Janice has calculated the GDP for 2018 by using the total final goods and services times the 2018 prices of total goods and services. If Janice wishes to create a real value GDP value for 2018, what must she do? a. Janice must adjust the total value 2018 GDP for inflation. b. Janice must multiply the total value by the projected GDP for 2019. c. Janice must divide the total value of consumer goods by the exported goods values. d. Janice must only consider real goods and remove services from the calculation.

Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.