data was calculated using 2005 as the base year, Fill in the column19. The following table contains nominal and real GDP data, inbillions of dollars, from the U.S. Bureau of Economic Analysis for2011 and 2012. The data is listed per quarter, and the real GDPfor the GDP deflator and for the percent increase in price level.NOMINALGDPREALGDPPERCENTINCREASE INDEFLATOR PRICE LEVELGDPQUARTER2011q12011q22011q32011q42012q12012q22012q32012q414,867.813,227.915,012.813,271.815,176.113,331.615,294.313,422.415,478.313,506.415,585.613,548.515,811.013,652.515,864.113,665.420. Evaluate the following statement: Even if the prices of alarge number of goods and services in the economy increasedramatically, the real GDP for the economy can still fall.

GDP Deflator: GDP deflator is the measure of the change in the prices of all the goods and services…

19. The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis 2011 and 2012. The data is listed per quarter, and the real GDE data was calculated using 2005 as the base year, Fill in the colu- for the GDP deflator and for the percent increase in price level NOMINAL GDP REAL GDP PERCEN INCREASE DEFLATOR PRICE LEW GDP QUARTER 2011q1 2011q2 14,867.8 13,227.9 15,012.8 13,271.8 2011q3 2011q4 2012q1 2012q2 2012q3 2012q4 15,176.1 13,331.6 15,294.3 13,422.4 15,478.3 13,506.4 15,585.6 13,548.5 15,811.0 13,652.5 15,864.1 13,665.4 20. Evaluate the following statement: Even if the prices of a large number of goods and services in the economy increas dramatically, the real GDP for the economy can still fall.

19. The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis 2011 and 2012. The data is listed per quarter, and the real GDE data was calculated using 2005 as the base year, Fill in the colu- for the GDP deflator and for the percent increase in price level NOMINAL GDP REAL GDP PERCEN INCREASE DEFLATOR PRICE LEW GDP QUARTER 2011q1 2011q2 14,867.8 13,227.9 15,012.8 13,271.8 2011q3 2011q4 2012q1 2012q2 2012q3 2012q4 15,176.1 13,331.6 15,294.3 13,422.4 15,478.3 13,506.4 15,585.6 13,548.5 15,811.0 13,652.5 15,864.1 13,665.4 20. Evaluate the following statement: Even if the prices of a large number of goods and services in the economy increas dramatically, the real GDP for the economy can still fall.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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GDP deflator of 2004 and2005?
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The table below is extracted from Happy land Republic, Bureau of Statistics recordsfor 2018-2019. Use the information in this table to answer the questions that follow.i. Calculate Happy Land Republic’s nominal GDP and real GDP in 2016ii. Why does real GDP always defer from nominal GDP?Item Base year (2015) 2016Production Price Production PriceUsed car sales 5,000 2000.00 6,000 2,500Factory components sales 8,000 500.00 10,000 1200.00Cloth sales 8,000 20.00 14,000 35.00Beef sales 1,500 10.00 1,800 12.00Milk litres sales 5,000 1.30 6,000 2.50Computers sales 2000 500.00 2500 800.00Printers sales 500 300.00 400 355.00Raw materials for tractorassembling plant sales 4500 250.00 4450 300.00