Once more, consider the economy of Economia. If households started buying more houses and firms started buying more assets used to produce things, what would happen to GDP, all else equal? O It would rise because I would rise. O It would rise because C would rise. O It would fall because C would fall. O It would fall because I would fall.
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- Ford, an American-owned company, operates a factory in Mexico. The value of the output produced in this factory is counted O in neither U.S. nor Mexico GDP. O in both U.S. and Mexico GDP. O only in Mexico GDP O only in U.S. GDP.Cosider the following data on U.S GDP:a.What was the growth rate of nominal GDP between 1994 to 2014?b.What was the growth rate of the GDPdeflator between 1994 to 2014?c.What was the real GDP in 1994 measured in 2009 prices?d.What was the real GDP in 2014measured in 2009 prices?e.What was the growth rate of the GDP between 1994 to 2014?f.Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP?Explain.Real GDP is best described as: A measure of a nation's output and employment holding wages constant. A measure of a nation's output holding prices constant. A measure of a nation's output at the current level of prices. OOOO. A measure of a nation's prices holding output constant. A measure of a nation's prices at the current level of output. A Moving to the next question prevents changes to this answer. E JUL 19 tv 10 O A
- Which of the following statements about nominal and real GDP is correct? O A change in real GDP reflects both a change in output as well as prices thus it is a better measurement than nominal GDP. O A change in nominal GDP could reflect either changes in output or changes in prices thus it is a better measurement than real GDP. O Nominal GDAvalues production at base year prices, whereas real GDP values production at current year prices. O Nominal GDP values production at current year prices, whereas real GDP values production at base year prices.Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declinesIf Ralph pays someone to mow his lawn and Norton mows his own lawn, what is the impact on GDP? a. Neither what Ralph pays nor the estimated value of Norton's mowing is included in GDP. O b. The answer depends on what Norton reports to survey takers. What Ralph pays to have his lawn mowed and the estimated value to Norton of mowing his own lawn are both included in GDP. c. d. Only what Ralph pays to have his lawn mowed is included in GDP.
- For each of the following say where they will show up in GDP calculations (i.e. under C, I, G, Exports, Imports) and explain why. If they do notshow up anywhere, say so and explain why. e. A book publisher produces too many copies of a new book this year; the books do notsell this year, so the publisher adds the unsold books to inventories. Will will the unsold books show up in GDPthis year? If so, where?Suppose an U.S. farmer sells a truckload of sugar cane to a sugar refinery for $200. The refineryextracts the sugar from the sugar cane and sells it to Coca-Cola for $350. Coca-Cola uses the sugarin its bottling plant in Toronto, Canada and the resulting Cola is sold in Canada for $575. How willthis string of transactions affect U.S. GDP? How will it affect U.S. GNP? How will it affect CanadianGNP and GDP?Which of the following best describes aggregate expenditure? O a. C+I+G+ (X+ M) b. C+I+T+(X+M) Oc. C+S+G+ (X- M) Od. C+I+G+(X- M) O e. C+I+T+(X– M)
- Refer to the information provided in Table Table Prices Production Year 1 Year 2 Year 3 50 Year 1 Year 2 Year 3 $1.20 $1.00 60 $1.00 $1.20 Good X 50 Good Y 100 120 140 $0.60 $0.60 Refer to Table Assume that this economy produces only two goods Good Xand Good Y. The value for this economy's nominal GDP in year 1 is Select one: a. $130 b. $160 O C. $110 d. $160What does our book argue about leisure and GDP? O If we worked like in the past, GDP would be larger, but leisure would be less. If we worked like in the past, GDP would be less, and leisure would be less. O If we worked like in the past, GDP would be less, but leisure would be larger. If we worked like in the past, GDP would be larger, and leisure would be larger. Save Answer *Unsaved ChangesWhich of the following is considered in the consumption component of the United States' GDP? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b GDP.48 Homework Answered Due Mar 17th, 11:59 PM d e Alice buys a shirt made in the U.S. this year. Bill buys a shirt made in the U.S. last year. Cammie buys a new house. Daryl buys a shirt made in Taiwan. The government pays for police protection. X Your answer