How is macroeconomics important to daily life? Why is nominal and real GDP important to daily...

How is macroeconomics important to daily life? Why is nominal and real GDP important to daily life?

Expert Solution

Rahul Sunny answered 2 years ago

Answer the following macroeconomics questions. a) What is the difference between nominal GDP and real GDP?...

Answer the following macroeconomics questions. a) What is the difference between nominal GDP and real GDP? Which one of them is used to calculate the economic growth rate? Justify your answer. b) Give the equation used to calculate the unemployment rate. State the different types of unemployment. In your opinion, which type is the most problematic one? Justify your answer. c) Governments may achieve certain economic goals; say controlling inflation, by implementing fiscal and/or monetary policies. Explain briefly the difference...

What is the difference between Nominal GDP and Real GDP? How can the ratio of Nominal...

What is the difference between Nominal GDP and Real GDP? How can the ratio of Nominal to Real GDP indicate how much inflation an economy has been experiencing?

What is GDP? What is the difference between the nominal GDP and real GDP? Explain why...

What is GDP? What is the difference between the nominal GDP and real GDP? Explain why comparing the GDP’s of various nations might not tell you which nation’s people are better off.

What is real GDP as opposed to nominal GDP? Is GDP a good measure of the...

What is real GDP as opposed to nominal GDP? Is GDP a good measure of the well-being of a country?.

Explain Nominal GDP versus real GDP and provide an example.

a) Obtain the value of nominal GDP and real GDP in 2018 and 2019 for this...

a) Obtain the value of nominal GDP and real GDP in 2018 and 2019 for this economy. Good 2018 2018 2019 2019 P18 Q18 P19 Q19 Food $1 100 $1 150 Clothing $5 200 $1 200 Household items $10 50 $3 60 Health Care $40 20 $20 30 b) Explain why looking just at the evolution of nominal GDP would make an analyst erroneously conclude that this economy has gone through a severe crisis/recession in 2015

Explain why an economist would focus on real GDP rather than nominal GDP. Suppose you walked...

Explain why an economist would focus on real GDP rather than nominal GDP. Suppose you walked into an unemployment office and found the following people: a laid-off mall Santa Claus, an unemployed auto-industry worker(who is subject to callback by their company), a woman who lost her job at a manufacter because the company relocated to Mexico, and a Nurse who just moved to town because his wife recently started a new job. Assign the following labels to people above: cyclically...

nominal GDP for 2019- $900,000 GDP deflator for 2019- 138 what is the real GDP for...

nominal GDP for 2019- $900,000 GDP deflator for 2019- 138 what is the real GDP for 2019?

About Intermediate Macroeconomics: a) Real GDP can be decomposed into a _ and a ___. b)...

About Intermediate Macroeconomics: a) Real GDP can be decomposed into a _______________ and a _________________. b) Rises and falls in output cause output gap to rise and fall: a ____________ output gap means that the economy is under working its resources, and a negative output gap means that the economy is overworking its resources. In either case, it implies that the economy is not operating efficiently. c) . Give the 2 different definitions of National Savings (formula ok): __________________ and...

Define GDP and differentiate between Nominal and Real GDP What is Unemployment and Inflation?

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