FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose that the nominal GDP of a country in 2017 is $10 trillion. The real GDP of the country increased by 20 percent between 2017

Suppose that the nominal GDP of a country in 2017 is $10 trillion. The real GDP of the country increased by 20 percent between 2017 and 2018, and the price level increased by 10 percent between 2017 and 2018. What is the nominal GDP of the country in 2018?

a.$12.2 trillion

b.$13 trillion

c.$13.2 trillion

d.$12 trillion

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Microeconomics

Authors: Roger A. Arnold

12th Edition

1285738306, 978-1285738307

More Books

Students also viewed these Economics questions

Question

★★★★★
Milton Mende purchased the Star Midas Mining Co., Inc., for $ 6,500. This Nevada Corporation was a shell corporation with no assets. Mende changed the name of the corporation to American Equities...

Answered: 1 week ago

Question

★★★★★
The U.S. National Endowment for the Arts conducts surveys of American adults to determine, among other things, their participation in various arts activities. A recent survey asked a random sample of...

Answered: 1 week ago

Question

★★★★★
1 What does the value systemic approach bring to individual coaching from your perspective?

Answered: 1 week ago

Question

★★★★★
Toys "R" Us is the biggest toy store chain in the United States, with significant operations outside the United States as well. The following quarterly financial data were taken from the 2004 annual...

Answered: 1 week ago

Question

★★★★★
Within c++ Create a simple Employee class with name, department, and title. Create an hourlyEmployee class (which inherits from the Employee class) for a basic payroll program to compute the net pay...

Answered: 1 week ago

Question

★★★★★
Mitchell Company reports the following costs for the year Direct Materials Used $ 180.000 190.000 Direct Labor Incurred Manufacturing Overhead Incurred Selling and Administrative Expenses How much...

Answered: 1 week ago

Question

★★★★★
Employment Law Garcia v. Spun Steak Co., 998 F.2d 1480 (9th Cir. 1993) The defendant, Spun Steak Co., employs 33 workers, 24 of whom are Spanish-speaking. Two of the Spanish speakers speak no...

Answered: 1 week ago

Question

★★★★★
Solve the symbolic expression for the bending moment in case III. Also, solve the expression for the bending moment in case II in range of [0, L/2]. I II III 11111 x y L/2 * q 2q L/2 B *

Answered: 1 week ago

Question

★★★★★
1. Is working at a job for $15 an hour a manageable earning wage? Explain. 2. If necessary, what would you adjust in this budget? For example, the monthly student loan amount, the mortgage payment,...

Answered: 1 week ago

Question

★★★★★
The sales budget for your company in the coming year is based on a quarterly growth rate of 20 percent with the first-quarter sales projection at $226 million. In addition to this basic trend, the...

Answered: 1 week ago

Question

★★★★★
An experienced male mentor is working, in a paid relationship with a younger female mentee, helping her to think through her career options, following a breakdown in her personal relationship. The...

Answered: 1 week ago

Question

★★★★★
In a service company, we obtained with the help of an appropriate evaluation test, the level of satisfaction with their work and the number of days of absence during the last year and this, for a...

Answered: 1 week ago

Question

★★★★★
3. What is my goal?

Answered: 1 week ago

Question

★★★★★
2. I try to be as logical as possible

Answered: 1 week ago

Question

★★★★★
1. To understand the prerequisites for personal communication mastery.

Answered: 1 week ago

Previous Question Next Question