i. Calculate Happyland Republic's nominal GDP, real GDP in 2020. Also, calculate the GDP deflator if 2019 is used as the base year. Show your work.
Q: Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator,…
A: Gross domestic product (GDP) is the money value of all goods and services produced in an economy…
Q: In 2010 norminal gdp was approximately 14.5 trillion in 2011 it was approximately 15.1 trillion…
A: The percentage change is given by the following formula,
Q: True/False # Nominal GDP can never be less than Real GDP Please be quick
A: # Lets First consider the concepts of nominal GDP and real GDP. Nominal GDP refers to the values of…
Q: a) Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2010 as the base year.…
A: .The nominal GDP of a country is calculated using current prices and is not adjusted for inflation.…
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A: Gross Domestic Product (GDP) is denied as the total nominal value of all complete commodities or…
Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…
A: The value of all the final goods and services produced in an economy during a financial year is…
Q: In the United States in 2002, the GDP price index was 89..5 and nomial GDP was 10978 billion What…
A: GDP price index for 2002 = 89.5Nominal GDP in 2002 = 10978 millionReal GDP in 2002 = Nominal GDP in…
Q: Real GDP measure changes in: A) Prices, but no production B) Production, but not prices C) Prices…
A: Real GDP- It is a microeconomic static by which the value of goods and services produced by an…
Q: If nominal GDP rose, does that mean that production had to increase as well? Why or why not? What…
A: Solution- Nominal GDP - Nominal GDP is a measurement of country's output at current market price .…
Q: If Gdp deflator is less than 100 it means that : 1- stagflation 2- deflation 3- inflation…
A: The GDP deflator is an economy measure that is used to compute the inflation rate in the economy in…
Q: A country has nominal GDP equal to $206.53 billion in 2018. The GDP deflator in 2018 has a value of…
A: Formula Used:
Q: i. Calculate Happy Land Republic's nominal GDP and real GDP in 2016 ii. Why does real GDP always…
A: GDP excludes used goods, intermediate goods and production inputs, so only the values of Cloth,…
Q: Fill in the blanks in the table below. Nominal GDP Real GDP growth Country growth Population growth…
A: As per the fisher's equation, Real GDP growth rate = Nominal GDP growth rate - Inflation rate r = n…
Q: Is it possible to figure out nominal GDP and real GDP of each three years with no price or quantity…
A: Nominal GDP refers to the value of GDP which is not adjusted to inflation whereas real GDP refers to…
Q: Nominal GDP does not include inflation?
A: GDP measures the market value of all goods and services produced in the economy.
Q: real GDP
A: Answer: b. base year Prices method Real GDP : When GDP of a given years is estimated on basis of…
Q: a. If the price of protein bars rose from $2.40 to $2.70 over this period, while the price of…
A: Nominal GDP = Price of goods in current year * Quantity of goods in current year Real GDP = Price of…
Q: Instructions: Round your responses to the nearest billion, If you are entering any negative numbers…
A: The given table gives information about the nominal GDP and GDP deflator for year 2000 to 2019.
Q: The GDP deflator in year 2 is ETTT Quantity Quantity Product Price (Year 1) Price (Year 2) (Year 1)…
A: "Inflation is the rise in the price level of the economy." Over time, the price of goods and…
Q: How are nominal and real GDP calculated?
A: Nominal GDP refer to the market value of all final goods and services produced in an economy during…
Q: An economy produces only food and fun. The table shows the quantities produced and prices in 2018…
A: The term ‘GDP’ or gross domestic product refers to the market value of all services and commodities…
Q: Why the use real GDP is preferred by economists over nominal GDP to gauge economic well-being? (100…
A: Real GDP is the GDP which the economy is actually producing ie after the inflation has been taken…
Q: Is GDP a main indicator of a country's economic well-being? Why and why not?
A: Gross domestic product is the money value of all final goods and services produced by normal…
Q: what is the nominal GDP for year 2019?
A: Gross domestic price is also known as nominal GDP
Q: What is india total gdp?
A: The total monetary or market worth of all finished goods and services produced within a country's…
Q: GDP in 1981 was $2.96 trillion. It grew to $3.07 trillion in 1982, yet the quantity of output…
A: GDP in 1981 was $2.96 trillion. It grew to $3.07 trillion in 1982, yet the quantity of output…
Q: Distinguish between real and nominal GDP. Which one is a better measure of the business cycle?
A: The GDP is the summation of money value of all the final goods and services produced within the…
Q: Discuss whether GDP is always reliable and accurate in reflecting economic performance of a country.…
A: GDP is that the price of all the finished merchandise and services created at intervals a country'…
Q: Why the use real GDP is preferred by economists over nominal GDP to gauge economic well-being?
A: Gross Domestic Product denotes the total aggregate output that is produced in the country at a given…
Q: When GDP is measured in "current prices" it is known as the O A) real GDP. B) nominal GDP. C)…
A: Gross domestic product is the market value of all the services and finished goods being produced…
Q: If nominal GDP grows by 7% but inflation rises 3%, what is the real GDP?
A: Given that, nominal GDP grows by 7% but inflation rises 3%, what is the real GDP.
Q: An economy produces turmeric for consumption, produces Cardamom to export, and imports sesame seeds…
A: a) Using 2015 as base year and calculating GDP for each year; Real GDP=Base year price×Current year…
Q: If nominal GDP was roughly $10,000 and the GDP deflator was 110 in 2016, real GDP is closest to a…
A: Real GDP is the inflation adjusted value , so here we calculate the value of real GDP by using the…
Q: Suppose that nominal GDP was $9250000.00 in 2005 in Orange County California. In 2015, nominal GDP…
A: A) Nominal GDP growth rate is the % change in nominal GDP from 2005 to 2015 nominal GDP growth =…
Q: What two thing gdp measure?
A: GDP: It refers to the goods and services which has been produced in an economy. The more the GDP of…
Q: Why do economists use the real GDP rather than the nominal GDP to gauge the economic well-being?
A: Answer - The Economist use real GDP rather than the nominal GDP to gauge the economics well -being…
Q: In 2014, GDP was $12 million and the price of the market basket was $4O. In 2020, GDP was $15…
A: Both GDP and market basket increased in 2020.
Q: Calculate real income for 2017 and 2018. How much growth rate from year 2017 to 2018?
A: Nominal GNP means GNP at current prices but real income means GNP at constant prices. So, to…
Q: GDP rises from $5.5 trillion in 2014, the base year, to $9.5 trillion in 2018. The GDP deflator in…
A: Nominal GDP = Current Year Prices * Current Year Quantities Real GDP = Base Year Prices * Current…
Q: C + G + I + NX ≡ Y ≡ YD + (TA − TR) ≡ C + S + (TA − TR) How is the above identity be used to…
A: The given identity is the macroeconomic identity which conveys the basic fact that the aggregate…
Q: If nominal GDP for 2017 is $62 trillion and real GDP for 2017 is $46 trillion, then the GDP deflator…
A: The GDP deflator measures the changes in prices for all of the goods and services produced in an…
Q: a) Compute the nominal GDP in 2018. b) Compute the real GDP in 2018? c) Compute the nominal GDP in…
A: Given 2018 as the base year Nominal GDP = Current Year price * Current year quantity Real GDP =…
Q: Real GDP is a. the nominal value of all real goods produced in the nation in year. b. Nominal GDP…
A: Real GDP refers to the value of all final goods and services that produced within the economy during…
Q: d. Use GDP deflator to compute the inflation rate from 2006 to 2007 and from 2007 to 2008.
A: We know that, The GDP deflator in 2006 = 100 The GDP deflator in 2007 = 102.8 The GDP deflator in…
Q: How do you convert a series of nominal economic data over time to real terms?
A: When studying economic statistics, it's critical to understand the difference between real and…
Q: a. Explain in what way GDP is a measure of the standard of living in a country.
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: In Anasville nominal GDP in 2030 is $30,000 and the price index (base of 100 in 2020) stands at 150.…
A: Nominal GDP in 2030 is $30,000 the price index (base of 100 in 2020) stands at 150
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- A B 1 Car Sales Report Month 2 3 Jan. - April 4 May-Aug. 5 Sept. - Dec. 6 TOTAL 7 MINIMUM 214 355 186 C A D Vehicles Vehicles Vehicles TOTAL AVERAGE Sold Sold Sold 2016 2017 2018 202 240 305 E 208 299 195 F What is the cell address to calculate the minimum number of cars sold in 2017?FORCASTING using the data below can you answer the question: Month Sales Jan-16 747 Feb-16 697 Mar-16 1014 Apr-16 1126 May-16 1105 Jun-16 1450 Jul-16 1639 Aug-16 1711 Sep-16 1307 Oct-16 1223 Nov-16 975 Dec-16 953 Jan-17 1024 Feb-17 928 Mar-17 1442 Apr-17 1371 May-17 1536 Jun-17 2004 Jul-17 1854 Aug-17 1951 Sep-17 1516 Oct-17 1642 Nov-17 1166 Dec-17 1106 Jan-18 1189 Feb-18 1209 Mar-18 1754 Apr-18 1843 May-18 1769 Jun-18 2207 Jul-18 2471 Aug-18 2288 Sep-18 1867 Oct-18 1980 Nov-18 1418 Dec-18 1333 Jan-19 1333 Feb-19 1370 Mar-19 2142 Apr-19 2138 May-19 2078 Jun-19 2960 Jul-19 2616 Aug-19 2861 Sep-19 2237 Oct-19 2225 Nov-19 1590 Dec-19 1659 Jan-20 1613 Feb-20 1605 Mar-20 2349 Apr-20 2468 May-20 2532 Jun-20 3127 Jul-20 3288 Aug-20 3285 Sep-20 2485 Oct-20 2723 Nov-20 1835 Dec-20 1894 Consider five years of monthly profit for a company Forecast monthly sales for 2022…FORCASTING using the data below can you answer the question: Month Sales Jan-16 747 Feb-16 697 Mar-16 1014 Apr-16 1126 May-16 1105 Jun-16 1450 Jul-16 1639 Aug-16 1711 Sep-16 1307 Oct-16 1223 Nov-16 975 Dec-16 953 Jan-17 1024 Feb-17 928 Mar-17 1442 Apr-17 1371 May-17 1536 Jun-17 2004 Jul-17 1854 Aug-17 1951 Sep-17 1516 Oct-17 1642 Nov-17 1166 Dec-17 1106 Jan-18 1189 Feb-18 1209 Mar-18 1754 Apr-18 1843 May-18 1769 Jun-18 2207 Jul-18 2471 Aug-18 2288 Sep-18 1867 Oct-18 1980 Nov-18 1418 Dec-18 1333 Jan-19 1333 Feb-19 1370 Mar-19 2142 Apr-19 2138 May-19 2078 Jun-19 2960 Jul-19 2616 Aug-19 2861 Sep-19 2237 Oct-19 2225 Nov-19 1590 Dec-19 1659 Jan-20 1613 Feb-20 1605 Mar-20 2349 Apr-20 2468 May-20 2532 Jun-20 3127 Jul-20 3288 Aug-20 3285 Sep-20 2485 Oct-20 2723 Nov-20 1835 Dec-20 1894 Consider five years of monthly profit for a company Plot the data and discuss its…
- Q6The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Milk Cereal 2008 $4.00 90 $1.50 150 2009 $4.00 100 $2.00 180 2010 $5.00 120 $2.50 200 2011 $6.00 150 $3.50 200 Refer to Table 10-4. In 2008, this country's a. nominal GDP was greater than real GDP, and the GDP deflator was greater than 100. b. nominal GDP was equal to real GDP, and the GDP deflator was equal to 1. c. nominal GDP was less than real GDP, and the GDP deflator was less than 100. d. nominal GDP was equal to real GDP, and the GDP deflator was equal to 100,Use the following table to find percentage changes in the cost of living (COL) from 2020 to 2021: Year Housing ($) Transportation ($) 2020 10,000 2021 10,500 2022 11,000 0.71% 7.09% 79% O 70.9% 1,200 1,350 1,400 Food ($) 1,500 1,750 1,800 COL ($) Change(%) N/AHw3 csv' data file (image) attached below
- The Wall Street Journal’s website, www.wsj.com, reported the number of cars and light-duty trucks sold through October of 2014 and October of 2015. The top sixteen manufacturers are listed here. The sales information for all manufacturers can be accessed in a data file below. Sales data are often reported in this way to compare current sales to last year’s sales. Year-to-Date Sales Manufacturer Through October 2015 Through October 2014 General Motors Corp. 2,562,840 2,434,707 Ford Motor Company 2,178,587 2,065,612 Toyota Motor Sales USA Inc. 2,071,446 1,975,368 Chrysler 1,814,268 1,687,313 American Honda Motor Co Inc. 1,320,217 1,281,777 Nissan North America Inc. 1,238,535 1,166,389 Hyundai Motor America 638,195 607,539 Kia Motors America Inc. 526,024 489,711 Subaru of America Inc. 480,331 418,497 Volkswagen of America Inc. 294,602 301,187 Mercedes-Benz 301,915 281,728 BMW of North America Inc.…using the data below can you answer the question: Month Sales Jan-16 747 Feb-16 697 Mar-16 1014 Apr-16 1126 May-16 1105 Jun-16 1450 Jul-16 1639 Aug-16 1711 Sep-16 1307 Oct-16 1223 Nov-16 975 Dec-16 953 Jan-17 1024 Feb-17 928 Mar-17 1442 Apr-17 1371 May-17 1536 Jun-17 2004 Jul-17 1854 Aug-17 1951 Sep-17 1516 Oct-17 1642 Nov-17 1166 Dec-17 1106 Jan-18 1189 Feb-18 1209 Mar-18 1754 Apr-18 1843 May-18 1769 Jun-18 2207 Jul-18 2471 Aug-18 2288 Sep-18 1867 Oct-18 1980 Nov-18 1418 Dec-18 1333 Jan-19 1333 Feb-19 1370 Mar-19 2142 Apr-19 2138 May-19 2078 Jun-19 2960 Jul-19 2616 Aug-19 2861 Sep-19 2237 Oct-19 2225 Nov-19 1590 Dec-19 1659 Jan-20 1613 Feb-20 1605 Mar-20 2349 Apr-20 2468…FloorArea (Sq.Ft.) Offices Entrances Age AssessedValue ($'000) 4790 4 2 8 1796 4720 3 2 12 1544 5940 4 2 2 2094 5720 4 2 34 1968 3660 3 2 38 1567 5000 4 2 31 1878 2990 2 1 19 949 2610 2 1 48 910 5650 4 2 42 1774 3570 2 1 4 1187 2930 3 2 15 1113 1280 2 1 31 671 4880 3 2 42 1678 1620 1 2 35 710 1820 2 1 17 678 4530 2 2 5 1585 2570 2 1 13 842 4690 2 2 45 1539 1280 1 1 45 433 4100 3 1 27 1268 3530 2 2 41 1251 3660 2 2 33 1094 1110 1 2 50 638 2670 2 2 39 999 1100 1 1 20 653 5810 4 3 17 1914 2560 2 2 24 772 2340 3 1 5 890 3690 2 2 15 1282 3580 3 2 27 1264 3610 2 1 8 1162 3960 3 2 17 1447 What is the final model if we only use FloorArea and Offices as predictors?
- calculation reqFORCASTING: using this data below using excel answer the questions please: Month Sales Jan-16 747 Feb-16 697 Mar-16 1014 Apr-16 1126 May-16 1105 Jun-16 1450 Jul-16 1639 Aug-16 1711 Sep-16 1307 Oct-16 1223 Nov-16 975 Dec-16 953 Jan-17 1024 Feb-17 928 Mar-17 1442 Apr-17 1371 May-17 1536 Jun-17 2004 Jul-17 1854 Aug-17 1951 Sep-17 1516 Oct-17 1642 Nov-17 1166 Dec-17 1106 Jan-18 1189 Feb-18 1209 Mar-18 1754 Apr-18 1843 May-18 1769 Jun-18 2207 Jul-18 2471 Aug-18 2288 Sep-18 1867 Oct-18 1980 Nov-18 1418 Dec-18 1333 Jan-19 1333 Feb-19 1370 Mar-19 2142 Apr-19 2138 May-19 2078 Jun-19 2960 Jul-19 2616 Aug-19 2861 Sep-19 2237 Oct-19 2225 Nov-19 1590 Dec-19 1659 Jan-20 1613 Feb-20 1605 Mar-20 2349 Apr-20 2468 May-20 2532 Jun-20 3127 Jul-20 3288 Aug-20 3285 Sep-20 2485 Oct-20 2723 Nov-20 1835 Dec-20 1894 Consider five years of monthly profit for a company Plot the data and…Plz help Graph plz 3