominal GDP
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A: Nominal GDP in 2030 is $30,000 the price index (base of 100 in 2020) stands at 150
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