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2 years ago

If real gdp in a year was $3,668 billion and the price index was 112, then nominal gdp in that year was approximately

Business

1 answer:

xenn [34]2 years ago

6 0

The nominal GDP in that year will be $4018 billion.

<h3>What is Nominal GDP?</h3>

Nominal gross domestic product is GDP calculated using the most recent market prices. GDP measures the monetary worth of all the goods and services a nation produces. Nominal GDP differs from real GDP in that it considers inflation, which represents how quickly prices are rising in an economy.
The monetary worth of the products and services produced is the standard way to calculate GDP.
Nominal GDP can overstate the growth rate because it does not account for the rate of price increases when comparing one period to another.
Growing pricing rather than increasing the number of goods and services produced may cause nominal GDP growth from year to year.
Nominal GDP is the starting point, whereas real GDP includes price changes.

we know that

Nominal GDP = Real GDP × Price index

Nominal GDP = $3668 × .112

Nominal GDP = $4018

hence, the nominal GDP in that year will be $4018 billion.

To learn more about Nominal GDP with the given link

brainly.com/question/15171681

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3 years ago

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A firm agreed to pay its workers $2525 an hour in 2016 and $4141 an hour in 2017. The price level for these years was 241 in 2

NemiM [27]

Answer:

(a) 10.4%; 16.73%

(b) 6.33%

Explanation:

Given that,

Wages paid to the workers in 2016 = $25 per hour

Price level in 2016 = 241

Wages paid to the workers in 2017 = $41 per hour

Price level in 2017 = 245

Real wage rate in 2016:

= (Nominal wages ÷ Price level) × 100

= ($25 ÷ 241) × 100

= 0.104 × 100

= 10.4%

Real wage rate in 2017:

= (Nominal wages ÷ Price level) × 100

= ($41 ÷ 245) × 100

= 0.1673 × 100

= 16.73%

Therefore, the real wage increase received by these workers in 2017 is calculated as follows:

= Real wage rate in 2017 - Real wage rate in 2016

= 16.73% - 10.4%

= 6.33%

Hence, these workers do get a raise between the two years.

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3 years ago

Management has a legal and professional responsibility to be sure that the financial statements are prepared in accordance with

Triss [41]

Answer:

a. True

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An accounting framework represents a set of criteria that is used to measure, interpret, and disclose the information that appears in an organization's financial statements.

The law of several nations mandates the Management of a company to prepare and present their financial statements in accordance with the laws of the nation. Since the law mandates this, it makes it a legal requirement.

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3 years ago

Marco, a real estate agent, receives a dozen emails in his inbox. Six of the emails are inquiries to a new condo listing he has

denis23 [38]

Answer:

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Explanation:

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Discrimination is the act of behaving differently

and withholding benefits from people based on their race, colour, religion, sex, or gender.

In this scenario Marco ignores communicating with one of his clients because the email address has a last name in it that appears to be Irish.

He did not consider the application at all resulting in the client losing the opportunity to obtain the new condo.

As a result of this discriminatory action Marco stands the risk of losing his liscence

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3 years ago

On April 1, 2014, Headland Inc. entered into a cost-plus-fixed-fee contract to construct an electric generator for Altom Corpora

MA_775_DIABLO [31]

Answer:

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Explanation:

Headland Inc.

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3 years ago