Calculate the GDP for the following two examples. Show your work. (1 point) Using the information...

Calculate the GDP for the following two examples. Show your work.

(1 point) Using the information below, calculate the nominal GDP.

Personal consumption	$300
New Building Construction	50
Increase in inventories	50
Equipment purchases by business firms	35
Government purchases	125
Social Security payments to households	50
Government welfare payments	30
Exports	60
Imports	100

(4 points) GDP is the sum of the market value of all final goods and services produced in an economy in a given year. In the following scenario, compute the value added at each stage of production, and compare this figure to the final value of the product produced and in 1 page or less, explain why we only include either the value-added or the final value of the product in GDP. Report your results in a table.

Scenario: Suppose a dairy farm produces raw milk, which it sells for $800 to a dairy. The dairy produces milk which it sells or $2500 to a cheese manufacturer. The cheese manufacturer uses the milk to make cheese, which it sells for $6000 to a grocery store. The grocery store sells the cheese to consumers for $9,000.

(3 points) Suppose a single product economy produced 2000 pounds of beef in 2010. The price of a pound of beef was $3 in 2010. The price of beef was $5 per pound in 2015 and the economy produced 4300 pounds.
1. Calculate the nominal GDP for 2010 and 2015
2. Calculate the real GDP for 2010 and 2015, assuming 2010 as the base year.
3. Calculate the GDP price index for 2010, using 2015 as the base year.

(2 points) In ½ page or less explain why a country should use real GDP rather than nominal GDP to measure the economic well-being of the country?

I am having a bunch of trouble trying to figure these out each time I think I have the inputs right with these questions I keep coming up with the wrong answers can someone walk me through this?

Expert Solution

Rahul Sunny answered 3 years ago

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