1 contrast the ideas of nominal gdp also real gdp explain

Assignment Help Business Economics

Reference no: EM13353841

1. Contrast the ideas of nominal GDP also real GDP. Explain why there is one more reliable than the other for comparing changes in the standard of living over a sequence of years? Explain what the GDP cost index is and what is its role in differentiating nominal GDP and real GDP?

2. Which of the following are included or excluded in this year's GDP? In each case explain your answer.

a. An increase in leisure resulting from a 2-hour decrease in the length of the work week, along with no reduction in pay.

3. Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2005 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Determine the GDP price index for 1984, by means of 2005 as base year. By what percentage did the price level, as calculated by this index, increase between 1984 and 2005? What were the amounts of real GDP in 1984 and 2005?

Reference no: EM13353841

Questions Cloud

Q1 in a competitive market the market-determined price is : q1. in a competitive market the market-determined price is 60. for a typical firm producing 100 units of output

Q1 the flywheel of an engine has a moment of inertia 280 rm : q1. the flywheel of an engine has a moment of inertia 2.80 rm kg cdot rm m 2 about its rotation axis. what is its

Qa manufacturer of computer workstations gathered average : q.a manufacturer of computer workstations gathered average monthly sales figures from its 56 branch offices and

Q in a youngs interference experiment the two slits are : q. in a youngs interference experiment the two slits are separated by 0.17 mm and the incident light includes two

1 contrast the ideas of nominal gdp also real gdp explain : 1. contrast the ideas of nominal gdp also real gdp. explain why there is one more reliable than the other for comparing

Q1 tarzan m 75 kg tries to cross a river by swinging from : q1. tarzan m 75 kg tries to cross a river by swinging from an 11.0 m long vine. his speed at the bottom of the swing

Qa local pet store roscoes rascals elucidate which among : q.a local pet store roscoes rascals elucidate which among them has concerted on selling puppies is considering adding a

Q1 a flight attendant pulls her 66 n flight bag a distance : q1. a flight attendant pulls her 66 n flight bag a distance of 381 m along a level airport floor at a constant

Q consider the following examples of economic : q. consider the following examples of economic activitiespurchasing of groceriesmassive layoff of employeesdecrease in

User Account

All Pages