Answer: b. $8,518.9 billion.
Explanation:
Nominal GDP is calculated with current prices which means that the effects of inflation are present.
Real GDP removes this effect by basing the GDP calculation on the prices of a previous period:
Real GDP = Nominal GDP * 100/ Price level
= 8,800 * 100/ 103.3
= $8,518.877
= $8,518.9 billion
Answer:
The share of each additional dollar of income earned that is devoted to saving rather than consumption.
Explanation:
The marginal propensity to save is defined as the fraction of increased income that is reserved for saving and not consumption, and it is the slope of the graph of income against savings.
For example if an individual earns an extra dollar and he has propensity to save of 0.5 that means out of the one dollar he will save 50 cents and spend the remaining 50 cents.
Answer:
Explanation:
Date Account title and Explanation Debit Credit
1st july-14 Notes receivable $1,393,591
Discount on notes receivable ($1,393,591 - S600,100 - $317,900) $475,591
Land $600,100
Gain on disposal of land ` ($918,000 - $600,100) $317,900 ` (To record sale of land)
1-Jul-14
Notes receivable $404,300
Service revenue $404,300
` (to record service revenue)
For the answer to the question which of the following criteria is most descriptive of a private liberal arts college. The answer is multiple choice letter <span>D. Personal attention from instructors in smaller classes.
I hope my answer helped you. Have a nice day!</span>
When there is a change in activity level, then:
- Total variable cost changes.
- Variable per unit remains constant.
<h3>What happens when activity level changes?</h3>
As a result of the change in activity level, the variable cost will change in total because it increases when there is an increase in number of units produced.
The unit variable cost will however remain the same as the company incurs the same variable cost per unit produced.
Find out more on variable cost per unit at brainly.com/question/26373444.