... ... Using the data In the table below related to nominal GDP and the chaln-welghted price deflators for gross domestic product (e.g., price Index for GDP), answer the followIng questions: Nominal GDP (in Billions) Chain-weighted Price Deflators (Index) for GDP 2012 = 100 (Base Year) Year 78.1 2001 10,128 10,469 82.6 2004 11,685 84.8 12,422 87.4 13,178 90.1 9007 13,808 92.5 14,291 600 2010 14,527 96.1 2011 15,518 2012 16,163 0 00 101.8 16,768 2014 2015 18,037 104.6 2016 18,754 105.7 2017 19,543 107.8 20,612 21,433 112.3 Instructlons: For parts a, c, d, and e, enter your responses as a percentage rounded to one deClmal place. For part b, round your response to the nearest billion. a. Calculate the percentage change In nominal GDP between 2016 and 2017. b. Calculate real GDP In 2017 at prices of 2016. 24 C. Calculate the percentage change in real GDP between 2016 and 2017. d. What Is the percentage change In nomlnal GDP between 2016 and 2017 attributed to changing prices? e. What Is the percentage change In nominal GDP between 2016 and 2017 attributed to a growing economy? < Prey 17 of 20 Next

... ... Using the data In the table below related to nominal GDP and the chaln-welghted price deflators for gross domestic product (e.g., price Index for GDP), answer the followIng questions: Nominal GDP (in Billions) Chain-weighted Price Deflators (Index) for GDP 2012 = 100 (Base Year) Year 78.1 2001 10,128 10,469 82.6 2004 11,685 84.8 12,422 87.4 13,178 90.1 9007 13,808 92.5 14,291 600 2010 14,527 96.1 2011 15,518 2012 16,163 0 00 101.8 16,768 2014 2015 18,037 104.6 2016 18,754 105.7 2017 19,543 107.8 20,612 21,433 112.3 Instructlons: For parts a, c, d, and e, enter your responses as a percentage rounded to one deClmal place. For part b, round your response to the nearest billion. a. Calculate the percentage change In nominal GDP between 2016 and 2017. b. Calculate real GDP In 2017 at prices of 2016. 24 C. Calculate the percentage change in real GDP between 2016 and 2017. d. What Is the percentage change In nomlnal GDP between 2016 and 2017 attributed to changing prices? e. What Is the percentage change In nominal GDP between 2016 and 2017 attributed to a growing economy? < Prey 17 of 20 Next

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Year 2014 (base) 2015 Product Quantity Price Quantity Price 2016 Quantity Price Beer 15 550 575 Pizza 7 275 280 Hot Wings 10 640 660 Given the above table, the nominal GDP in 2015 is: 500 300 600 17 8 12 20 10 13 A/ (whole number) dollars. The real A (whole number) GDP in 2016 is: dollars. The GDP deflator for 2016 equals:
4.
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[The following scenario applies to the next three questions:] A country makes goods Y and Z in Years 1 and 2 at the quantities and prices shown below. The implicit price deflator in Year 1 is 177. Quantity Price Y 55 138 Use the chain-link method for the base prices. Question 1.4: Real GDP Question 1.3: GDP at base prices What is the GDP in Year 1 at the base prices? A. 18,501.50 B. 18,736.00 C. 18,859.50 D. 19,081.50 E. 19,192.00 What is Real GDP in Year 2? A. 8,208.64 B. 8,640.68 C. 9,072.71 D. 9,504.74 E. 9,936.78 Year 1 D. 218.78 E. 230.29 Z 183 47 Question 1.5: Implicit price deflator What is the implicit price deflator in Year 2? A. 184.24 B. 195.75 C. 207.27 Y 67 164 Year 2 Z 133 67
E. Refer to the following data compiled by the US government for 2022 for purposes of calculating the GDP Deflator for 2 commodities: ketchup & mustard. First, categorize each data point as either (R) for Real or (N) for Nominal. Then, use the GDP Deflator equation from your notes to calculate what the 'GDP Deflator' is. 2022 Data: *Ketchup & Mustard valued at previous (constant) prices in 2022 = $300 *Ketchup & Mustard valued at current prices in 2022 = $900 Q9: Category (R or N) Q10: GDP Deflator = (Show the equation itself here, as well as the math you used to get your answer):
Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Barbados. Year year 1 year 2 year 3 Real GDP $20,597 $10,557 $40,977 What is the nominal GDP for year 1? What is the nominal GDP for year 2? GDP deflator What is the nominal GDP for year 3? 122 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. 113 100 year 1: year 2: year 3: $ $ 13234 Incorrect 12457 Incorrect 40977
When nominal GDP rises, we can be certain that... a) prices must have risen b) both prices and quantities of goods and services must have risen c) quanties of goods and services produced must have risen d) either prices or quantites of goods and services must have risen
Suppose you are given the following data for a particular economy (unit: Millions of Euros):Gross National Income mp (GNImp) =1650Investment (I) = 220(Iliq) Net investment = 210Private consumption(C) =1100Net External Income (NEI) = 0Net Indirect Taxes (NIT) = 231Public Spending (G) = 363 Calculate: a) Balance of Goods and Services or Net Exports (NX) and Amortizations/Depreciations (A). b) Net National Product at Base Prices (NNPbp) and Net Domestic Product at Base Prices (NDPbp)
Solve d and e onlys
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places. Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places. Why does % change calculated from constant dollars differ from % change calculated from current dollar? Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…
Question 1: In an economy, there are only two goods (Cars and cycles) produced. The data for last three years is given in the below table. Calculate the nominal and real GDP of three years and then find the GDP deflator for all the three years. Find year on year (YoY) inflation for 2018 and 2019. Note: the base year for this economy is given as 2017. year Price of Car (AED) Number of Car Price of cycle (AED) Number of cycle 2017 1000 10 200 900 2018 1200 15 210 1000 2019 1500 25 250 1500 Question 2: Explain the role of fiscal and monetary policy in an economy facing a recession. Use appropriate graph to justify your answer
Consider the following national accounts data for Westeros: Westeros' National Accounts (2019) GDP Item (S billions) Corporate income 140 Еxports 50 Wages and salaries 550 Net international income to the rest of the 8 world Gross investment 160 Government purchases 184 Indirect taxes 75 Personal consumption 500 Imports 27 Depreciation 79 Proprietors' incomes and rents Which is the following is the income-based estimate of GDP for Westeros? 65 $909 billion $751 billion $558 billion $939 billion