21 Jul vHOW DO YOU MEASURE REAL AND NOMINAL GDP?
Consu Show more Calculate missing data from the table. Income/Expenditure Flows Amount (in billions) Consumption expenditure $7 Government expenditure $5 Depreciation $3 Net taxes $2 Investment $4 Net exports $1 Expenditures Income GDP = Calculate an economys nominal GDP and real GDP. In 2000: Item Quantity (millions) Price ($/unit) Expenditure (millions of $) Socks 15 5 75 SIM cards 20 2 40 Defense Budget 9 5 45 Real/Nominal GDP = 160 In 2003: Item Quantity (millions) Price ($/unit) Expenditure (millions of $) Socks 15 5 75 SIM cards 20 5 100 Defense Budget 20 10 200 Nominal GDP = 2003 Quantities valued at 2000 prices: Item Quantity (millions) Price ($/unit) Expenditure (millions of $) Socks SIM cards Defense Budget Real GDP = Answer the following questions. How do you measure GDP? How do you measure real and nominal GDP? How do you determine Consumer Price Index and what are its limitations? Which of the following expenditures will be included in GDP which will be excluded from the calculation? Explain your answers. Spare tires bought by Across America a car rental company Textbooks bought by college students Cabinets purchased by a furniture store A new car purchased by an NFL player A cruise ship bought by Carnival Show less
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