If the GDP figures given (above) are real GDP, Production declined in 2001 produ
ID: 1206258 • Letter: I
Question
If the GDP figures given (above) are real GDP, Production declined in 2001 production increased in 2001 GDP increased due to an increase in the production stayed the same in 2001 If the GDP figures given for Narnia are nominal/current dollar GDP, the measured increase from million in 2001 is due to a decline in actual output produced in 2001 is due to a decrease in the general price level between 2000 and 2001 can only be explained by rapid inflation indicates either an increase in real output and/or inflation during 2001 GDP as measured is not always an accurate reflection of a society's well-being because GDP growth accompanied by social "negatives" such as pollution reflects the value of household production even though it is unpaid work includes the value of financial transactions although no production is involved includes the value of production in the underground economy The mutual gains from specialization and trade are distributed equally among all group in the domestic economy due to the higher prices that result achieved only by the country that has the absolute advantage based on differences in domestic opportunity costs in production of goods If country Z can produce a good at a lower domestic opportunity cost than country X, country an absolute advantage in producing that good a comparative advantage in producing that good lower absolute resource costs in the production of that good no reason to specialize in producing that good Import quotas limit the total amount of specific products that can be imported lead to lower domestic prices benefit consumers of the product are a direct source of government revenue By definition, nominal GDP is the total monetary value of all consumer goods sold during a year final goods and services produced within the country during a year goods and services actually sold within the economy during a year production by resources owned by a country's citizens during a year In economics investment is considered the purchase of new consumer goods purchase of new capital goods by firms money used to buy stocksExplanation / Answer
13. GDP = includes the value of production in the underground economy
14.mutual gains from specialisation and trade are based on differences in domestic opportunity costs in production of goods and services.
15.country Z has a comparative advantage in producing that good
16.import quota is limit the total amount of specific products that can be imported
17.nominal GDP is the total monetary value of all final goods and services produced within the country during a year
18. Investment means the amount purchased per unit time of goods which are not consumed at he present time (it is a definition because 4 thnoption is not visible in the image)
Table for Q.11 and 12 is not visible hence not able to answer.
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