This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is the distinction between nominal GDP and real GDP? What will be an ideal ... (Read 12 times)

asan beg

  • Hero Member
  • *****
  • Posts: 570
on: Jun 29, 2018
What is the distinction between nominal GDP and real GDP?
 
  What will be an ideal response?

Question 2

Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 3,000 cell phones?
 
  A) marginal revenue B) gross profit C) sales revenue D) gross earnings


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

sabina576

  • Sr. Member
  • ****
  • Posts: 356
Reply #1 on: Jun 29, 2018
Answer to Question 1

Nominal GDP is the value of final goods and services produced in a given year valued at the prices of that year. Real GDP is the value of final goods and services produced in a given year when valued at the prices of a reference base year. By comparing the value of production in the two years at the same prices, we reveal the change in production.

Answer to Question 2

A


asan beg

  • Member
  • Posts: 570
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

JaynaD87

  • Member
  • Posts: 368
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Distinction of Female Pelvis Distinction of Female Pelvis
The recent mass upheavals in Tunisia, Egypt, Libya, Yemen, and Syria gave political scientists a cha The recent mass upheavals in Tunisia, Egypt, Libya, Yemen, and Syria gave political scientists a cha
The Number of Children Americans Think Are Ideal The Number of Children Americans Think Are Ideal
Real Price of Oil, 1861–2010 Real Price of Oil, 1861–2010
Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ... Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ...
Determine the nominal annual rate of interest of the following ordinary general annuity. Determine the nominal annual rate of interest of the following ordinary general annuity.
Video: Epidural Hematoma

For a complete list of videos, visit our video library