Question
In: Economics
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 price index for years 2015, 2016 and 2017.
b. Recalculate the real GDP for the years 2015, 2016, 2017.
Consider the following data for the United States:
|
Date |
Price Index (base year 2017) |
Real GDP (billions of dollars per year, in constant 2017 dollars) |
|
|
2015 |
|||
|
2016 |
|||
|
2017 |
Solutions
Expert Solution
BASE YEAR is 2017
(A) PRICE INDEX CALCULATION FORMULAE-
OR 
|
DATE |
NOMINAL GDP (billion of dollar per year) |
REAL GDP (billion of dollar per year) |
PRICE INDEX (BASE YEAR 2017) |
|
2015 |
18,238 |
17,432 |
|
|
2016 |
18,745 |
17,731 |
|
|
2017 |
19,543 |
18,144 |
|
×100= 101
(B) REAL GDP CALCULATION FORMULAE-
OR 
|
YEAR |
NOMINAL GDP |
PRICE INDEX (base year 2017) |
REAL GDP |
|
2015 |
18,238 |
101 |
|
|
2016 |
18,745 |
104 |
|
|
2017 |
19,543 |
108 |
|
×100= 18096
Rahul Sunny answered 2 years 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)
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$1600
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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
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What was the growth rate of the GDP deflator between 2008 and
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What was real GDP in 2008 measured in 2002 prices?
What was real GDP in 2009 measured in 2002 prices?...
Consider the yearly data of lumber production (in billions of board feet) in the United States...
Consider the yearly data of lumber production (in
billions of board feet) in the United States given as
follows:
year
production
1921
29
1922
35.2
1923
41
1924
39.5
1925
41
1926
39.8
1927
37.3
1928
36.8
1929
38.7
1930
29.4
1931
20
1932
13.5
1933
17.2
1934
18.8
1935
22.9
1936
27.6
1937
29
1938
24.8
1939
28.8
1940
31.2
1941
36.5
1942
36.3
1943
34.3
1944
32.9
1945
28.1
1946
34.1
1947
35.4
1948
37
1949
32.2
1950...
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...
Consider the following table: Year Quantity of Money (billions of $) Velocity Real GDP (billions of...
Consider the following table:
Year
Quantity of Money (billions of $)
Velocity
Real GDP (billions of 2009 $)
GDP Deflator
2006
$1,369
10.274
$14,717
2009
$1,684
8.650
1.002
2012
$2,434
6.696
$15,384
Fill in the missing data, using the quantity equation of
money.
Why might velocity change in this way?
Calculate the average inflation rate between 2006 and 2009 and
between 2009 and 2012.
If velocity had remained at the 2006 level, what would the
deflator have been in 2009...
Consider the following data on real GDP per capita in: Year Per Capita Real GDP 1950...
Consider the following data on real GDP per capita in:
Year
Per Capita Real GDP
1950
14 339
1960
17 351
1970
23 790
1980
30 732
1990
35 868
2000
43 288
2010
46 406
2011
47 554
2012
47 741
2013
48 066
2014
48 780
a) Calculate the percentage growth rates in real GDP per capita
in each of the years 2011 through 2014, from the previous year.
b) Now, instead of calculating the annual percentage growth...
Exhibit: Totals Recorded for the United States (billions of dollars)* Durable goods consumption $ 497...
Exhibit: Totals Recorded for the United States
(billions of dollars)*
Durable goods consumption $ 497
Nondurable goods consumption 1,301
Services consumption 2,342
Business fixed investment 566
Residential fixed investment 224
Inventory investment 7
Federal government purchases 449
State and local government purchases 683
Exports 640
Imports 670
Excess of GNP over GDP 7
Depreciation 658
Indirect business taxes 551
Corporate profits (includes wage accruals less disbursements)
387
Social insurance contributions 556
Net interest 442
Dividends (includes business transfer payments)...
Using the expenditure approach, calculate GDP using the following data. Item Amount in dollars (billions) Total...
Using the expenditure approach, calculate GDP using the
following data.
Item
Amount in dollars (billions)
Total Consumption
9,600
Consumption of Durable Goods
1,600
Consumption of Non Durable Goods
2,800
Consumption of Services
3,200
Total Investment
3,750
Fixed Investment
1,000
Government purchases of Goods &
Services
2,675
Government Transfer Payments
450
Exports
800
Imports
900
GDP Equals
Consider the following data for a hypothetical country for 2015. Total (Billions of Dollars) Consumption 12,268...
Consider the following data for a hypothetical country
for 2015.
Total
(Billions of Dollars)
Consumption
12,268
Investment
3,018
Government Purchases
3,184
Net Exports
-532
1. What is the GDP for 2015?
2. What percentage of GDP is Consumption?
3. If the population is 300 million people what is the
GDP per capita in this country?
Consider the national income accounting data provided in the following table: Item Billions of Dollars...
Consider the national income accounting data provided in the
following table:
Item Billions of Dollars
Gross private domestic investment $45
Personal Taxes 30
Proprietor Income 50
Transfer Payments 20
Indirect business taxes 15
Corporate income taxes 10
Government expenditures 39
Consumption of fixed capital (depreciation) 10
U.S. exports 20
Compensation to Employees (wages) 175
Dividends 15
Corporate Ret. Earnings (Undistributed Profits) 5
Net foreign factor income earned in U.S. 3
Rental Income 25...
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