Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Question
Chapter 2, Problem 4E
To determine
Illustrate the missing Real GDP in 2018 and 2020
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Is the PW measure easy to calculate and apply? How?
The following table reports 2018 transactions that occurred in the United States. Prices in 2018 and 2016 (base year) are also given.
Use the worksheet to answer questions below. Please make sure to show any formulas you used, calculations and your work.
i. Which of the listed transactions should not be used in U.S. GDP calculation? Please include one reason for each transaction you think should not be included in U.S. GDP calculation.
ii. Based on the transactions you decided to include in U.S. GDP, calculate nominal GDP in 2018.
ii. Based on the transactions you decided to include in U.S. GDP, calculate real GDP in 2018.
iii. Calculate the GDP Deflator in 2018.
Price per
Unit in
Price per Unit Quantity in
Item
2016
in 2018
2018
(Base Year)
Bottles Wine from France
$15
$20
10
Boxes of Cereal produced in Battle Creek, MI
$5
$4
20
Used Tires
$12
$15
5
Shares of Twitter Stock
$8
$10
15
Hours of Swimming Lessons at the Y in
$4
$6
8
Kalamazoo, MI
GDP deflator in 2018 was...
Answer:
The GDP data collected for the current year for a number of countries are called _____.
Select one:
a. cross-section data
b. time-series data
c. panel data
d. experimental data
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