Nominal GDP in 1990 was $40,000, and in 2000 it was $35,000. The GDP deflator was 102 in 1990, and in 2000 it was 95. What was real GDP in 1990? Round your answer to the nearest hundredth.
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- How do you calculate potential GDP when you are given this chart?Nominal gross domestic product for the United States was $7,661.6 billion in 1996 and$8,110.9 billion in 1997. The GDP deflator was 109.5 in 1996 and 111.6 in 1997. Given theabove data, complete the following questions:a. What was the 1997 real GDP expressed in 1996 prices?b. What were the 1996 and 1997 GDPs expressed in base-year prices?c. What was the percent change in the nominal GDP between 1996 and 1997?d. What was the percent change in real GDP between 1996 and 1997?e. What was inflation between 1996 and 1997?Calculate GDP given the following. Please leave off the dollar sign in your answers. Item Quantity Price Apples 10 $2 Oranges 20 $2 Bananas 30 $1
- In the year 2020, the economy produces 100 loavesof bread that sell for $2 each. In the year 2021, theeconomy produces 200 loaves of bread that sell for $3each. Calculate nominal GDP, real GDP, and the GDPdeflator for each year. (Use 2020 as the base year.) Bywhat percentage does each of these three statisticsrise from one year to the next?I know for real GDP you use price of base year and quantity of current year but I keep getting an answer that is not one of the options.What is GDP? Is the Starbucks coffee apart of U.S GDP or another country's GDP and is it counted as quarterly or yearly?
- Using the image attatched What is the value for this economy's nominal GDP in year 3?What is the value for this economy's real GDP in year 3, if year 1 is the base year? Using the answers above what is the GDP deflator to four decimal placesSuppose the nominal GDP in 1960 is equal to 456 thousand dollars and the real GDP in the same year is equal to 1,151 thousand dollars of 2012. What is the 1960 GDP deflator base 100 = 2012? Round your answer to the nearest first decimal.Why are there two measures of GDP.