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ECC1100 - Principles of macroeconomics - S2 2025
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If prices are rising on average, then real GDP will:
Refer to the Table below.
| 2017 | 2018 |
Nominal GDP | $12 000 | $13 000 |
Real GDP | $9 500 | $10 500 |
Calculate the GDP deflator in 2018.
Scott is a woodworker and charges $150 an hour for his time manufacturing custom-made wood products. For his wife’s birthday, he designs and creates an intricate birds-eye maple jewellery box that takes him 20 hours to complete. By how much and in what direction does GDP change as a result of his efforts?
How are ‘intermediate goods’ treated in the calculation of GDP?
Table A shows the output per week of two jewellers, Sabrina and Holly. They can either devote their time to making bracelets or making necklaces.
Table A
| Sabrina | Holly |
Bracelets | 16 | 12 |
Necklaces | 8 | 9 |
Which of the following statements is true?
‘Decreasing opportunity cost’ is represented by a ________ production possibility frontier.
According to the production possibility model, if more resources are allocated to the production of physical and human capital, then which of the following is likely to happen?
Stella can produce either a combination of 60 silk tulips and 85 silk leaves or a combination of 70 silk tulips and 55 silk leaves. If she now produces 60 silk tulips and 85 silk leaves, what is the opportunity cost of producing an additional 10 silk tulips?
The attainable production points on a production possibility curve are: