The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2016 and 2018. The data is listed per quarter, and the real GDP data was calculated using 2009 as the baseyear. Fill in the columns for the GDP deflator, for the percent increase in the price level, and economic growth rate.(Note:Rounding to three decimal points for GDP deflator and to the nearest tenth for price increase and economic growth rate)Quarter2016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q4Nominal GDP18,325.218.538.018,729.118,905.519.057.719,250.619,500.619,754.120,098.8percent Increase in Price Level?economic Growth rate?Real GDP16,571.616.663.516,778.116,851.416.903.217,031.117,163.917,286.517,457.6What is the value of the following indicators in the 2017 Q2 for:GDP deflator?percent Increase in Price Level?economic Growth rate?GDPDeflatorWhat is the value of the following indicators in the year 2018 Q2 for:GDP deflator?Percent Increase inPrice Level (%)(rounding to three decimal points)(rounding to three decimal points)Economic Growthrate (%)

Economic Growth: Economic growth refers to the increase in a country's output of goods and services…

Answered: The following table contains nominal…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In 1950 GDP in the United Kingdom (measured in year 2005 pounds) was £317 billion. In 2000 it was £1,108 billion. Calculate the growth rate of real GDP in the United Kingdom over this period. Now suppose that the United Kingdom grows at the same rate for the 50 years following 2000. What will the UK real GDP be in the year 2050?
Question 34 Use the information in the table below to calculate the Real GDP for each year during the period 2016-2019. All values are in billions of Australian dollars. Round your answer to the nearest whole number. Do not include commas, spaces or % in your answer Year Nominal GDP GDP Deflator Real GDP (in $ millions) (in $ millions) 2016 1,610 105 2017 1,850 110 2018 2,260 125 2019 2,470 132
As per the World Bank, Philippine Real GDP (constant 2015 prices) was at around 396,220,000,000 USD in 2019. Meanwhile the GDP deflator for 2015-2019 is given as follows: Year Deflator 2015 100.00 2016 101.29 2017 103.66 2018 * 107.53 2019 108.28 Given this information, compute for the Nominal GDP for the Philippines in 2019.
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…
A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Pumpkin Pies Computer Games 110 800 Price Per Unit Production and Prices in Year 2 Product Quantity Pumpkin Pies 137.50 Computer Games 1,200.00 In Year 2, nominal GDP is equal to: $, and real GDP is $(enter both responses rounded to the nearest penny). $1.00 $45.00 Price Per Unit $1.50 $90.00
Question 2 Why the use real GDP is preferred by economists over nominal GDP to gauge economic well-being? (Word count: 100 words max.) Consider the following data on the Pakistan economy: Nominal GDP GDP Deflator Year (in billions of rupees) (base year 2012) 2018 21,501 111.4 1998 9,163 76.3 What was the growth rate of nominal GDP between 1998 and 2018? (Hint: The growth rate of a variable X over an N-year period is calculated as [(Xfinal/Xinitial)1/N – 1] x 100). What was the growth rate of the GDP deflator between 1998 and 2018? What was real GDP in 1998 measured in 2012 prices? What was real GDP in 2018 measured in 2012 prices? What was the growth rate of real GDP between 1998 and 2018? Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
Determine the GDP trend in economic growth over the period of 1989 – 1999. Country/Area Year Unit Gross Domestic Product (GDP) Thailand 1989 Baht 1,924,426,113,246 Thailand 1990 Baht 2,263,299,209,116 Thailand 1991 Baht 2,583,490,817,016 Thailand 1992 Baht 2,935,677,642,139 Thailand 1993 Baht 3,263,426,000,000 Thailand 1994 Baht 3,689,090,000,000 Thailand 1995 Baht 4,217,614,000,000 Thailand 1996 Baht 4,638,604,000,000 Thailand 1997 Baht 4,710,310,000,000 Thailand 1998 Baht 4,701,553,000,000 Thailand 1999 Baht 4,789,826,000,000 Transport, storage and communication Wholesale, retail Agriculture, hunting, forestry, fishing (ISIC A-B) Other Mining, Manufacturing, Utilities (ISIC C-E) (ISIC D) trade, restaurants Total Manufacturing Construction and hotels (ISIC G- Activities Value Country/Area Year Unit (ISIC F) H) (ISIC I) (ISIC J-P) Added Thailand 1989 Percentage 9.8 15.5 16.1 28.9 9.7 10.6 8.2 11.9 Thailand 1990 Percentage -4.7 15.1 15.6 21.9 10.9 14 13.8 11.8 Thailand 1991 Percentage…
4.
Refer to Table below. A very simple economy produces two goods: cameras and legal services. The quantities produced and their corresponding prices for 2015 and 2019 are shown in the table. 2015 2019 Product Quantity Price Quantity Price Digital Camera 100 $10 120 $12 Legal services 50 15 45 20 Calculate the real GDP in 2019 using 2015 as a base year.
Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 54 78 78 $1.2 $1.5 $1.2 Good Y 69 86 111 $0.9 $0.8 $0.8 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, what is the value for this economy's GDP deflator in year 1?
Only three goods are produced in an economy in the following amounts: A = 9, B = 22, C = 9. The current year per-unit prices of these three goods are A = 2, B = 6, and C = 5. Nominal GDP in the current year is
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places. Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places. Why does % change calculated from constant dollars differ from % change calculated from current dollar? Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…

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