1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
VLD [36.1K]
2 years ago
5

In 2010, us nominal gdp was estimated to be $14.657 trillion dollars while the real gdp was estimated to be $13.245 trillion. wh

y the difference? what is the significance of the difference between these two measures of gdp? do you expect nominal gdp to be higher than real gdp for most years? explain.
Business
1 answer:
Tcecarenko [31]2 years ago
8 0

Answer:

Nominal gross domestic product (GDP) measures the market value of all the new and legal goods and services produced in a country within a year. While real GDP adjusts nominal GDP to inflation. Since inflation is generally positive, real GDP decreases as inflation increases. The higher the inflation rate, the larger the difference between nominal and real GDP. Depending on which year is used as base year (year 0), the difference that existed in 2010 can be either significant or not.

The difference = ($14,657 / $13,245) - 1 = 10.66%, which means that nominal GDP was 10.66% higher than real GDP. If the base year is 2000 or even 2005/6, the difference is very small since the accumulated inflation would only be 10.66% for all these years. But if the base year was 2008 or even 2009, then the inflation rate is high.

You might be interested in
Al Dente Pasta Company overstated its inventory by $10 million at the end of 2021. The discovery of this error during 2022, befo
MAXImum [283]

Answer:

Retained earnings would be debited and inventory would be credited for $10 million each.

Explanation:

In the given scenario Al Dente Pasta Company overstated its inventory by $10 million.

This is an overstatement of assets of the company.

This also gives an understatement of the retained earnings of the company.

Adjusting entry in 2022 will now require Retained earnings would be debited and inventory would be credited for $10 million each.

7 0
3 years ago
​Wellness, a healthy living​ magazine, collected in subscription revenue on May 31. Each subscriber will receive an issue of the
PIT_PIT [208]

Answer: $220,000

Explanation:

Using the Accrual Method of Accounting means that revenue is only to be recorded when it is earned i.e. when services have been delivered.

Any revenue received when the services have not been delivered will be recorded as Unearned Revenue.

With $528,000 in subscription revenue, the monthly subscription is;

= 528,000/12

= $44,000

From June to December would be 7 months so they would have earned;

= 44,000 * 7

= $308,000

The amount that they have not earned but have received would therefore be;

= 528,000 - 308,000

= $220,000

<em>This amount will be recorded after they finish deliveries of magazines in next year May. </em>

7 0
3 years ago
Does Audit services needed in Auchi polytechnic student union government? If yes,why
Zepler [3.9K]

Audit services is one that is needed in Auchi polytechnic student union government to know if the student body use the money allocated to them in the right manner or for the right project.

.

<h3>What is the student union?</h3>

The student union is known to be a body that is composed of student of any university, polytechnic or college institution.

It is known to be a body that is autonomous and one whose internal life set up its own by-laws.

Note that the student unions are often allocated funds by the university or polytechnic  and as such they have to use the audit service because some of their leaders may squander the money given to them., So this will help to checkmate them.

Hence, Audit services is one that is needed in Auchi polytechnic student union government to know if the student body use the money allocated to them in the right manner or for the right project.

Learn more about student union government from

brainly.com/question/14856644

#SPJ1

3 0
1 year ago
n the United States, many agricultural products (such as corn, wheat, and rice) are subsidized. What are the benefits of subsidi
schepotkina [342]

Answer:

lower prices for consumers and higher prices for producers 

Explanation:

the options to this question wasn't provided . Here are the options:

higher prices for consumers and producers lower prices for consumers and producers higher prices for consumers and lower prices for producers

lower prices for consumers and higher prices for producers 

A subsidy is when the government pays an individual or a firm directly or indirectly. It could be in the form of direct cash payment, tax breaks or grants. Subsidies are usually given to encourage the production of goods and services.

Subsidy on agricultural goods reduces the price paid for agricultural goods and increases supply of goods. It would increase the price earned by producers.

I hope my answer helps you

7 0
3 years ago
To copy text in a word document to an Excel spreadsheet, you should first format the text as a Word table or as text separated b
geniusboy [140]

Answer:

Commas, tabs, semicolon, or spaces.

Explanation:

In Excel, commas, tabs, semicolon, or spaces are known as delimited values, and you can tell excel which option your data has in order to separate it. For example, if you copy and paste text that will be used for column header you can use the "Text to Columns" tool, click "delimited" and next, and then check the box next to which type of separator you are using (commas, tabs, etc). The tool will then separate every item of text with that type of separator into different columns.

5 0
3 years ago
Other questions:
  • How is the profit margin computed? A ) by subtracting ending inventory from the goods available for sale B ) by dividing the amo
    14·1 answer
  • In terms of usage, about ____________ of all energy in the U.S. is consumed by the transportation sector, ____________ by indust
    15·1 answer
  • At $5 a bushel, there is an excess supply of wheat. Is this price above or below the equilibrium price?
    10·1 answer
  • ​Bette's Breakfast, a perfectly competitive​ eatery, sells its​ "Breakfast Special"​ (the only item on the​ menu) for​ $5.00. Th
    13·1 answer
  • How to calculate APS?
    11·1 answer
  • The management of McCord Corp. makes an announcement that the top three employees of the firm will be rewarded with expensive gi
    9·1 answer
  • Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecord
    11·1 answer
  • Lunar Vacations needs to raise $ 6,100,000 for its new project? (a golf course on the? moon). Astro Investment Bank will sell th
    13·1 answer
  • Book-tique sells second hand books from a stall that is situated in a local market. Each book has a selling price of £1.75. Last
    14·1 answer
  • The process of determining the present value of future cash flows in order to know their worth today is referred to as:______.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!