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What would happen if nominal GDP doubles over night what statistic would you need to check before you began to celebrate?
Check the inflation rate, and the real GDP. If inflation also is very high, nominal GDP could increase despite there not being any increase in output.
Why is Real GDP is preferred to nominal GDP as a measure of economic performance?
nominal GDP uses current prices and thus may over- or understate true changes in output.
Why do economists use real GDP rather than nominal GDP to measure growth?
Real GDP reflects output more accurately than nominal GDP by using constant prices.
What does nominal GDP measure?
measures the value of output during a given year using the prices prevailing during that year
What does the classical dichotomy in economics state?
In macroeconomics, the classical dichotomy refers to an idea attributed to classical and pre-Keynesian economics that real and nominal variables can be analyzed separately. To be precise, an economy exhibits the classical dichotomy if real variables such as output and real interest rates can be completely analyzed without considering what is happening to their nominal counterparts, the money value of output and the interest rate.
What would happen if nominal GDP doubles over night what statistic would you need to check before you began to celebrate?
Check the inflation rate, and the real GDP. If inflation also is very high, nominal GDP could increase despite there not being any increase in output.
What does peak power and continuous nominal power handling in car speakers?
Peak power is the highest rated output of the speaker when loud (or peak) parts hit. Continuous/nominal power is the average output at normal and continuous listening levels. If you have the Peak Power rating, you can figure out the nominal level by multiplying the peak power by the square root of two (0.707). Peak Power * 0.707 = Nominal Power.
Why is Real GDP is preferred to nominal GDP as a measure of economic performance?
nominal GDP uses current prices and thus may over- or understate true changes in output.
Why do economists use real GDP rather than nominal GDP to measure growth?
Real GDP reflects output more accurately than nominal GDP by using constant prices.
Why does your pump work well initially then become noisy with much reduced output after an hour of use?
you need to puimp the handle or change the dirt if pumping doesnt work
What does nominal GDP measure?
measures the value of output during a given year using the prices prevailing during that year
How might the output change?
Output might change due to amount of product being used. Output might change due to temperature or rate of acceleration as well.
Is a amonitor an input or output?
Output. Unless it is a touch screen type, then it doubles as an input device.
What are Fixed and variable costs in the workplace?
fixed cost will not change with the change in output variable cost will change with chang in output
How does a change in the value of an input variable affect the value of an output variable?
The change in the input value is equalto the change in the output value.
How do you calculate nominal output?
Add all total expenditure in an economy at current prices, this includes government spending, consumption, investment and net exports.
What does the classical dichotomy in economics state?
In macroeconomics, the classical dichotomy refers to an idea attributed to classical and pre-Keynesian economics that real and nominal variables can be analyzed separately. To be precise, an economy exhibits the classical dichotomy if real variables such as output and real interest rates can be completely analyzed without considering what is happening to their nominal counterparts, the money value of output and the interest rate.
