1. If imports are $2 trillion, exports are $1.9 trillion, consumption is $3.8 trillion, investment is $700 billion, and government spending is $1.1 trillion, how much is GDP? 2. If consumption is $2.5 trillion, investment is $900 billion, government spending is $700 billion, imports are $1.2 trillion and exports are $1.4 trillion, how much is GDP? Example: If GDP rises from $6 trillion in 1994 to $8 trillion in 1999 and the GDP deflator in 1999 is 110, find real GDP in 1999 and find the percentage increase in real GDP between 1994 and 1999. First, we are asked to find real GDP in 1999. To do this we divide the nominal GDP, which is $8 trillion ($8,000 billion), by the GDP deflator for 1999, which is 110. This then is multiplied by 100. Real GDP in 1999 is $7,273 billion or $7.2 trillion. To find the percent change you must find the difference of real GDP between 1999 and 1994. Change in GDP = 7,232 – 6,000 = 1,232 You then take this difference and divide it by GDP in the base year, 1994, which is 6,000. This gives the percent change between 1990 and 1994. 3. GDP rises from $4 trillion in 2010 to $7 trillion in 2013. The GDP deflator in 2013 is 120. Find real GDP in 2013. Find the percentage increase in GDP between 2010 and 2013. 4. GDP rises from $5.5 trillion in 2014, the base year, to $9.5 trillion in 2018. The GDP deflator in 2018 is 140. Find real GDP in 2018. Find the percentage increase in real GDP between 2014 and 2018. Example: Find per capita GDP when population is 10 million and GDP is $45 million. To find per capita GDP you must divide GDP by the population. per capita GDP = GDP = $45,000,000,000 = $4,500 Population 10,000,000 5. Find per capita GDP when population is 100 million and GDP is $2 trillion. 6. Find per capita GDP when population is 300 million and GDP is $1.5 trillion.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. If imports are $2 trillion, exports are $1.9 trillion, consumption is $3.8 trillion, investment is $700 billion, and government spending is $1.1 trillion, how much is GDP? 2. If consumption is $2.5 trillion, investment is $900 billion, government spending is $700 billion, imports are $1.2 trillion and exports are $1.4 trillion, how much is GDP? Example: If GDP rises from $6 trillion in 1994 to $8 trillion in 1999 and the GDP deflator in 1999 is 110, find real GDP in 1999 and find the percentage increase in real GDP between 1994 and 1999. First, we are asked to find real GDP in 1999. To do this we divide the nominal GDP, which is $8 trillion ($8,000 billion), by the GDP deflator for 1999, which is 110. This then is multiplied by 100. Real GDP in 1999 is $7,273 billion or $7.2 trillion. To find the percent change you must find the difference of real GDP between 1999 and 1994. Change in GDP = 7,232 – 6,000 = 1,232 You then take this difference and divide it by GDP in the base year, 1994, which is 6,000. This gives the percent change between 1990 and 1994. 3. GDP rises from $4 trillion in 2010 to $7 trillion in 2013. The GDP deflator in 2013 is 120. Find real GDP in 2013. Find the percentage increase in GDP between 2010 and 2013. 4. GDP rises from $5.5 trillion in 2014, the base year, to $9.5 trillion in 2018. The GDP deflator in 2018 is 140. Find real GDP in 2018. Find the percentage increase in real GDP between 2014 and 2018. Example: Find per capita GDP when population is 10 million and GDP is $45 million. To find per capita GDP you must divide GDP by the population. per capita GDP = GDP = $45,000,000,000 = $4,500 Population 10,000,000 5. Find per capita GDP when population is 100 million and GDP is $2 trillion. 6. Find per capita GDP when population is 300 million and GDP is $1.5 trillion.

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