ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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teractive Book: Measuring a Nation's Income (Ch 10)
g. California hires workers to repave Highway 66.
h. The federal government sends your grandmother a Social Security
i. Your parents buy a bottle of French wine.
j. Honda expands its factory in Ohio.
2. Fill in the blanks:
Nominal GDP
GDP deflator
Real GDP (in
2000 dollars)
Year
(base year
(in current
dollars)
(000
1,200
1970
000's
09
1980
000's
<>
066
000
2010
000
2020
2030
000'0
000'0
3. The government purchases component of GDP does not include spending on tr
such as Social Security Thinking about the definition of GDP, explain why trans
59
rch
五。
Prt Scn F8
Home,
F5
F4
$
V
#
6
6
expand button
Transcribed Image Text:teractive Book: Measuring a Nation's Income (Ch 10) g. California hires workers to repave Highway 66. h. The federal government sends your grandmother a Social Security i. Your parents buy a bottle of French wine. j. Honda expands its factory in Ohio. 2. Fill in the blanks: Nominal GDP GDP deflator Real GDP (in 2000 dollars) Year (base year (in current dollars) (000 1,200 1970 000's 09 1980 000's <> 066 000 2010 000 2020 2030 000'0 000'0 3. The government purchases component of GDP does not include spending on tr such as Social Security Thinking about the definition of GDP, explain why trans 59 rch 五。 Prt Scn F8 Home, F5 F4 $ V # 6 6
Expert Solution
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Step 1

GDP delfator=Nominal GDPReal GDP×100We can re-write the formula as:Nominal GDP=GDP deflator×Real GDP100Real GDP=Nominal GDPGDP deflator×100

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