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Lerok [7]
2 years ago
8

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

#SPJ4

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sleet_krkn [62]

Answer:

$500

Explanation:

COGS or the cost of goods sold is the total cost of all goods sold in a period. It is the direct cost of productions and include direct labor costs, direct materials, and direct overhead costs.

In this case, The average cost of goods sold per unit is $12.50. The business sells to 40 customers. The totals cost of goods sold or the COGS will be

=$12.50 x 40

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Mateo has a passion for collecting old watches. He's particularly interested in those from the 1920s because they have a history
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Answer:

D. Authenticity

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4 0
3 years ago
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Consumption consists of spending by households on goods and services, with the exception of a. purchases of intangible services.
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Answer:

C.

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Different schools of economists define consumption differently.

-The process in which goods or services are used to satisfy economics leads.

-Consumption is known as direct or final consumption, when the goods satisfy human wants directly and immediately. The goods have reach their final destination.

-Consumption is also the value of all goods and services bought by households. Includes:

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*nondurable goods. last a shot time, e.g. food, clothing.

*services. work done for consumers, e.g. dry cleaning, air travel, legal.

*also, rent is a payment for housing services.

But for GDP, when you bought a house, is considered investment.

4 0
3 years ago
A company has an opening stock of 6,000 units of output. The production planned for the current period is 24,000 units and expec
Orlov [11]

Answer:

Explanation:

                                                Last year           Current year

Selling Price                      10                         10

Varaible Price                5                         6

Contribution Margin               5                               4

Break even is the point where total cost is equal to total revenue mean no profit and loss.

company earns the contribution margin after covering the variable cost, now only fix cost remains for break even.

Break Even using FIFO method :  first In first out system

Fix Cost                                                                            =     86000

contribution from opening units(6000*5)                            =     30000

Remaining Fix cost that should be Covered from

current year products                                                            =     56000

 

Units to be sold for break-even ( 56000/4)   = 14000

so we have break even units   6000+14000 = 20000

Fix cost                              = -86000

Opening 6000*5              = 30000

Current   14000*4             = 56000

Profit                                   = 0

Break Even using LIFO method : Last in first out

Fix Cost                                                                            =     86000

Break even =  Fix Cost / Contribution margin

Break even =  86000/4 =21500

current production is 24000 which is higher than break even units so we can cover the fix cost from current year production because company is using lifo method. we do not need opening units for the break even.

4 0
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Answer:

E

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