Answer questions 12-13 based on the following data for a hypothetical economy. The base year for the GDP deflator is 1992 and it equaled 100 that year. Year Nom. GDP (billion) Price index 1993 $4,200 120 1994 $4,300 125 1995 $4,680 130 1996 $4,958 134 From 1992 to 1996, price rose by approximately O a. 5 percent. O b.9 percent. O 14 percent. d. 24 percent. e. 34 percent.

Answer questions 12-13 based on the following data for a hypothetical economy. The base year for the GDP deflator is 1992 and it equaled 100 that year. Year Nom. GDP (billion) Price index 1993 $4,200 120 1994 $4,300 125 1995 $4,680 130 1996 $4,958 134 From 1992 to 1996, price rose by approximately O a. 5 percent. O b.9 percent. O 14 percent. d. 24 percent. e. 34 percent.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

please zoom in to see
If deflation is occurring and nominal Gross Domestic Product (GDP) is increasing over time, then real Gross Domestic Product (GDP) is Select one: O a. increasing more slowly than nominal Gross Domestic Product (GDP). O b. decreasing. O c. increasing at the same rate as nominal Gross Domestic Product (GDP). O d. increasing faster than nominal Gross Domestic Product (GDP).
Please help quickly. I will give a thumbs up if you help fast!!
Suppose that in 2018, per-person GDP in the United States was $62,794, and in China, it was $9,770 (measured in 2011 U.S. dollars). It is accurate to say that the income level in the United States is China is characterized by a larger share of household production in total output than the United States is. O The United States is characterized by a larger share of household production in total output than China is. O China is characterized by a higher share of industrial production in total output than the United States is. O The large difference in income between the United States and China exceeds any underestimate of China's GDP as the result of its larger share of household production. Show Transcribed Text than in China. Why is this comparison accurate? Suppose that in 2018, per-person GDP in the United States was $62,794, and in China, it was $9,770 (measured in 2011 U.S. dollars). It is accurate to say that the income level in the United States is O China is characterized by a…
2. Alternative price indexes Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator. The GDP deflator for this year is calculated by dividing the However, the CPI reflects only the prices of all goods and services using using Indicate whether each scenario will affect the GDP deflator or the CPI for the United States. Check all that apply. Scenario A decrease in the price of a Rivertown Ltd. depths dredger, which is a commercial mining product used for underwater mineral extraction, made in the U.S., but not bought by U.S. consumers An increase in the price of a Italian-made furniture that is popular among U.S. consumers by the and multiplying by 100. Shows up in the... GDP Deflator 0 CPI 0
Which of the following fall during a recession? O both retail sales and employment O retail sales but not employment O employment but not retail sales O neither employment nor retail sales
Suppose the GDP deflator was 200 in 2008 and 190 in 2009. In addition, nominal GDP was 1% lower in 2009 than in 2008. Given this information, the approximate. rate of real GDP growth in 2009 was: O 3% 4% O 5% 6%
For many everyday economic applications, when economists adjust nominal dollar figures for inflation, they use the CPI rather than the GDP deflator, because the CPI reflects a , whereas the GDP deflator reflects a. "all" goods and services in GDP; market basket of "all" expenditures by "urban consumers' O b. market basket of "all" expenditures by "urban consumers"; "all" goods and services in GDP Ос. "all" goods and services in GDP; representative market basket of goods and services consumed by typical "urban consumers"; O d. representative market basket of goods and services consumed by typical "urban consumers"; "all" goods and services in GDP Next page
Year Price Deflator Nominal GDP 500 2005 95.4 2006 600 100.0 2007 700 102.5 2008 800 103.1 Refer to the above table. Real GDP in 2005 is 477 O 524.1 O 190.8 O 500
Please help with this practice question
Hlo expert keep in mind Hand written not allowed.
Suppose that nominal GDP per person is €18,000 in 2013, the 2005 GDP deflator is 100, and the 2013 GDP deflator is 110. The approximate real per person GDP in 2013 is O €16,364. O €19,800. O €18,000. O €16,634.