Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 21.A, Problem 1IAP
To determine

To compute:

The nominal GDP in 2015 and in 2016.

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Students have asked these similar questions
Calculate Nominal GDP and Real GDP for 2009 and 2019. Show calculation.
In an economy, Nominal GDP for year 2005 (base year = 1996) is $60 billion and the GDP deflator 2005 (base year = 1996) is 120. Calculate the Real GDP for 2005.
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?
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