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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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Answer:

a.

Overhead Rate (Cutting Department) = $5.5 per machine hour = $5.5 per machine hour

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Explanation:

a. Compute the predetermined overhead rate to be used in each department.

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Overhead Rate (Cutting Department) = $264,000/48,000

Overhead Rate (Cutting Department) = $5.5 per machine hour

Overhead Rate (Finishing Department) = Manufacturing Overhead Cost/Machine Hours

Overhead Rate (Finishing Department) = $366,000/$270,000

Overhead Rate (Finishing Department) = 1.36

Overhead Rate (Finishing Department) = 136% direct labour cost

b.

The Cutting Department bases its rate on machine-hours

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The Finishing Department bases its rate on direct labor-hours.

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Overhead Rate = 136% labour cost ------ Calculated

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Overhead Applied = 440

Overhead Applied (Finishing Department) = 136% * 150

Overhead Applied = $204

Total Overhead Applied = $440 + $204

Total = $644

c. Yes

If they use a plantwide rate based on direct labor cost and if the jobs has longer machine hours and small amount of labor cost they will be charged less overhead cost.

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