Nominal GDP- -Real GDP 1000 800 600 400 200 1990 1995 2000 2005 2010 Years FIGURE 20-1 Refer to Figure 20-1. Which of the following years was used as the base year for constructing real GDP? 1995 2000 2003 2005 2010 Nominal and Real GDP (billions of dollars)
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A: We have to find GDP deflator.
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A: Hello, thank you for the question. Since there are multiple sub-part questions asked here, only the…
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A: Real GDP is the value of goods adjusted for inflation Real GDP = Nominal GDP *100 / Price index
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A: GDP is a macroeconomic measure of the aggregate total production of output in an economy. It can be…
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A: The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of…
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A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: Real GDP:2011 Real GDP can be calculated as follows:
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A: For 2010:Nominal GDP =(Prices of movie*quantity of movies) of 2010 + (Prices of popcorn*quantity of…
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A: GDP Deflator helps to measure change in prices of all goods produced domestically.
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A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…
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A: We know, GDP Deflator = Nominal GDPReal GDP*100
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A:
Q: Fill in the missing data for the following data.
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A: The country of Caspir produces only cereal and milk . Given that, the base year is 2008.
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A: here we calculate the nominal and real GDP which are as follow-
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Q: Year Nominal GDP Real GDP Price Index 1 5,200 4,800 5,500 112 3 5,740 5,000 Refer to the table. (GDP…
A: The formula is:Real GDP = nominal GDPPrice index×100 =5500112*100=4910.71429=4910.71
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A: Nominal GDP = C+I+G+NX
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A: Answer to the question is as follows :
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A: The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of…
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A: The GDP price index or GDP deflator is calculated as - Nominal GDP/Real GDP × 100
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- Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 Year 2010Goods Quantity Price Quantity PriceAutomobiles 100 50000 120 60000Bread 5000 10 4000 20a) Using the year 2000 as the base year, compute the following statistics for each year: nominal GDP, real GDP and the GDP deflator and explain briefly about what these values indicates? (6) *(b) The table below shows GDP at current prices (money GDP) and an appropriate price index (the implicit price deflator) for a group of selected years. Compute GDP at constant 2014-15 prices (real GDP). Also calculate real GDP growth. GDP at current prices Implicit price deflator GDP at constant 2014-15 prices Economic Growth Year ($ million) (2014-15 = 100) Calculation ($ million) 2013-14 783514 97.2 2014–15 838011 100 2015-16 892999 104.1 2016-17 967721 108.4 2017-18 984450 110.12006 2006 2011 2011 Product Quantity Price Quantity Price Movies 20 $6.00 30 $7.00 Burgers 100 $2.00 90 $2.50 Bikes 3 $1,000.00 6 $1,100.00 Use the information to calculate (a)Nominal GDP of 2011 and (b)Real GDP in the year 2011 (Assume 2006 as the base year). (c)ls it ever possible for Real GDP to be higher than Nominal GDP of any year? when? ( 1-2 LINES ONLY)
- The seasonally adjusted data below depict the performance of the U.S. economy in four quarters of 1990-1991. Year/Quarter 1990/Q3 1990/Q4 1991/Q1 1991/Q2 Select one: OA lower than. Annual Percent Change Nominal GDP +3.7 -0.7 +2.0 +6.2 Real GDP in the United States in the first quarter of 1991 was_____ it was in the fourth quarter of 1990. OB. higher than OC. the same as Annual Percent Change Real GDP +0.3 -3.6 -1.9 +3.23) Fill out the missing numbers in the table below. You will need to use a calculator or Excel. Percent change Real GDP Chained (1915) quantity index, base year 1915 equals 100 in real GDP from Nominal dollar Year previous year GDP real GDP index 1914 3 121 1915 5 125 1916 -2 120(1A) Assume the economy of country C produces hotdogs and buns in the following quantities and prices in 2016 and 2017. Assume also that 2016 is the base year and the real GDP will be calculated using 2016 prices. What is the real GDP 2017? Hot Dogs Buns Quantity Price Quantity Price Year 2016 (base year) 20 million $2 15 million $1 Year 2017 22 million $3 16 million $2 (a)$90 million.(b)$98 million.(c)$60 million. (1B) In calculating GDP, which component of spending must be subtracted from total spending to account for the fact that not all private or public spending by U.S. households is directed to U.S. businesses? exports domestic imports (1C) The purchase of new capital goods by a business would fall under which component of GDP? (a)Investment(b)Government(c)Consumption
- The following graph approximates business cycles in the United States from the first quarter of 1953 to the third quarter of 1957. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). (? 2700 2600 2500 2400 2300 1953 1954 1955 1956 1957 YEAR Source: "Current-dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls. Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are often referred to as True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. O True O False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1954? Check all that apply. O Car sales declined. O The unemployment rate declined. O Corporate profits increased. O Consumer spending declined. REAL GDP (Billions of dollars)The country of Economica's GDP deflator and nominal GDP in three different years are shown in the table. Year Nominal GDP GDP Deflator year 1 $25128 122 year 2 $54566 108 year 3 $30967 100 The base year, i.e. the base period, is Year 3. For years 1-3, please obtain the real GDP. Round your answers to the nearest dollar. What is the real GDP for year 1? real GDP: $ What is the real GDP for year 2? real GDP: $ What is the real GDP for year 3? real GDP: $1. Key facts about economic fluctuations The graph included below approximates United States business cycles between quarter one of 1953 and quarter three of 1957. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP). REAL GDP (Billions of dollars) 2700 2600 2500 2400 2300 1953 1954 1955 1956 1957 (?)
- The following table shows data on a hypothetical country's Real GDP from 1970 through 1978: Real GDP Year (Billions of Dollars) 1970 465 1971 470 1972 475 1973 485 1974 510 1975 505 1976 495 1977 490 1978 500 The green line on the following graph shows the economy's long-term growth trend. Lise the blue points (circle symbol) to plot the Real GDP in each of the years listed. (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the graph to indicate the point on the Real GDP curve that delinitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicate the point on the Real GDP curve that delinitely represents a trough. 550 540 Real GDP 530 520 510 Peak 500 490 Traugh Growth trend 480 470 460 450 1970 1971 1972 1973 1974 1975 1978 1977 1978 YEAR Calculate the percentage change in Real GDP in each of the years shown. (Hint: The…Dollars (trillions) 25 20 15- 10- 0 -5 11 Expenditure components of nominal GDP 1950 GDP (Y) Consumption (C) Investment (1) Government spending (G) Exports (X) Imports (M) 1960 Figure Data Notes 1970 198 1990 2000 2010 The following will refer to the data table in the chart above, to access the data table for this graph you will need to click on the data button at the bottom of the chart. In Q2 of 2008 which of the following were above 9 trillion dollars (annualized)? Select the two correct answers.Year Cost of a basket (R) of consumer goods/services (Base year ) 2015 1850 2016 2190 2017 2380 2018 2560 Use the information in Table 3 to measure the consumer price index for 2016, 2017 and 2018 respectively. Show your calculations and round off to two decimal places. Show how gross national product (GNI) can be derived from gross domestic product (GDP). Explain, with the aid of an equation, the components of the consumption function. Explain the relationship between Investment spending and the interest rate.
