Nominal GDP increased from roughly $15 trillion in 2010 to $21 trillion in 2020. In the same period, prices rose on average by roughly 17 percent. Instructions: Round your response to the nearest whole number. In percentage terms, real GDP increased by percent.
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- Nominal GDP increased from roughly $15 trillion in 2010 to $21 trillion in 2020. In the same period, prices rose on average by roughly 17 percent. Instructions: Round your response to the nearest whole number. In percentage terms, real GDP increased by ______ percent?which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1954? Check all that apply A. Consumer spending increased B. Industrial production declined C. Retail sales increased C. Home sales declined(Nominal GDP) Which of the following is a necessary condition —something that must occur—for nominal GDP to rise? Explain your answers. a. Actual production must increase. b. The price level must increase. c. Real GDP must increase. d. Both the price level and actual production must increase. e. Either the price level or real GDP must increase
- (Nominal GDP) Which of the following is a necessary condition —something that must occur—for nominal GDP to rise? Explain your answers. Actual production must increase. The price level must increase. Real GDP must increase. Both the price level and actual production must increase. Either the price level or real GDP must increaseAssume that nominal income increases by 5% and the price level increases by 3%, which of the following is true? Real GDP must have decreased. The impact on real GDP is indeterminate. The percentage increase in real GDP must exceed the percentage increase in the price level. Real GDP increased by approximately 2%. If the price level increased by 3%, nominal GDP must increase by less than 3%, not by 5%.What happens to disposable personal income if tax rates increased? How could nominal GDP increase but real GDP remain the same? Which is a better indicator of growth in job opportunities: an increase in nominal GDP or real GDP? Is it possible for real GDP to increase and there to be no increase in employment? Determine the effect on GDP for the following. a. Consumption increases. b. Government spending falls.
- Knowing that: The formula for economic impact is I(r)=(A)/1-r ---(i) The formula for impact change is ∆I= I'(r)*∆r ---(ii) The formula for percentage change in spending is g(r)=(r)/1-r ---(iii)Which statement best describes the difference between Nominal and Real GDP? Group of answer choices Nominal GDP is Real GDP that has been adjusted to remove the distorting effects of inflation. Real GDP is calculated using current market prices, while Nominal GDP is calculated using the average prices of the last 5 years. Nominal GDP is calculated using current market prices, while Real GDP is calculated using the prices of the previous year. Real GDP is Nominal GDP which has been adjusted to remove the distorting effects of inflation.If nominal GDP decreased by 3 percent and the GDP deflator increased by 1 percent, then real GDP falls by 4 percent approximately True False
- A. Using the average price for all three goods, real GDP in 2012 is $___. (Enter your response as an integer.) B. Using the average prices for all three goods, real GDP in 2013 is $___. (Enter your response as an integer.) C. The percentage change in real GDP from 2012 to 2013 is __ percent. (Round your response to two decimal places.) D. Using the average prices, the GDP deflator for 2012 is ____ . (Round your response to two decimal places.) E. Using the average prices, the GDP deflator for 2013 is ____percent. (Round your response of two decimal places.) F. Using the GDP deflators recorded above the rate of inflation from 2012 to 2013 is ___ percent. (Round your response to two decimal places.)As shown in Exhibit 1, equilibrium GDP is: Group of answer choices $2 trillion. $6 trillion. $10 trillion. $12 trillion.If a good produced this quarter goes into inventory, then it is included in this period’s GDP. If it is sold in the next quarter, it will have no effect on GDP. true or false