The following table shows some data for an economy that produces only two goods: milk and honey.MilkHoneyPriceQuantityPriceQuantityYear(Dollars)(Quarts)(Dollars)(Quarts)20201200100202140020020224004200Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.Nominal GDPReal GDPYear(Dollars)(Dollars)GDP Deflator202020212022

Nominal GDP is the total value of all goods and services produced in a given time period. It is…

Answered: Using 2020 as the base year, compute…

Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Product Quantity Price Year 1 Cereal 1,000 $1.00 Beef 700 $2.00 Doughnuts 600 $0.50 Year 2 Cereal 1,400 $1.10 Beef 600 $2.50 Doughnuts 500 $0.75 If year 1 is the base year, what is the GDP delflator in year 2?
GDP deflator in 2011 and in 2012 from the preceding year.
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…
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) *
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The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. Fill in the columns for the GDP deflator and for the percent increase in price level. (Round your responses to two decimal places!) Quarter Nominal GDP Real GDP GDP Deflator Percent Increase in Price Level (%) 2013 Q1 16,502.40 15,538.40 106.20 ---- 2013 Q2 16,619.20 15,606.60 ? ? 2013 Q3 16,872.30 15,779.90 ? ? 2013 Q4 17,078.30 15,916.20 ? ? 2014 Q1 17,044.00 15,831.70 ? ? 2014 Q2 17,328.20 16,010.40 ? ? 2014 Q3 17,599.80 16,205.60 ? ? 2014 Q4 17,703.70 16,294.70 ? ? Please explain how to solve the empty columns thank you!
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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…
Which of the following items is not part of the GDP calculation? Select one: a. Local citizens receiving medical care b. A person purchases a local car c. The government expands the highway between two main cities d. A number of unemployed citizens receive unemployment insurance benefit
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Using the data below, calculate GDP by using expenditure approach: Year 2017 RM (million) 700 2500 790 670 1000 3200 2300 9000 450 900 2000 1000 500 9300 3100 5500 4500 Item Factor income paid abroad Import of goods and services Corporate taxes Retained earnings Depreciation Export of goods and services Subsidies Private Investment Personal Income tax Social security contribution Change in stock Transfer payment Indirect business tax Public Investment Consumption Government expenditure Factor income receive from abroad Calculate the Year 2018 RM (million) 450 3000 900 590 1200 4500 3790 8900 600 900 -350 1200 650 7800 8000 5600 3200 Gross domestic product at market price Gross National product at market price Gross National product at factor cost а. b. С. National Income Personal Income d. е. Disposable personal Income Gross domestic product at factor cost f. g.