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Purchasing power parity prices are used to construct GDP data that 1) Purchasing power parity prices are used to construct GDP data that A) do not omit the underground economy. B) can be used to make more valid comparisons between one country and another. C) is a proper measure of economic welfare. D) adjust for differences in population. 2) If we compare the U.S. GDP and the Chinese GDP, A) real GDP per person is about the same in ...

Other / Other 26 May 2016

The omission of household production causes actual economic production to be underestimated True or false: 1) The omission of household production causes actual economic production to be underestimated. 2) Household production is not measured in the GDP. 3) All economic activity in the underground economy represents the production of illegal goods and services. 4) The underground economy means that GDP will overstate the actual le ...

Other / Other 26 May 2016

List and discuss various types of goods and services omitted from measured GDP 1) ʺIf country A has a higher level of real GDP per person than country B, then people in Country A must enjoy a higher standard of economic welfare than people in Country B.ʺ Is this statement true or false and explain your answer. 2) List and discuss various types of goods and services omitted from measured GDP. Economics Assignment Help, Econo ...

Other / Other 26 May 2016

What is the relationship shown by the circular flow among income, total expenditure, and GDP 1) What is the relationship shown by the circular flow among income, total expenditure, and GDP ? 2) Use the idea of the circular flow diagram to explain why the value of production equals total income equals total expenditure. Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help ...

Other / Other 26 May 2016

The following data show Uruguayʹs GDP using purchasing power parity in billions of dollars 1) ʺGerman economic growth slowed ... Economic growth slowed to 0.3 percent from 0.5 percent. Expansion was driven by exports... (and) household consumption added ...to growth. As unemployment declines and disposable incomes increase, household spending may also gain momentum. www.bloomberg.com, August 23, 2007 We can conclude that the Ger ...

Other / Other 26 May 2016

Is it possible for nominal GDP to increase while real GDP does not change 1) What is the difference between real and nominal GDP and why do economists make this distinction? 2) Is it possible for nominal GDP to increase while real GDP does not change ? Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help ...

Other / Other 26 May 2016

Which of the following is included in the category of corporate profits when measuring GDP 1) Which of the following is included in ʺcompensation of employeesʺ part of the income approach to measuring GDP? I. Wages and salaries. II. Pension fund contributions. III. Social security contributions. A) I only B) I and II C) I and III D) I, II and III 2) When calculating the compensation of employees part of GDP, A) social secu ...

Other / Other 26 May 2016

Which of the following is NOT a component of the incomes approach to GDP 1) Which of the following is TRUE regarding real GDP? I. Real GDP is the value of the total production of the countryʹs farms, factories, shops, and offices. II. Real GDP rises whenever inflation occurs. III. Real GDP does not measure all that is produced. A) I and II B) I and III C) II and III D) I, II and III 2) In years with inflation, nominal GDP incr ...

Other / Other 26 May 2016

An example of ʺinvestmentʺ in the national income accounts is the purchase of 1) An example of ʺinvestmentʺ in the national income accounts is the purchase of A) a new van by a potter, who packs it with his wares and travels to art shows. B) 100 shares of Canadian stock on the New York Stock Exchange. C) a 100-year-old house that was just put on the protected historic sites list in the year in question. D) a U.S. governmen ...

Other / Other 26 May 2016

If an American firm produces goods that are sold to a German household, then 1) An increase in exports of goods or services with no change in imports of goods or services A) decreases GDP. B) increases GDP. C) may increase or decrease GDP depending on whether it is the export of goods or the export of services that increased. D) has no effect on GDP. 2) By itself, an increase in exports A) increases GDP. B) decreases GDP. C) means ...

Other / Other 26 May 2016