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?
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- Businesses in the nation of Islandia have been accumulating cash because they have a pessimistic outlook of the national economy. Recent changes in the economic outlook of Islandia have caused business leaders to begin to invest some of their accumulated cash. Suppose that businesses in the country invest a total of $40 billion of this cash. Instructions: Enter a positive number to show an increase and a negative number to show a decrease. a. What would be the maximum expected change in GDP if Islandia's marginal propensity to consume (MPC) is 0.75? $ billion b. Suppose that the recent economic outlook in the country of Mountainia has been the opposite. Businesses have postponed planned investments and have begun to accumulate cash. If businesses in Mountainia postpone $12 billion of their planned investments, what would be the maximum expected change in GDP if its marginal propensity to save (MPS) is 0.05? $ billion1. Key facts about economic fluctuations The following graph approximates business cycles in the United States from the first quarter of 1955 to the third quarter of 1959. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). REAL GDP (Billions of dollars) 2800 2700 2600 2500 2400 1955 1956 1957 YEAR 1958 1959 ?1. Key facts about economic fluctuations The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP). REAL GDP (Billions of dollars) 2170 2070 1970 1870 1770 1947 1948 1949 YEAR 1950 1951 ?
- Suppose real GDP exceeds potential real GDP. If the government decreases its expenditures on goods and services, then real GDP _______and the price level ________ (a) Decreases; rises (b) Increases; falls (c) Decreases; falls (d) Increases, risesA futures market trades contracts on the growth rate for nominal GDP. The contract pays $X to the buyer, where X is 100 times the growth rate in nominal GDP from last year to this year. For example, if nominal GDP grows by 1% over last year, the contract pays $100 (1 x 100). Nominal GDP last year was $28,137 billion. Contracts on the futures markets are currently selling for $460. What is the market's prediction for nominal GDP this year? Put your answer in billions. You may round to two decimal places.In an economy where people spend 80% of their incomes, the government lowers taxes by $5000. Calculate the change in real GDP that results. (Be extra careful to follow numeric instructions; round intermediate steps to four decimal places and your final answer to two. Use a positive number to denote an increase and a negative number (with negative sign) to denote a decrease.)
- In the first quarter of 2020, US real GDP declined about 9%, due to the economics shocks from the Covid 19 virus. If prices were completely flexible, and this means all prices, both inputs (such as labor), as well as output prices, what would you think would have been the drop in GDP? If prices are completely fixed, would the drop in GDP be greater or less than the flexible case? Why? If the Expenditure method of accounting for GDP, has to equal the Income Side, and the economy overproduces a particular item, say automobiles, the income side will also be higher, workers will buy the extra cars with extra income and the economy can gyrate indefinitely higher? Why or why not?Producers will change their prices when GDP is at the equilibrium level. True or Falserecognize why economists believe that economic problems such as “shocks” and “sticky prices” are responsible for short-run fluctuations in GDP;
- 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 declinedSuppose that a federal election is called at a time when the economy is experiencing a recessionary gap and there is a budget deficit. The leader of Party A promises, if elected, to immediately balance the budget by slashing government spending. The leader of Party B promises, if elected, to stimulate the economy with a tax decrease. What would be the effect of each party's proposed policy on each of the following. a. the level of GDP. b. the level of NTR. The effect of Party A's proposed policy on: (Click to select) (Click to select) c. the level of unemployment. (Click to select) d. the budget deficit. (Click to select) e. the price level (Click to select) The effect of Party B's proposed policy on: (Click to select) (Click to select) (Click to select) (Click to select) (Click to select)You want to explain Canada's GDP. You have quarterly data on GDP in current dollars from 2005 to 2020, Canada's population (in thousands of people), the trade deficit and the inflation rate. (b) What other regresors should you include in this model? Give at least two examples and explain why you think that they would be relevant in this model.