Period -expressed in base-year dollars of value

Assignment Help Business Economics

Reference no: EM13839443

Suppose that since some base year, the price index (or GDP deflator) has increased from 100 to 125. During the same time period, NOMINAL GDP has increased from $500 billion to $600 billion. What is the value of REAL GDP at the end of this period -expressed in base-year dollars of value? Real GDP = $_____ billion base-year dollars [Answer with a 3-digit number only, please]

Reference no: EM13839443

Questions Cloud

Production function with labor on the horizontal axis : Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines). Draw 3 isoquants for this production f..

Month real interest rate-exogenous change equilibria : Use the following data table to determine the equilibrium real interest rate after certain factors change: Month Real Interest Rate (%) Loanable Funds (trillions of $) Exogenous Change Equilibria (increases, decreases, or no change)

Labor force participation rate-unemployment rate : Homemakers are not included in the employment or labor force totals compiled by the Bureau of Labor Statistics household survey. They are included in the working-age population totals. Suppose that homemakers were counted as employed and included in ..

What are the factors of production : What are the factors of production? Please list them and share your thoughts and insight on what they entail and how they relate to the opportunity costs of your decisions?

Period -expressed in base-year dollars of value : Suppose that since some base year, the price index (or GDP deflator) has increased from 100 to 125. During the same time period, NOMINAL GDP has increased from $500 billion to $600 billion. What is the value of REAL GDP at the end of this period -exp..

Economy is capable of producing : Whenever the amount of output produced is not as great as the amount that the economy is capable of producing, there is a positive GDP ___________ and cyclical unemployment will be the result.

According to human skills theory of comparative advantage : According to the human skills theory of comparative advantage, developing countries would be expected to have a(n). After-transfers family income is the sum of

The term fiscal policy refers : In the long-run, if prices of all resources remain unchanged, when a firm doubles all resources the quantity of output more than doubles, the firm is experiences. The term fiscal policy refers to

What is the value of the marginal-physical product : For a perfectly competitive firm, the price of its product is $3.50. If an additional unit of a resource yields a value of the marginal product (or MRP) equal to $24.50, what is the value of the marginal-physical product? A firm's objective in busine..

User Account

All Pages