Question
In: Economics
The table below contains national income data for Macroeconomics Land: (20 Marks) Year Nominal GDP GDP...
- The table below contains national income data for Macroeconomics Land:
|
Year |
Nominal GDP |
GDP Deflator |
Real GDP |
|
2014 |
$3237.0 |
93.3 |
3469.45 |
|
2015 |
$3156.4 |
97.2 |
3247.3 |
|
2016 |
$2995.3 |
100 |
2995.3 |
|
2017 |
$3376.2 |
103.2 |
3271.5 |
|
2018 |
$3517.6 |
101.4 |
3469.03 |
|
2019 |
$3797.3 |
102.6 |
3701.1 |
- Fill in the missing data in the table.
- Which year is the base year and what role does this year play in determining real GDP?
Solutions
Rahul Sunny answered 7 months agoRelated Solutions
Consider the following data, answer the question below: Year Nominal GDP GDP Deflator (Base year =...
Consider the following data, answer the question below:
Year
Nominal GDP
GDP Deflator
(Base year = 2010)
2012
646
104
2013
662
107
Calculate Real GDP in 2012
2) Given the data below calculate
Nominal GDP, Real GDP, and the GDP Deflator using 2010 as the base
year.
Year
Price of Ford Mustang
Quantity of Mustangs Sold
Price of Mountain Bike
Quantity of Mountain Bikes sold
2010
$31,000
6000
$325
200
2011
$33,000
6300
$350
225
2012
$30,000
5500
$365...
The following table gives national income data for Aspacifica. GDP STATISTICS ______________________________________________________ &nbs
The following table gives national
income data for Aspacifica.
GDP STATISTICS
______________________________________________________
2010/11
2011/12
2012/13
______________________________________________________
Nominal GDP
($
billion)
6,096
6,485
6,745
Price index
(2009/10 = 100)
112
115
118
_________________________________________________________
Calculate the percentage change in nominal GDP from 2010/11 to
2011/12, and from 2011/12 to 2012/13.
Calculate the inflation rate over these two periods.
Calculate real GDP in 2009/10 prices for the three years.
What are the...
Table 2 below shows the national income accounting data for the year 2020 in Country A....
Table 2 below shows the national income accounting data for the
year 2020 in Country A. Using expenditure approach, calculate the
following values:
Items RM (Million)
Depreciation 560
Gross private domestic investment expenditures 5980
Imports 9900
Exports 3000
Federal government expenditures 7900
State and local government expenditures 1653
Personal consumption expenditure 8960
Transfer payments 300
Receipts of factor income from the rest of the world 930
Payments of factor income to the rest of the world 1890
(i) Gross domestic...
RATES of GROWTH (25 Marks) Year Nominal GDP (Billions) Gdp Deflator Population CPI Medium Family Income...
RATES of GROWTH
Year
Nominal GDP (Billions)
Gdp Deflator
Population
CPI
Medium Family Income
2017
2,102.57
115.006
36.514
130.658
84,950
2016
2,018.68
112.53
36.188
128.247
82,110
2015
1,985.65
112.295
35.825
126.542
80,940
2014
1,973.04
112.893
35.497
125.158
78,570
2013
1,892.19
110.944
35.102
122.8
76,550
2012
1,822.81
109.247
34.699
121.675
74,540
2011
1,769.92
107.929
34.303
119.842
72,240
2010
1,662.13
104.539
33.959
116.475
69,860
2009
1,567.37
101.619
33.581
114.45
68,410
2008
1,652.92
104.005
33.199
114.108
68,860
2007
1,573.53
100
32.848
111.45
66,550...
RATES of GROWTH (25 Marks) Year Nominal GDP (Billions) Gdp Deflator Population CPI Medium Family Income...
RATES of GROWTH
Year
Nominal GDP (Billions)
Gdp Deflator
Population
CPI
Medium Family Income
2017
2,102.57
115.006
36.514
130.658
84,950
2016
2,018.68
112.53
36.188
128.247
82,110
2015
1,985.65
112.295
35.825
126.542
80,940
2014
1,973.04
112.893
35.497
125.158
78,570
2013
1,892.19
110.944
35.102
122.8
76,550
2012
1,822.81
109.247
34.699
121.675
74,540
2011
1,769.92
107.929
34.303
119.842
72,240
2010
1,662.13
104.539
33.959
116.475
69,860
2009
1,567.37
101.619
33.581
114.45
68,410
2008
1,652.92
104.005
33.199
114.108
68,860
2007
1,573.53
100
32.848
111.45
66,550...
Saving and investment in the national income accounts The following table contains data for a hypothetical...
Saving and investment in the national income
accounts
The following table contains data for a hypothetical closed
economy that uses the dollar as its currency.
Suppose GDP in this country is $1,680 million. Enter the amount
for investment.
National Income Account
Value
(Millions of dollars)
Government Purchases (GG)
400
Taxes minus Transfer Payments (TT)
360
Consumption (CC)
1,000
Investment (II)
Complete the following table by using national income accounting
identities to calculate national saving. In your calculations, use
data from...
2. Saving and investment in the national income accounts The following table contains data for a...
2. Saving and investment in the national income
accounts
The following table contains data for a hypothetical closed
economy that uses the dollar as its currency.
Suppose GDP in this country is $1,175 million. Enter the amount
for government purchases.
National Income Account
Value
(Millions of dollars)
Government Purchases (GG)
Taxes minus Transfer Payments (TT)
225
Consumption (CC)
625
Investment (II)
300
Complete the following table by using national income accounting
identities to calculate national saving. In your calculations, use...
2. Saving and investment in the national income accounts The following table contains data for a...
2. Saving and investment in the national income accounts The
following table contains data for a hypothetical closed economy
that uses the dollar as its currency. Suppose GDP in this country
is $800 million. Enter the amount for government purchases.
National Income Account Value (Millions of dollars) Government
Purchases (G) 200 Taxes minus Transfer Payments (T) 260 Consumption
(C) 300 Investment (I) 300 Complete the following table by using
national income accounting identities to calculate national saving.
In your calculations,...
Question 1 Table 2 below shows the national income accounting data for the year 2020 in...
Question 1
Table 2 below shows the national income
accounting data for the year 2020 in Country A.
(include any tables and graphs, if any)
Items
RM (Million)
Depreciation
560
Gross private domestic investment
expenditures
5980
Imports
9900
Exports
3000
Federal government expenditures
7900
State and local government
expenditures
1653
Personal consumption expenditure
8960
Transfer payments
300
Receipts of factor income from the rest
of the world
930
Payments of factor income to the rest
of the world
1890
Using...
Answer the following macroeconomics questions. a) What is the difference between nominal GDP and real GDP?...
Answer the following macroeconomics questions.
a) What is the difference between nominal GDP and real GDP? Which
one of them is used to calculate the economic growth rate? Justify
your answer.
b) Give the equation used to calculate the unemployment rate. State
the different types of unemployment. In your opinion, which type is
the most problematic one? Justify your answer.
c) Governments may achieve certain economic goals; say controlling
inflation, by implementing fiscal and/or monetary policies. Explain
briefly the difference...
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