Table 8-22 2011 2015 2016

question 32

Essay

Table 8-22
2011 2015 2016

-Refer to Table 8-22.Consider the data above for a simple economy: Using 2011 as the base year,calculate nominal GDP,real GDP,and the GDP deflator for 2016.Show your work.

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Definitions:

Unearned Revenue

Income received by a company for goods or services to be provided in the future; it is recorded as a liability until the service or product is delivered.

Accrued Salaries

Salaries and wages that have been earned by employees but not yet paid by the company, classified as a current liability.

Salary Expense

The total amount paid to employees in the form of salaries over a specific period of time as a part of operational costs.

Liabilities

Obligations a company owes to external parties, which can include loans, accounts payable, and other debts.