Q3) Refer to the information provided in Table below Find the nominal and real GDP in 2017, 2018 and 2019.  Then explain the diffrences between RGDP and Nominal GDP.                                                                                                       Year 2017 Base year price index=10 Output=4 million Year 2018 Current year price index=20 Output=6 million Year 2019 Current year price index= 25 Output= 8 million

Q: The following table contains nominal GDP and the GDP deflator from FRED" for the fourth quarter of…

A: Real GDP is the GDP which represent the inflation adjusted price of the goods and services , so here…

Q: The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following…

A: Introduction Here Potchatoonie produces hockey pucks, cases of root beer, and sandals. Here we have…

Q: Define “retail sales” index and tell why it is important as an economic indicator.

A: The Retail Sales Index (RSI) is an indicator of retail industry’s performance in the short-run based…

Q: Consider an economy that produces and consumes bread and automobiles. In the table below are data…

A: Nominal GDP = Aggregate value of (Current year price x Current year quantity) Real GDP = Aggregate…

Q: The following table reports 2018 transactions that occurred in the United States. Prices in 2018 and…

A: GDP is the market value of domestically produced final goods and services produced in a given period…

Q: Units of Price Per Unit Output 3 Year $3 4 4 7 7 8 8 Refer to the above data. Assume an economy that…

A: Given:  The data for an economy producing only one good and that year 3 is base year.  Nominal GDP…

Q: The economy of Tuland produces only two products oranges and computer software. The following…

A: Real GDP is the value of final goods and services produced adjusted for price changes.

Q: Using the following data answer all the questions. The base year is   Year Price of Guitars (RM)…

A: GROSS DOMESTIC PRODUCT refers to the  value of all goods and services produced domestically in year.…

Q: 4- The below table include data regarding two goods that are produced in 2019 anč 2020 in Germany.…

A: 4.Nominal GDP in year 2019 is =10*50+12*30=860 Therefore answer is option (B).

Q: d) Using GDP deflator, calculate the inflation rate. Which year had the highest inflation rate? e)…

A: Inflation rate in year t = {(GDP deflator in year t - GDP deflator in year t-1) / GDP deflator in…

Q: You are given the following information about an economy, use the information to calculate exercises…

A: Answer: $270 Million

Q: Using the information in the table, nominal GDP in this simple economy in year 2 equals Quantity…

A: Gross domestic product (GDP) is the sum total of all the market value of goods and services which…

Q: The most frequently reported price index is O the personal consumption expenditure (PCE) deflator…

A: A price index (PI) determines how the prices change over a specific time frame, or in other words,…

Q: Question 3) GDP, based on a problem from “Principles of Economics” by N. Gregory Mankiw The economy…

A: Year Price of Pineapples Quantity of Pineapples Price of Smoke Detectors Quantity of Smoke Detectors…

Q: the following table shows nominal GDP and an appropriate price index for a group of selected years.…

A: The Real GDP can be calculated by the given equation.

Q: Concerning the four phases in the economic cycle, the area around A in this graph represents…

A: The measure that depicts fluctuations occurring in the economy ranging from expansion of the economy…

Q: 14 table gives data on the production and prices in a small economy. Using 2018 as the base year:…

A: Nominal GDP always considers the output by taking the current year quantity and prices whereas real…

Q: Considering the following data, please answer the following question (consider 2018 as the base…

A: Nominal GDP: It refers to the GDP estimates of a nation's GDP utilizing current costs, without…

Q: 2. The following is also known for Ekonland: 2019 2020 Q P Q Pen 180 3 220 Раper 1100 1 1500 Eraser…

A: Answer: (a). The formula to calculate nominal GDP is given below: Nominal GDP=Price in current…

Q: RGDP RGDP Deflator Deflator Deflator Deflator 2018 2019 2018 2019 2020 2021 Base Year 2018 760 551…

A: GDP is the gross domestic product. GDP is defined as the market value of all the final goods and…

Q: ASAP!! Answer please Calculate GDP deflator of Country A for Year 2019 using Year 2018 as the base…

A: GDP deflator: It is the measure of the change in the price level, that is the rate of inflation in…

Q: Question: Answer to Year Nominal GDP Real GDP Price Index 15,200 . Year Nominal GDP Real GDP Price…

A: The following formula is used to compute price index: Price index =Nominal GDPReal GDP

Q: Nominal GDP was $9,817 billion in 2000 and $21,433 billion in 2019. The chain-weighted price…

A: Real GDP is the GDP calculated at base year prices. The base year is decided by the institution of…

Q: Year Px Py Pz GDP Real GDP GDP P 10 35 1 20 10 Blank 1 Blank 2 Rlank 3 2 12 35 25 15 Blank 4 Blank 5…

A: The gross domestic product (GDP) refers to the market value of all the finished goods and services…

Q: 1. In the country of Mieleche, the land of milk and honey, the price of honey has been increasing…

A: The nominal GDP refers to the total output of an economy produced in a given fiscal year at that…

Q: The following table shows nominal GDP and an appropriate price index for a group of selected years.…

A: Macroeconomics examines the working, composition, and dynamics of an economy. To comprehend and…

Q: Suppose that only two goods are produced in an economy. The rices and the quantity produced in 2020…

A: GDP DEFLATOR - It is the proportion of the worth of goods and services an economy produces in a…

Q: Consider the following Economy: Price of Apples Quantity apples Price oranges Quantity Oranges Time…

A: Real GDP is the GDP that is measured in base-year prices. Base Year=Year 2 Real GDP in Year1=…

Q: Year Nominal GDP Price Index $ 3,166 100 2 3,402 104 3 3,774 108 4 3,989 112 Refer to the…

A: Answer: Let us use the following formula to find the real GDP: Price index=Nominal GDPReal…

Q: n 2012 the nominal value for household spending on food and beverages was equal to $17593m and in…

A: The Consumer Price Index (CPI) tracks the total change in consumer prices (rural and urban) over…

Q: he following is data on income (IDR 1,000) and the Consumer Price Index (CPI) with the base year…

A: The inflation is an increase in the general price level in an economy over time. It decreases the…

Q: Units of Price Per Year Output Unit 1 3 $ 3 2 4 4 6. 5 4 7 7 8 8 Assume an economy that makes only…

A: Real GDP is an expansion changed measure that mirrors the amount of labor and products created by an…

Q: 2016 2017 2018 PQ 400 1,5 600 1,5 600 P Q P Q 1 2 300 2 5 100 8 onion Tomato 500 2 650 Реррer 1.…

A: The gross domestic product (GDP) refers to the market value of all the finished goods and services…

Q: 1. Calculate the GDP by using both formulas, expenditure approach and income approach. Also…

A: The Gross Domestic Product (GDP) is a vital metric that measures the overall economic output of a…

Q: 2070 [/ 1970 1870 1948 1949 REAL GDP (Billions of dollars) 2170 1770 1947 YEAR 1950 1961 ?

A: An increase in the real GDP of the economy in the short run is referred to as an expansion. A…

Q: Source: "Current-dollar and Real GDP" Bureau of Economics Analysis, last modified May 1, 13,…

A: Economic fluctuations are simply oscillations in the position of the public income of a country…

Q: 2. Real versus nominal GDP Consider a simple economy that produces two goods: coffees and seltzers.…

A: Step 1:2018:Nominal GDP = ∑Pcurrent​∗Qcurrent​ = ( 3 * 260) + (2 * 160) = 780 + 320 = 1100…

Q: sider the Yukon territory, which is very isolated and thus a closed economy. It has two lucers (one…

A: Product Approach or value added method of national income accounting , is the method in which net…

Q: Use the data in the following table to calculate the GDP deflator for each year (values are in…

A: GDP deflator measures the change in prices of final goods and services produced within the…