Provide a table with the nominal GDP for Belize for 2020 and 2021. Using only the nominal GDP, what do you know about (i) Changes in the level of output during this period? Explain (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain. (c) Fill in the missing values in the table of data collected in the household survey. The working-age population, employment, unemployment, and labor force are measured.

Provide a table with the nominal GDP for Belize for 2020 and 2021. Using only the nominal GDP, what do you know about (i) Changes in the level of output during this period? Explain (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain. (c) Fill in the missing values in the table of data collected in the household survey. The working-age population, employment, unemployment, and labor force are measured.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

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(b) Provide a table with the nominal GDP for your assigned Caribbean country for 2020 and 2021. Using only the nominal GDP, what do you know about (i) Changes in the level of output during this period? Explain (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain. (c) Fill in the missing values in the table of data collected in the household survey. The working-age population, employment, unemployment, and labor force are measured in thousands. Show ALL your work. Working-age population 235,900 Employment Unemployment Unemployment rate 9.4% Labor force Labor force participation rate 65.5%
Explain/demonstrate period(s), since 2010, where the Jamaican economy experienced GDP Growth. Include at least one (1) economic development that would have contributed to each of the economic situations materializing. Gross Domestic Product at Constant Prices from 2010 to 2019 (Source: STATIN, adjusted for ECN201) Item 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The Expenditure Method Gross Domestic Expenditure 942,350 980,689 963,486 965,214 966,311 953,543 953,901 973,620 987,322 1,001,400 Private Final Consumption Expenditure 644,269 668,907 662,325 657,777 652,211 651,549 650,520 658,147 664,654 671,455 Government Final Consumption Expenditure 125,095 123,275 123,494 120,046 119,514 119,336 120,911 121,768 121,482 123,616 Gross Fixed Capital Formation 170,404 184,289 175,160 185,032 190,625 181,443 181,576 190,001…
(a) The following table shows the outputs and prices of three products produced by an economy in 2018, 2019 and 2020. (i) Measure the nominal GDP, the real GDP and the GDP deflator in 2019 and 2020, taking 2018 as the base year.(ii) Using the GDP deflator, measure the inflation rate in the economy between 2018 and 2019, and also between 2019 and 2020. (b) Assume all household consumption items are locally produced as shown in the table in Question (a). A typical household in the economy consumes 5 units of rice, 4 units of shirt and 2 units of shoes in 2018. Using 2018 as the base year, measure the CPI for 2019 and 2020 and the inflation rate between 2018 and 2019, and also between 2019 and 2020. Explain why the inflation rate is different from those computed from (a)(ii).
Determine if the following would be included (I) or excluded (E) from the calculation of GDP. (d) An increase in business inventories _______ (e) The income of a tax accountant working for a business _______ (f) Income received from interest on a corporate bond ________ (g) Business expenditures on pollution control equipment ______ (h) Dr. Jung grows tomatoes in his backyard for home consumption _______
Expenditure (in thousands) Component Social Security payments $290 Depreciation $60 Gross private investment $740 Exports $210 Imports $350 Salaries earned by foreigners working in Magnolia $170 Household consumption $940 Purchases of raw materials $310 Government purchases $720 Capital income $240 Salaries earned by Magnolian residents working abroad $210 Using the expenditure method, the data show that Magnolia's GDP (in thousands) is $ 2260 . (Enter your response as an integer.) The value of Magnolia's GNP (in thousands) is S (Enter your response as an integer.)
Question # 5 a: Calculate Nominal and Real GDP for each year. Consider the base year is 2013. YearBottles of Diet Coke (units)Price by Bottle in Rs 2013100,00010.25 2014400,00030.50 2015500,00030.75 2016800,00040.25 b: Analyze how much Pakistan’s GDP and each of its components is affected by the following transactions? Explain your answers (Maximum 200 words). i) Toyota Motors issues new shares to finance the construction of an automobile plant in Pakistan.ii) Your friend wins Rs.2 million in the lottery in Dubai iii) Rabia spends Rs.1500 to buy her husband dinner at the finest restaurant in Karachiiv) General Motors builds Rs.40 million worth of cars, but consumers only buy Rs. 38 million worth of them.v) Sadia spends 50000 on a computer to use in her editing business in Karachi. She got last year’s model on sale for a great price from a local manufacturer. (Sub parts to solved).
What is the importance in macroeconomics of measuring per capita GDP? Provide examples and explain your answer. Requirements: Each response must be 250 to 300 words. When using reference material, you must properly cite the sources using in-text citations with the APA style. You must also include a reference list.
The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work. Price 2017 (base year) Price 2018 Item Production Price per unit($) Production Price per unit($) Rice 50,000 1.50 55,000 2.00 Wheat 100,000 2.00 98,000 2.50 Tractors mid-size 50,000 23,000.00 45,000 24,500.00 Cotton 120,000 100.00 110,000 120.00 Used cars 5,000 5,000.00 6,000 7,000.00 Manufacture garments 150,000 50.00 145,000 70.00 Eggs 2,000 2.50 2,300 3.50 Coca Cola 6,000 0.80 6,500 1.20 Pepsi Cola 700 1.10 850 1.50 Beef 5,000 6.50 4,800 8.50 Second-hand clothes 500…
The table below shows the annual population and nominal total GDP for New Zealand. Based on the data, which of the following options are correct? Select one correct answer. 4 Year 2015 2016 New Zealand Key Figures GDP (Current US $) $ 178,064,471,137.92 $ 188,838,342,527.98 Population 4,609,400 4,714,100 O GDP per capita in 2016 was $40,058.20 GDP per capita fell by 3.70% in 2016 compared to the previous year O New Zealand's population and GDP both rose such that the overall GDP per capita growth rate was zero O GDP per capita rose by 3.56% in 2016 compared to the previous year
Define GDP – that is national output. (a) Now explain each of the key elements that you have included in your definition; (b) explain why GDP provides a measurable, but deficient, way of describing the economy – in particular, what important societal features does GDP fail to measure.
GDP deflator = (Nominal GDP/Real GDP) x 100 Nominal GDP = Current Price x Current QuantityNominal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000+30,000 = 70,000Nominal GDP (2021) = 12 x 6,000 + 50 x 1,200 = 72,000 + 60,000 = 132,000 Real GDP = Base year price x Current QuantityReal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000 + 30,000 = 70,000Real GDP (2021) = 1..
National income accounting for a certain country in the year for 2020 is given in Table 2. Based on the table, answer the following questions. Amount in $ (million) 180 8,120 3,800 1,320 4,230 12,000 10,120 12,100 8,000 3,120 3,240 Items Net factor income Consumption expenditure Public investments Import Export Government expenditure Wages Interest, rent and profit Indirect taxes Subsidies Depreciation a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price. b) By using income approach, calculate Gross Domestic Product 9GDP) at market price. c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think that GDP Ís important, and what is the limitation of GDP?