Accurate measure of economys production than nominal GDP

Assignment Help Business Economics

Reference no: EM13859027

Real versus, nominal GDP Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities for the goods over a three-year period. Use the information from the previous table to fill in the following table. From 2009 to 2010, nominal GDP and real GDP. The inflation rate in 2010 was. Why is real GDP a more accurate measure of an economy’s production than nominal GDP? Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.

Reference no: EM13859027

Questions Cloud

Characterization of mercantilisms message : "Mercantalism recommends that a country should limit its exports, so that more of the otherwise-exportable products are instead available for local consumption." Do you agree or disagree with this characterization of mercantilism's message? Explain.

How do quality practices the manufacturing industry : How do quality practices that originated in the manufacturing industry differ from the traditional quality practice of healthcare organizations?

Aid is not effective in increasing incomes : We can see that aid to Africa has increased significantly over the last 40 years and that incomes in Africa have stagnated. Explain why these two facts do not constitute proof that aid is not effective in increasing incomes in Africa.

Advantages and disadvantages of distributed systems : Discuss the advantages and disadvantages of distributed systems in a business environment.

Accurate measure of economys production than nominal GDP : Real versus, nominal GDP Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities for the goods over a three-year period. The inflation rate in 2010 was. Why is real GDP a more accur..

Implement skills and knowledge gained through course : To implement the skills and knowledge gained through the course and to achieve greater awareness of the latest security tools and techniques for computer systems security.

Write a program using above data file : Write a program using above data file (must prompt user for file names- input and output) to read in the critical path information and write reports. Print reports (3 reports) to an output file as below:Print a project completion timetable that list..

Detailed description of the young adult physical development : Write a 3- to 4-page detailed description of the young adult's physical, cognitive, and psychosocial development. What would developmental theorists say about the cognitive and the psychosocial development of the young adult

Using the scarce resource clean air : From an economist's perspective, an important consideration for policies to address global warming is: When a producer cannot get all consumers of their product to pay for enjoying it, such as in the case of a fireworks display, then we'd have a dema..

User Account

All Pages