GDP is the total sum of the wealth produced in a country over a given period of time, usually one year. Nominal GDP is GDP at current prices, while nominal GDP is deflated GDP, ie, discounted inflation. Thus, if the inflation rate is 5% = 0.05, we have to use the formula for the real GDP calculation:
Real GDP 2018 = Nominal GDP / 1+ inflation rate
Real GDP = 315 / 1.05 = $ 300 (in billions).
To calculate the GDP growth rate between 2017 and 2018, just narrow the difference between real GDP for both years and divide by the value of real GDP for 2017. The result must be multiplied by 100 to find the percentage value.
GDP growth rate = {(300 - 273) / 273} * 100 = 9.89%
Answer:
the General Assembly
The legislative branch consists of the House of Representatives and the Senate, collectively called the General Assembly.
Explanation:
There. hmm do the last blank then.
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<span>Short-term memory is the part of memory that is typically used to simply store information for a short period of time, milliseconds on average. Working memory, in comparison, allows for us to take these short-term memories, recall them, and manipulate them in ways that short-term memory is incapable of handling.</span>
A. True
B. Pardon
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Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.
Scarcity dictates that economic decisions must be made regularly in order to manage the availability of resources to meet human needs. Some examples of scarcity include: The gasoline shortage in the 1970's. Coal is used to create energy; the limited amount of this resource that can be mined is an example of scarcity.
Scarcity is simply the concept that human wants (not human needs) exceed the resources available that are necessary to produce the goods used to satisfy those wants. Since economics is the study of how people make choices, without scarcity there would exist no choice and, hence, no economics.
Hope this helps:)
