To calculate nominal GDP, you:
a. Multiply the quantity of everything consumed by the price of everything consumed, and sum the results.
b. Multiply the exchange rate by the price of each good and service produced. Then sum them and divide by the domestic price index.
c. Add the price of everything consumed to the quantity of everything consumed and sum the results.
d. Add the quantities of everything produced to the average national price level and then multiply times one plus the inflation rate i.e., (1 + inflation rate).
e. Multiply the quantity of everything produced by the price of everything produced, and sum the results.
Question 2
What effect does the following transaction have on the U.S. balance of payments?(Choose the proper debit and credit entries.)U.S. residents invest in Swiss bank accounts by converting their U.S. dollar savings deposits into Swiss francs and then investing them.
a. Debit the U.S. financial account; credit the U.S. current account.
b. Credit the U.S. financial account; debit the U.S. current account.
c. Debit the U.S. financial account; credit the U.S. financial account.
d. Credit the U.S. financial account; debit errors and omissions.
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