Year Real GDP Nominal GDP 2019 $15,283.65 $16,260.44 2020 $17,573.60 $18,433.70 2021 $19,810.67 $20,860.46 Refer to the table above with values in the billions for nominal GDP and real GDP.  What is the GDP deflator for 2020? (Round your answer to two digits after the decimal without a $ and without commas.)

Q: a) From 2007 Q4 through 2009 Q2, real GDP grew by b) Over the same period, price level grew by 1.83…

A: The GDP is an indicator of a nation's economic production level during a certain time frame. It is…

Q: uppose that for the United States, Nominal GDP is  $18 trillion for 2016. Assume further that the…

A: Real gross domestic product (GDP) is an inflation-compensated measure that mirrors the estimation,…

Q: The table shows some data for an islạnd economy which produces only dog leashes and dog collars. In…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Q2. Given the following data in 2020, calculate the country's GDP in that year. Show steps of your…

A: Investment= Purchases of capital equipment+ Purchases of structures+ Inventory accumulation…

Q: Suppose that a simple economy produces only the following four goods and services: shoes,…

A: Nominal GDP, or Gross Domestic Product, refers to the sum of the product of final goods price and…

Q: The annual output and prices of a 3-good economy are shown in the table below. Assume Year 1 is the…

A: GDP or gross domestic product is the total final market value of production in an economy. It is…

Q: The table below details the composition of an economy’s GDP by spending category. Category…

A: Given information: Nondurable goods = $5,200 billion Services = $8,250 billion Durable goods =…

Q: social-distancing rules that brought the real estate market to a standstill. For instance, in…

A: Covid is a pandemic , which has adverse impact on every nation. Due to covid, there is recession in…

Q: 2019 Product Camera Quantity Price 2022 Quantity Price 100 $10 120 $12 Legal services Books 50 200…

A: The GDP deflator, which is a measure of inflation, fathoms fluctuations in the average prices of all…

Q: The 2010 Deep Water Horizon oil spill in the Gulf of Mexico caused the tourism industry to lose $2…

A: Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and…

Q: national income accounts for the U.S. for 2005   billions of dollars billions of chained (2000)…

A: Nominal GDP and real GDP are two different methods of GDP calculation.

Q: The BEA says “Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the…

A: A country's overall economic output is measured by its real gross domestic product (GDP), which is…

Q: Using the table in Question 6, what was Fruitland's nominal GDP in year 2? Answer:

A: The economics as a study is basically based upon the idea of scarcity, or the limit to amount of…

Q: The accompanying table shows data for real and nominal GDP for a hypothetical economy over several…

A: Nominal GDP refers to the monetary value of the domestically produced goods or services in an…

Q: Refer to Table 6.2. Assume that this economy produces only two goods Good X and Good Y. If year 1 is…

A: The GDP Deflator, which is determined based on a base year, is a measure of the price level of all…

Q: Suppose that the nominal GDP in 2017 was $3,968 (in thousands) and 2018 is the base year. Now the…

A: GDP or gross domestic product can be defined as a metric that measures the market value of all the…

Q: Use the relevant numbers from the following information to compute GDP. Given this information, GDP…

A: In order to calculate the gross domestic product, we are required to use the below formula. GDP = C…

Q: Suppose that in 1984 the total output in a single-good economy was 8,000 buckets of chicken. Also…

A: The GDP price index is an indicator that depicts the price level in an economy over time. It is…

Q: Suppose production and prices of food and clothing (the only two goods produced in this economy) in…

A: Gross domestic production (GDP) refers to the all final goods and services the produced with in the…

Q: The table below gives the data for an economy. Price of a Table Quantities of Price of a Step…

A: Nominal GDP = Current Year Prices * Current Year Quantities Real GDP = Base Year Prices * Current…

Q: Part A: The base year in a country for the calculation of national income data is 2012. Real GDP in…

A: GDP or gross domestic product is the sum of the value of all end commodities produced within the…

Q: For each of the following examples, state if you think it is included in the 2010 calculation for…

A: GDP (Gross Domestic Product) measures the market value of all final good and services produced in an…

Q: shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in…

A: From the table, we can see nominal GDP rises every year between 1978 to 1983, while the Real GDP had…

Q: Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP…

A: Formulas: Nominal GDP = Price of commodities in current year * Quantities of commodities in current…

Q: Item Year 1 Year 2 Apples 20,000 @ $0.25 each 30,000 @ $0.30 each Bicycles 700 @ $800 each 700 @…

A: GDP: GDP or gross domestic product is the sum of the value of all end commodities produced within…

Q: Consider an economy that only produces and consumes water, milk and meat. Water Price: Quantity:…

A: GDP or gross domestic product is the sum of the value of all end commodities produced within the…

Q: Consider an economy that produces and consumes only three goods. The following table shows the…

A: GDP growth rate is defined as the rate of increase in the GDP of a country during a period. The…

Q: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and…

A: When comparing the economic performance of other nations, monitoring economic growth over time, and…

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: Suppose, in a year, an economy reports a nominal GDP of $100 billion dollar, a Real GDP of $200…

A: Answer: Introduction: Nominal GDP: nominal GDP refers to the value of goods and services (produced…

Q: Consider the following data assuming that these are the only products produced and consumed in the…

A: Real GDP measure the value of all the final goods and services that are produced during a given year…

Q: Consider the following data assuming that these are the only products produced and consumed in the…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: efer to the data below: Nominal GDP (in Billions of Dollars) GDP Deflator (Price Index, 2012- 100)…

A: Formula for calculating Real GDP Real GDP = Nominal GDPGDP Deflator

Q: Donuts Sushi Fiction Novels price $12 $6 $50 uantity 100 10 200 price $12 $7 $60 uantity 110 15 200

A: Nominal GDP measures market value of goods and services using current price level whereas real GDP…

Q: Suppose an economy produces two products: meat pies and MP3S. In 2011, 20 meat pies are sold at $5…

A: here we calculate the GDP and calculate the GDP deflator by using the formula and choose the correct…

Q: Refer to Table 23.1, Real Gross Domestic Product (RGDP) is about $ billion -for 2018. O 19,140.10…

A: Answer: The following formula will be used here: Price index=Nominal GDPRGDP×100 Nominal GDP in 2018…

Q: 2. According to the following table, what is the GDP deflator in 2005? 2004 Nominal GDP Real GDP…

A: Given information: Nominal GDP of 2004 = $10000 Real GDP of 2004 = $8000 Nominal GDP of 2005 =…

Q: The table below presents a brief summary of City A’s total spending, local GDP, and population…

A: Gross Domestic Product (GDP) measures the value of final goods and services produced within the…

Q: Refer to Table below. Suppose that a simple economy produces only four goods and services:…

A: Gross domestic product is the value of final goods and services produced in the economy within a…