Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 21, Problem 6SPA
To determine
Determine the value of real GDP in 2017.
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Gross Domestic Product
a. In 1803 the United States purchased Louisiana and other territories (828,000 square miles) from France $14,904,000. The GDP deflator for that year was 5.27. How much money did we pay in current dollars? Was the purchase worth it? (use the nearest year for which data is available)
b. In 1867 the United States bought Alaska from the Russian Empire for $7.2 million dollars. Use the web to find the a price index for that year and calculate the value of the purchase in current dollars? (use the nearest year for which data is available)
c. List at least four factors that you think you will be important measures of the statndard of living other that per capita real GDP. How do these factors relate to per capita real GDP? How could trading more freely among countries affect the size of economies?
The table provides data on the economy of
Pak Republic that produces only fish and
crabs.
Quantities
Fish
Crabs
Prices
Fish
2009
2010
1,000 tons
500 tons
2009
Rs.2000 a ton Rs.3000 a
1,100 tons
525 tons
2010
ton
Crabs
Rs.1000 a ton Rs.800 a ton
Calculate Pak Republic's nominal GDP in
2009.
Calculate Pak Republic's nominal GDP in 2010.
Calculate Pak Republic's real GDP in 2010
expressed in 2009 dollars.
The economy of Tuland produces only two products fish and watches. The following information is available for production and prices of Tuland's products for the years 2009 and 2010.
2009
2010
Quantity of fish
Quantity of watches
Price of fish
120
126
60
75
$10.00
$30.00
Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.)
$11,50
Price of watches
$33.00
GDP for 2009 in 2009's prices
GDP for 2009 in 2010's prices
GDP for 2010 in 2009's prices
$4
GDP for 2010 in 2010's prices
2$
Using 2009 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the
GDP deflator first.
Using 2010 as the base year, compute the percentage change
GDP deflator first.
the price level, i.e. the inflation rate. hint: you need to compute the
%
The geometric average of the two inflation rates
%
Chapter 21 Solutions
Macroeconomics
Ch. 21.1 - Prob. 1RQCh. 21.1 - Prob. 2RQCh. 21.1 - Prob. 3RQCh. 21.2 - Prob. 1RQCh. 21.2 - Prob. 2RQCh. 21.2 - Prob. 3RQCh. 21.2 - Prob. 4RQCh. 21.2 - Prob. 5RQCh. 21.3 - Prob. 1RQCh. 21.3 - Prob. 2RQ
Ch. 21.3 - Prob. 3RQCh. 21.3 - Prob. 4RQCh. 21.3 - Prob. 5RQCh. 21 - Prob. 1SPACh. 21 - Prob. 2SPACh. 21 - Prob. 3SPACh. 21 - Prob. 4SPACh. 21 - Prob. 5SPACh. 21 - Prob. 6SPACh. 21 - Prob. 7SPACh. 21 - Prob. 8SPACh. 21 - Prob. 9APACh. 21 - Prob. 10APACh. 21 - Prob. 11APACh. 21 - Prob. 12APACh. 21 - Prob. 13APACh. 21 - Prob. 14APACh. 21 - Prob. 15APACh. 21 - Prob. 16APACh. 21 - Prob. 17APACh. 21 - Prob. 18APACh. 21 - Prob. 19APACh. 21 - Prob. 20APACh. 21 - Prob. 21APACh. 21 - Prob. 22APACh. 21 - Prob. 23APACh. 21 - Prob. 24APACh. 21 - Prob. 25APACh. 21 - Prob. 26APACh. 21 - Prob. 27APACh. 21 - Prob. 28APA
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