Gross Domestic Product, economics homework help

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Question 1. (10 points) Checkpoint Question 23-2-1

Definition and components of gross domestic product.

Question 2. (10 points) Checkpoint Question 23-2-3

Explain concepts that are related to GDP.

Question 3. (10 points) Suppose that CA-Gyros Technology hired an engineer from Hong Kong in the year 2007, and paid her $100,000 salary in 2007.Give a detailed explanation about how the engineer’s income generation as described above affects GDP and GNP of U.S.

Question 4. (20 points) Consider the following information.

  • Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2010 as the base year.
  • Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2011 and 2012 from the preceding year.
  • Did economic well-being rise more in 2011 or 2012?Explain.
 
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