Compute Nominal and Real GDP in each year and find percentage changes in the GDP. (Use 2001 as base year). Orange Dates Year Price Quantity Price Quantity 2001 6 100 1.50 800 2002 7 150 2.00 900 2003 8 200 2.50 1000

Using the table below calculate the missing values. Take all calculations to 2 decimal places. $ not required. Year 2010 2011 2012 2013 2014 2015 Nominal GDP 2,450 2,660 2,870 3,155 Number 3,558.4 Real GDP Number 2,745 Number 3,025 3,140 3,353.4 GDP Deflator 0.94 Number 1.00 Number Number 1.06 Number Include a negative sign where appropriate in the following answers: Part 7: Nominal growth rate year (2010-11) Number Part 8: Nominal growth rate year (2012-13) Part 9: Inflation rate year (2010-11) Number Part 10: Real growth rate year (2011-12) Number Part 11: Inflation rate year (2014-15) Number Part 12: Real growth rate year (2013-14) Number

oranges oranges VCRS VCRS YEAR price Quantity price Quantity 1998 $2 5000 $400 1000 1999 $3 400 $300 2000 what is the infaltion in 1999 what is the growth of real GDP in 1999

Solve d and e onlys

You are given the following:   Year Quantity of Cars Price of Cars Quantity of Buses Price of Buses 2013   5 million $20,000 1 million $100,000 2014   5.1 million $22,000 1.2 million $102,000 Base Year = 2013   2a. Calculate nominal GDP for 2013. Nominal GDP for 2013 = (5 million × $20,000) + (1 million × $100,000)  = $100,000 million + $100,000 million  = $200,000 million  2b. Calculate nominal GDP for 2014. Nominal GDP for 2014 = (5.1 million × $22,000) + (1.2 million × $102,000)  = $112,200 million + $122,400 million  = $234,600 million.  2c. Calculate real GDP for 2014. The real GDP for 2014 will be calculated as:-  Real GDP for 2014 = (5.1 million × $20,000) + (1.2 million × $100,000)  = $102,000 million + $120,000 million  = $222,000 million.  2d. Calculate the GDP Deflator to the nearest tenth for 2014.   2e. What does your previous number mean?   2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)

Calculate median income in 2000 (real) dollars for each of the 3 years. Suppose GDP in current (nominal) dollars and the GDP price index for the United States are as follows: Year 1990 2000 2005 GDP in current dollars (trillions) 6.0 10.0 15.0 Calculate GDP in 2005 (real) dollars for each of the 3 years. Price index [2000=100] 80 100 125

Consider a simple economy that produces two goods: coffees and enamel pins. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per coffee) 2020 3 2021 2022 4 Year 2020 2021 2022 3 Coffees From 2021 to 2022, nominal GDP Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Dollars) (Base year 2020, dollars) GDP Deflator The inflation rate in 2022 was Quantity Price Quantity (Number of coffees) (Dollars per enamel pin) (Number of enamel pins) 260 2 160 120 2 220 2 140 155 Enamel pins , and real GDP Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP is not influenced by price changes, but nominal GDP is. O Real GDP does not include the value of intermediate goods and services, but nominal GDP does. O Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an…

A hypothetical country of Narnia produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2017. Year 2016 2017 2018 2019 Price (Dollars per movie) 7.6% 7.5% Movies 7.2% 7% 10.00 11.00 12.00 12.00 Quantity Quantity (Movies) (Dollars per bag) (Bags) 500 600 650 625 Popcorn Refer to Table 23-5. What was the rate of inflation for Narnia in 2019? (Hint: round-off to the nearest decimal point) Price 5 4 5 6 1,000 900 950 925

Suppose a simple economy produces three goods only. The price and output data for some selected years are shown below.     Price (dollars) Price (dollars) Quantity (number) Quantity (number)   2002 2012 2002 2012 Pop Crackers Cucumbers 0.75 1.25 2.00 1.10 2.10 3.00 100 300 200 120 375 225   1) Assume that the reference base year is 2002 (CPI = 100)    a) What is the CPI (consumer price index) in 2012?     b) What is the nominal GDP in 2012?       c) What is the real GDP in 2012?     d) By what percentage did the economy grow between 2002 and 2012?

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