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If a clothing
manufacturer buys cloth for $100 and thread for $50 and uses them to produce
and sell $500 worth of clothing to consumers, the value of the final goods and
services to be counted in GDP is _______.
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d. $500...
Read MoreIf nominal GDP in 2022
exceeds nominal GDP in 2021, then the production of output must have _______.
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d. risen or fallen because there is not enough information to determine what happened to real output...
Read MoreGross domestic product
is the sum of the market value of the _______.
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e. Final goods and Services...
Read MoreU.S. gross domestic
product (in contrast to gross national product) measures the production and
income of _______.
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b. people and factories located within the borders of the United States...
Read MoreGross domestic product
can be measured as the sum of _______.
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consumption, investment, government purchases, and net exports...
Read MoreWhich of the following
would be excluded from 2022 GDP? The sale of _______.
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d. a home built in 2021 and first sold in 2022...
Read MoreThe value of plant and
equipment worn out in the process of manufacturing goods and services is measured
by _______.
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a. depreciation...
Read MoreAn example of a
transfer payment is _______.
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e. unemployment benefits...
Read MoreAlthough GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.
lthough GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for...
Read More| Year | Coffees | Seltzers | ||
|---|---|---|---|---|
| Price | Quantity | Price | Quantity | |
| (Dollars per coffee) | (Number of coffees) | (Dollars per seltzer) | (Number of seltzers) | |
| 2019 | 2 | 215 | 3 | 155 |
| 2020 | 4 | 135 | 3 | 210 |
| 2021 | 2 | 150 | 3 | 190 |
| Year | Nominal GDP | Real GDP | GDP Deflator |
|---|---|---|---|
| (Dollars) | (Base year 2019, dollars) | ||
| 2019 | |||
| 2020 | |||
| 2021 |
Use the information from the preceding table to fill in the following table.YearNominal GDPReal GDPGDP Deflator(Dollars)(Base year 2019, dollars)201989589510020201,1709001302021870870100Points:1 / 1Close ExplanationExplanation:Nominal GDP measures the value of current output using current price...
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