Q: Consider an economy that produces and consumes bread and automobiles. In the table below are data…
A: Given Year Price of an automobile Price of a loaf of bread Number of automobiles produced Number…
Q: please answer part a-d using the data given below following data for Bacon County, Georgia, an area…
A: GDP(gross domestic product) is the total value(monetary value) of final goods/services produced in…
Q: Refer to the following table of Annual GDP in the US. Year Nominal GDP Price Index Real GDP $1,878…
A: Real GDP for 1986 can be calculated as follows: Real GDP1986=Nominal GDPPrice…
Q: 1. Briefly explain the following terms Nominal GDP, Real GDP, Base Year,
A: Hi, Thanks for the question. As per the guidelines, we are allowed to attempt the first three…
Q: Consider an economy that produces and consumes Bread and Automobile. Data for two different years…
A: We define GDP as the value of all the final goods and services newly produced in an economy during a…
Q: Suppose the following table: 2014 2015 2016 Product Quantity Price Quantity Price Quantity Price…
A: d) Real GDP;
Q: Refer to the information provided in Table below Find the nominal and real GDP for the following…
A: Nominal GDP is the value of all the goods and services produced in the economy in a specific period…
Q: Consider a simple economy that produces two goods: pens and oranges. The following table shows the…
A: nominal GDP = value of goods and services in a given year evaluated at the current year prices real…
Q: Consider a simple economy that produces two goods: apples and muffins. The following table shows the…
A: Year Price of Apple Quantity of Apple Price of Muffins Quantity of Muffins 2018 1 110 2 150 2019…
Q: the following table shows nominal GDP and an appropriate price index for a group of selected years.…
A: The Real GDP can be calculated by the given equation.
Q: onsider the following data on U.S. GDP: Year GDP (Billions of current dollars) (Billions of 2012…
A: Real GDP and Nominal GDP are two different ways of calculating Gross domestic product.
Q: Consider a macroeconomy that produces smartphones, automobiles and haircuts. Use the information…
A: GDP includes the market value of goods and services produced in the economy within a given period of…
Q: Question 2 Using the below table for an economy, please calculate a) Nominal income. b) Real income…
A: Hi! Thank you for the question but as per the guidelines, we answer only 3 sub-parts at one time.…
Q: Year Milk Honey Price Quantity Price Quantity (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 200 2 100…
A: Nominal GDP and Real GDP refers to different ways of calculating gross domestic product.
Q: 2006 Statistics 2007 Statistics 2008 Statistics Product Quantity Price Quantity Price Quantity Price…
A: Here, information about the price and quantity of 4 goods is given for three years among which let…
Q: shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in…
A: From the table, we can see nominal GDP rises every year between 1978 to 1983, while the Real GDP had…
Q: Below are some data from the productions of milk and honey. price of quantity of price of quantity…
A: Since you have asked multiple question, we will answer first question for you. If you want any…
Q: Product Quantity(2013) Price (2013) Quantity (2018) Price (2018) Pizzas 100 $10 120 $12 Haircuts 50…
A: Nominal GDP measures the value of goods and services at current prices whereas real GDP measures…
Q: Consider a simple economy that produces two goods: cupcakes and oranges. The following table shows…
A: GDP refers to the value of final goods and services produced in an economy over a period of time.…
Q: Table 1: Quantity Produced and Price of Good Year 2000 Year 2010 Price of an automobile Quantity of…
A:
Q: The following table contains data on the fictional country of Penguinia. Presented are the country's…
A: Formula for Real GDP Real GDP = Nominal GDPGDP CHAIN PRICE INDEX×100 Calculating the values of the…
Q: The following table shows nominal GDP and an appropriate price index for a group of selected years.…
A: Real GDP = (Nominal GDP/Deflator)*100 If the Real GDP is greater than nominal, then it is inflating…
Q: A small economy produces three main products, products A, B, and C. The following table indicates…
A: Use the below formula to find the real GDP: Real GDP = Base year price x Current year quantity
Q: Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.…
A: Nominal GDP is the total value of all goods and services produced in a given time period. It is…
Q: onsider a simple economy that produces two goods: apples and muffins. The following table shows the…
A: nominal GDP measures the value of good at current prices. real GDP measures the value of good at…
Q: Consider a simple economy that produces two goods: pencils and envelopes. The following table shows…
A: The gross domestic product of a nation is the aggregate of the monetary values of all final goods…
Q: Consider the following hypothetical economy with the following economic data. Nominal GDP GDP…
A: To measure the price inflation in an economy GDP deflator is used. It is calculated as follows: GDP…
Q: Answer the following questions using the table below. Real Output Nominal Output GDP deflator…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Consider an economy that produces and consumes bread and automobiles. In the following table are…
A: In economics, the final demand domestically can be defined as the total demand for final services…
Q: Compute nominal GDP in 2014. Compute real GDP in 2015. Compute the GDP deflator in 2016. 2014…
A: Nominal GDP refers to the current value of all the goods and services in a given time period. Real…
Q: Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP…
A: Gross domestic product is the total market value of all the services and finished goods being…
Q: 2. According to the following table, what is the GDP deflator in 2005? 2004 Nominal GDP Real GDP…
A: Given information: Nominal GDP of 2004 = $10000 Real GDP of 2004 = $8000 Nominal GDP of 2005 =…
Q: Consider a simple economy that produces two goods: pencils and erasers. The following table shows…
A: We will answer only the first three questions out of these because the exact question number is not…
Q: A small economy produces three main products, products A, B, and C. The following table indicates…
A: Nominal GDP is the final value of all goods and services produced in a given time period. Real GDP…
Q: Suppose the following table: 2014 2015 2016 Product Quantity Price Quantity Price Quantity Price…
A: Disclaimer :- We can't solve all questions if it is subparts as per guidelines . Since you posted…
Q: (Technological Change and Unemployment) What are some examples, other than those given in the…
A: Technological changes leads to introduction of new technological advancement in the production. It…
Q: Use the following information to answer this question. If nominal GDP rises from $100 trillion to…
A: Nominal GDP is the gross domestic product of a nation without adjusting for inflation, whereas real…
Q: Below are some data from the productions of milk and honey. price of quantity of price of quantity…
A: Nominal GDP: It is the complete market worth, everything being equal, and administrations created in…
Q: Below are some data from the land of milk and honey for 2016, 2017 and 2018, respectively. Price of…
A: Nominal GDP is the aggregate of the value of all final goods and services produced in an economy…
Q: A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these…
A: The Gross Domestic Product (GDP) is the value of the final goods and services produced within the…
Q: Consider the following data on the GDP of Z-product: i) What was the growth rate of nominal GDP…
A: GDP is the value of final goods and services produced in the economy within a given period of time
Q: The following table shows nominal GDP and an appropriate price index for a group of selected years.…
A: Price Index = (Nominal GDP/Real GDP)*100 Therefore, Real GDP = (Nominal GDP/Price Index)*100
Q: Consider an economy that produces and consumes bread and cars. Year 2010 Year 2017…
A: Price of car in 2010 = $50000 Price of loaf of bread in 2010 = $10 Number of cars produced in 2010=…
Q: The economy of Tuland produces only two products oranges and dvds. The following information is…
A: Note: "Sorry", since you posted a question multiple sub-parts. I will do only first three sub-parts.…
Q: The fictional small country of Qbert has had a robust GDP the last few years. Dansbert produces just…
A: Real GDP is calculated by multiplying the prices in base year and quantities of goods and services…
Q: 2013 2018 Product Quantity Price Quantity Price Pizzas 100 $10…
A: Real GDP in the year 2013= price of pizza×quantity of pizza+ price of haircuts×quantity of haircuts+…
Q: The following graph approximates business cycles in the United States from the first quarter of 1947…
A:
Consider the following data on U.S.
Year | Nominal GDP (in billions of dollars) | GDP Deflator (base year 2009) |
2014 | 17,419 | 108.3 |
1994 | 7,309 | 73.8 |
Answer the following questions. Please explain in detail of your calculation (if needed).
1. What is GDP Deflator? What does it mean when GDP Deflator in 2014 was 108.3?
2. What was the growth rate of nominal GDP between 1994 and 2014?
3. What was the growth rate of GDP Deflator between 1994 and 2014?
4. What was real GDP in 1994 and 2014 measured in 2009 prices?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Homework The Aggregate Economy Revenues Expenditures GDP Year (Billions of dollars) (Billions of dollars) (Billions of dollars) 2000 2,025 1,789 9,817 2001 1,991 1,863 10,128 2002 1,853 2,011 10,470 2003 1,783 2,160 10,961 2004 1,880 2,293 11,686 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for expenditures and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 EXPENDITURES AND REVENUES (Percent of GDP) 15 10 0 2003 > Expenditures 2004 2005 1999 2000 2001 2002 YEAR In which years was the government's budget in deficit? Check all that apply. 2000 2001 2002 U 2003 2004 In 2001, the national debt by 4 Revenues X A-Z हेConsider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2009) 2016 18,707 105.93 1996 8,073 73.18 The growth rate of nominal GDP between 1996 and 2016 was , and the growth rate of the GDP deflator between 1996 and 2016 was . (Hint: The growth rate of a variable XX over an NN-year period is calculated as 100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1) Measured in 2009 prices, real GDP was billion in 1996 and billion in 2016. (Note: Select the answers closest to the values you compute.) The growth rate of real GDP between 1996 and 2016 was . The growth rate of nominal GDP between 1996 and 2016 was than the growth rate of real GDP.Consider the following data on U.S. GDP: Year (Billions of current dollars) (Billions of 2012 dollars) 2014 17,521.7 16,899.8 18,219.3 17,386.7 18,707.2 17,659.2 19,485.4 18,050.7 20,494.1 18,566.4 2015 2016 2017 2018 GDP Source: "National Economic Accounts."U.S. Bureau of Economic Analysis. The percentage change in nominal GDP from 2015 to 2016 was The percentage change in real GDP from 2015 to 2016 was True or False: The percentage change in real GDP from 2015 to 2016 was higher than the percentage change in real GDP from 2014 to 2015. True False
- Calculate GDP deflator from the following table: Year Nominal Real GDP GDP 2000 8952 8952 2001 9200 9050 2002 10,000 9500 2003 10,030 9330 2004 11,100 10,000Calculate GDP deflator from the following table: Year Nominal GDP Real GDP 2000 8952 8952 2001 9200 9050 2002 10,000 9500 2003 10,030 9330 2004 11,100 10,000Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012. Year Real GDP (2009 prices) Population 1993 $9,510,800 million 257.8 million 2012 $15,470,700 million 313.85 million
- Dollars (trillions) 25 20 15- 10- 0 -5 11 Expenditure components of nominal GDP 1950 GDP (Y) Consumption (C) Investment (1) Government spending (G) Exports (X) Imports (M) 1960 Figure Data Notes 1970 198 1990 2000 2010 The following will refer to the data table in the chart above, to access the data table for this graph you will need to click on the data button at the bottom of the chart. In Q2 of 2008 which of the following were above 9 trillion dollars (annualized)? Select the two correct answers.The United States gross national product in trillions of dollars for the latter half of the 1980s is given in the table below. Year 1985 1986 1987 1988 1989 GNP ($trillion) 4.02 4.23 4.52 4.88 5.20 1. Using technology, calculate the average rate of change for each year. You may, for example, make a table in a spreadsheet with Year, GNP, and Average Rate of Change, as the three columns. What are the independent and dependent variables? 2. Using technology, create a plot of GNP vs year. Does the data appear to be linear? Explain. 3. Using technology, construct a linear trendline and determine the R2 value. What is the trendline equation? Interpret the slope, including units. What is the R2 value? Is there a strong or weak correlation? 4. Using the trendline equation, create a spreadsheet table and second plot of GNP vs year, extending the data through 1995. What GNP does your trendline predict for 1993? Explain in the context of the problem. 5. In what year does the trendline predict the…Complete the following table by filling in the missing cells. Real GDP Nominal GDP Year (In 2000 dollars) (In current dollars) GDP Deflator (Base year 2000) 1970 3,000 1,200 1980 5,000 60 1990 7,000 6,000 100 2000 9000 8,000 2010 15,000 200 2020 10,000 300 2030 20,000 50,000
- Use the data to calculate nominal Canadian GDP using the spending approach for both 2016 and 2017. 2016 (billions of $) 2017 (billions of $) Consumption $12,800 $13,300 Investment $3,200 $3,400 Exports $2,200 $2,400 Imports $2,700 $2,900 Government Spending $3,300 $3,400Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($millions)GDP Deflator201017500103.7201518222104.8202018755105.9Over each 5-year period, there were no significant changes to goverment policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5%. In 2010 employment population ratio is 64%. What is the real GDP per worker in 2010.Consider the following data on U.S. GDP: GDP Year (Billions of current dollars) (Billions of 2012 dollars) 2014 17,521.7 16,899.8 2015 18,219.3 17,386.7 2016 18,707.2 17,659.2 2017 19,485.4 18,050.7 2018 20,494.1 18,566.4 Source: "National Economic Accounts."U.S. Bureau of Economic Analysis. The percentage change in nominal GDP from 2016 to 2017 was The percentage change in real GDP from 2017 to 2018 was True or False: The percentage change in real GDP from 2017 to 2018 was higher than the percentage change in real GDP from 2016 to 2017. O True O False