Answered step by step
Verified Expert Solution
Question
1 Approved Answer
reply to: Nominal GDP is the total market value of all goods and services produced in a country over a give period of time. It
reply to: Nominal GDP is the total market value of all goods and services produced in a country over a give period of time. It is the economic measure that doesn't account for any changes in price regardless of inflation or deflation. The news article that I chose was on US news posted on October 26th of 2023, that started on saying "US economy is on a roll", which was according to the Bureau of Economic Analysis. It stated that after pandemic , US economy rebounded and expanded at 4.9 percent in the third quarter. The cause of this growth was due to consumer and government spending, private investment, and exports. Economists prediction is that beginning of 2024 it may slow down however despite higher interest rates and tight labor market , US economy stands strong and successfully adapting these challenges. Consumers continue to spend and this could be possible savings they had during the pandemic when emergency funds were given. "This quarters positive GDP growth", means the economy continues to do well. New jobs have been created leading in a betterment of finding jobs and improving personal finances of consumers. Lets see what year 2024 holds for the US
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started