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Gross Domestic Product, economics homework help
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.