Question
In: Economics
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 |
250 |
2010 2011 2012
Nominal GDP Calculation _______ _______ _______
Real GDP Calculation _______ _______ _______
GDP Deflator Calculation
Solutions
Rahul Sunny answered 6 months agoRelated Solutions
Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base...
Consider the following data on U.S. GDP:
Year
Nominal GDP
GDP Deflator
(Billions of dollars)
(Base year 2009)
2017
19,485
107.95
1997
8,578
74.45
The growth rate of nominal GDP between 1997 and 2017 was
_______, and the growth rate of the GDP deflator between 1997 and
2017 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 1997 and
______billion in 2017....
Consider the following data on Canadian GDP” Year Nominal GDP (billions) GDP Deflator (base year: 2002)...
Consider the following data on Canadian GDP”
Year
Nominal GDP (billions)
GDP Deflator (base year: 2002)
2009
$1600
118
2008
$1520
121
What was the growth rate of nominal GDP between 2008 and 2009?
(The growth rate is the percentage change from one period to the
next).
What was the growth rate of the GDP deflator between 2008 and
2009?
What was real GDP in 2008 measured in 2002 prices?
What was real GDP in 2009 measured in 2002 prices?...
Consider the following data for India: GDP deflator, 2019 (base year: 2011): 138.8 GDP deflator, 2018...
Consider the following data for India: GDP deflator, 2019 (base
year: 2011): 138.8 GDP deflator, 2018 (base year: 2011): 135.7 GDP,
2019 (current prices): 203,848 billion rupees GDP, 2018 (current
prices): 189,712 billion rupees Labor Force, 2019 (millions of
people): 494.3 Employment, 2019 (millions of people): 467.8
Interest rate (91-day Treasury yield, annual interest rate, 2019):
5.32% Calculate: (a) the inflation rate for 2019; (b) the real GDP
growth rate for 2019; (c) the unemployment rate for 2019; (d) the...
Year Nominal GDP Economic Growth Workers GDP Deflator Capital Population CPI M1 Inflation (with GDP Deflator)...
Year
Nominal GDP
Economic Growth
Workers
GDP Deflator
Capital
Population
CPI
M1
Inflation (with GDP Deflator)
2019
$22,000,000
2.10%
100
110
20,000,000
200
300
$4,000,000
1.10%
2069
$384,000,000
2.80%
150
320
60,000,000
300
1200
$40,000,000
2.90%
From the numbers in the table, and your last question, what led
to the increase in real per capital GDP between 2019 and 2069. Was
it an increase in the fraction of the population working, growth in
labor productivity, or a combination of both...
nominal GDP for 2019- $900,000 GDP deflator for 2019- 138 what is the real GDP for...
nominal GDP for 2019- $900,000
GDP deflator for 2019- 138
what is the real GDP for 2019?
Complete the table. Round your calculations for nominal GDP, real GDP, and GDP deflator values to...
Complete the table. Round your calculations for nominal GDP,
real GDP, and GDP deflator values to two decimals and rate
calculations to three decimals.
Year
Nominal GDP
Real GDP
GDP Deflator
Inflation Rate
1
1760.00
90.01
2
2000.00
0.111
3
2300.00
105.60
4
2410.00
2222.22
5
2327.44
112.57
Consider the following data for the United States: Date Nominal GDP (billions of dollars per year)...
Consider the following data for the United States:
Date
Nominal GDP
(billions of dollars per year)
Price Index
(base year 2010)
Real GDP
(billions of dollars per year,
in constant 2009 dollars)
2015
18,238
100.00
17,432
2016
18,745
101.05
17,731
2017
19,543
102.95
18,144
*Real-time data provided by Federal Reserve Economic Data
(FRED), Federal Reserve Bank of Saint Louis.
Assuming the base year is now 2017, complete the following
(enter your responses rounded to one decimal place):
a. Recalculate the...
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...
Use the following data to answer the following questions; A. Calculate nominal GDP in 2012 and...
Use the following data to answer the following questions; A.
Calculate nominal GDP in 2012 and 2013 B. Calculate real GDP in
2012 and 2013 (make 2012 the base year) Quantities 2012 2013 Apples
70 160 Oranges 90 220 Prices 2012 2013 Apples $.50 $1 Oranges $.25
$2
The BLS reported the following CPI data.
What is the rate of deflation between June 2008 and
2009? (Even though the price level fell, you still work the problem
the same)
June...
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