Fill in the missing portion of the following table and answer the following questions: (Billions) (Negative figures are surpluses) Year 2007 2008 2009 2010 2011 Potential Nominal GDP O248 billion O262 billion O 413 billion O 348 billion 14,449 14,981 15.310 15,647 16,134 Actual Nominal GDP 14,478 14,719 14,419 14,964 15,518 Shortfall in Output 29 262 892 682 616 Tax Rate 25% 25% 25% 25% 25% What was the structural budget deficit in 2008? Actual Budget Deficit (Minus Automatic Stabilizors) 183 413 1,063 877 891 Cyclical Budget Deficit 66 154 Structural Budget Deficit 190 707 Actual Budgot Deficit % of GDP 1.26% 5.86% 57 9

Fill in the missing portion of the following table and answer the following questions: (Billions) (Negative figures are surpluses) Year 2007 2008 2009 2010 2011 Potential Nominal GDP O248 billion O262 billion O 413 billion O 348 billion 14,449 14,981 15.310 15,647 16,134 Actual Nominal GDP 14,478 14,719 14,419 14,964 15,518 Shortfall in Output 29 262 892 682 616 Tax Rate 25% 25% 25% 25% 25% What was the structural budget deficit in 2008? Actual Budget Deficit (Minus Automatic Stabilizors) 183 413 1,063 877 891 Cyclical Budget Deficit 66 154 Structural Budget Deficit 190 707 Actual Budgot Deficit % of GDP 1.26% 5.86% 57 9

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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2) Below is the Table showing the annual gross electricity demand (TW.h) of Turkey versus gross do product a) Draw gross domestic product versus electricity consumption and find the equation of the line by the graphical method (be careful determining the dependent and the independent variables) b) By using the equation you have found, predict the electricity demand when GDP becomes 2500 billion S. Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GDP (billion $) 800 928 1024 1120 1094 1250 1433 1532 1691 1861 1966 2040 2186 gross annual electricity consumption (TWh) 161 175 190 198 194 210 230 242 246 257 266 279 295
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