Please solve all the subparts Chain-Weignted PriceDeflators (Index) for GDP2012Nominal GDPYear(in Billions)100 (Base Year)2000$9,81778.1200110,12879.8200210,46981.0200310,96082.6200411,68584.8ook200512,42287.4Fint» 200613,17890.1200713,80892.5ences200814,29194.3200913,93995.0201014,52796 1201115,51898.1201216,163100.0201316,768101.8201417,393103.6201518,037104.6201618,754105.7201719,543107.8201820,612110.3201921,433112.3 Instructions: For parts a, c, d, and e, enter your responses as a percentage rounded to one decimal place. For part b, round yourresponse to the nearest billion.a. Calculate the percentage change in nominal GDP between 2010 and 2019.b. Calculate real GDP in 2019 at prices of 2010.C. Calculate the percentage change in real GDP between 2010 and 2019.d. What is the percentage change in nominal GOP between 2010 and 2019 attributed to changing prices?e. What is the percentage change in nominal GDP between 2010 and 2019 attributed to a growing economy?

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Chain-Weignted Price Deflators (Index) for GDP 2012 = 100 (Base Year) Nominal GDP Year (in Billions) 2000 $9,817 78.1 2001 10,128 79.8 2002 10,469 81.0 2003 10,960 82.6 2004 11,685 84.8 2005 12,422 87.4 2006 13,178 90.1 2007 13,808 92.5 2008 14,291 94.3 2009 13,939 95.0 2010 14,527 96.1 2011 15,518 98.1 2012 16,163 100.0 2013 16,768 101.8 2014 17,393 103.6 2015 18,037 104.6 2016 18,754 105.7 2017 19,543 107.8 2018 20,612 110.3 2019 21,433 112.3

Chain-Weignted Price Deflators (Index) for GDP 2012 = 100 (Base Year) Nominal GDP Year (in Billions) 2000 $9,817 78.1 2001 10,128 79.8 2002 10,469 81.0 2003 10,960 82.6 2004 11,685 84.8 2005 12,422 87.4 2006 13,178 90.1 2007 13,808 92.5 2008 14,291 94.3 2009 13,939 95.0 2010 14,527 96.1 2011 15,518 98.1 2012 16,163 100.0 2013 16,768 101.8 2014 17,393 103.6 2015 18,037 104.6 2016 18,754 105.7 2017 19,543 107.8 2018 20,612 110.3 2019 21,433 112.3

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 20CTQ: U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up...

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A. Using the average price for all three goods, real GDP in 2012 is $___. (Enter your response as an integer.) B. Using the average prices for all three goods, real GDP in 2013 is $___. (Enter your response as an integer.) C. The percentage change in real GDP from 2012 to 2013 is __ percent. (Round your response to two decimal places.) D. Using the average prices, the GDP deflator for 2012 is ____ . (Round your response to two decimal places.) E. Using the average prices, the GDP deflator for 2013 is ____percent. (Round your response of two decimal places.) F. Using the GDP deflators recorded above the rate of inflation from 2012 to 2013 is ___ percent. (Round your response to two decimal places.)
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a. Write an essay Explaining concisely whether the following statement is true or false: “The GDP of a country does provide an accurate indicator of the welfare of its citizens”
An economy produces three goods: A, B and C. Quantities (Q) and prices (P) per unit for years 2010, 2011 and 2012 are as follows: A B с 2010 2011 2012 P 2 3 Q 275 225 275 P 3 4 Q 375 375 275 P 4 5 7 Q 475 450 520 a. What is nominal GDP in 2012? b. Using the prices for 2012 as the set of common prices, what is real GDP in 2011? c. Using the prices for 2012 as the set of common prices, by what percentage does real GDP change from 2011 to 2012? a. Nominal GDP in 2012 1. 6300 b. Real GDP in 2011 1.6285 ✓c. Percentage change in real GDP from 2011 to 2012 II. 3.15% IV. 4.28% V. 2.16% VI, 6275 VIL, 6390 VIII, 6210 IX 1.43%
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3 8 01:19:04 Below are nominal GDP and GDP deflators for four years. Nominal GDP (in billions) $19,000 19,560 20,495 21,280 Year Year 1 Year 2 Year 3 Year 4 a. Calculate real GDP in each year. Instructions: Round your responses to the nearest whole number. GDP in Year 1: $ GDP in Year 2: $ GDP in Year 3: $ GDP in Year 4: $ b. Did the percentage change in nominal GDP exceed the percentage change in real GDP in any of the last three years listed? Year 2: Year 3: Year 4: (Click to select) No Yes Year 2 (Click to select) billion billion billion GDP Deflator 100 102 105 106 billion c. In which year did society's welfare increase the most?
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