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1. Economist defined economic recession as more the 2 consecutive quarters in which there is a decline in real
2. One of the objectives of economic development is human capital development. TRUE OR FALSE?
3. GDP and GNP cannot be grouped and calculated by industry. TRUE OR FALSE?
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- 1) GDP is a better indicator of economic growth and welfare than GNP because a) indicates income from goods/services that are available in the country.b) it is always larger than the GNP and includes government services.c) the entrepreneurs' effort of combination of other factors of production are included.d) all factor of production's income are accounted for. 2) To increase your productivity, you must a. use the latest equipment.b. increase your marginal price. c. hone your skills. d. be good looking. a) a and c.b) b and d.c) a and b 3) The Malthusian population trap tell us that a) that there is a stage that income and population stop to grow.b) increased population has nothing to do with economic growth.c) There is point in which population is not contributing to labor increases.d) trade routes of people is responsible for population growth. .e) there is inequality in income there fore population is affectedZ. 1 a. US GDP was 14,419 billion in 2009 and 14,964 billion in 2010. What was the percentage increase in GDP over this period? Show your workMultiplying the volume of each good produced by the price of each that obtains in the year of production, and summing over all the goods will yield? Select one: a. nominal GDP. b. the GDP volume index. c. the consumer price index. d. the GDP deflator. e. real GDP.
- Which sector contributed the highest in Malaysia GDP in 2019? a. Manufacturing. b. Agriculture. c. Services. d. Construction.A) Macroeconomics is concerned with: only long-run trends in economic activity. only short-run fluctuations in the business cycle. both long-run trends and short-term fluctuations in economic activity. only with changes in the overall price level. GDP is: a) a measure of all spending in the economy on foreign and domestic goods and services. b) the total market value of all final goods and services produced in an economy in a given year. c) the value of all output produced within an economy. d) made up of three components: consumption, investment, and government expenditure.1. Give three reasons why GDP is the most widely used measurement in determining economic growth and development? Explain your answer. 2. As an economic and accounting analyst, which of the two should a government pay more attention for domestic and economic growth? a. increase importation of goods and services b. increase export of goods and services Choose either a or b. Explain your answer in your own words, 5- 6 sentences.
- indicators of change in economic activity that move concurrently with business activity is called?1. What is Gross Domestic Product? 2. How to identify GDP Growth? 3. What is the difference between GDP Growth (Demand Side) and GDP Growth (Supply Side)?No written by hand solution The table below shows national data for the economy of Westfall. Round your intermediate calculations to one decimal place. Enter your responses rounded to one decimal place with the exception of Real GDP per capita that can be entered as a whole number. a. Fill in the blanks in the table below. 201820192020Nominal GDP (in billions)$650$730$ GDP deflator (2010 = 100)112 121Real GDP (in billions)$ $617$ Population (in millions)44 45Real GDP per capita$ $13,854$14,349 b. The inflation rate in 2019 is %. c. The growth rate of real GDP per capita in the year 2020 is %.
- 1. Identify the three main economic indicators and what each indicator measures.In 2010 norminal gdp was approximately 14.5 trillion in 2011 it was approximately 15.1 trillion calcualate the percentage change in gdp over this time period. GDP growth =Which of the following statements is FALSE? A. The GDP of a country equals the value of final output produced within the borders of that country B. The GNP of a country equals the value of final output produced using factors owned by residents of the country. C. GDP = net income received from abroad by residents of a nation + GNP D. GDP represents the most commonly used measure of an economy’s output