a. Using the provided information. caleulate the nominal GDP for each year bWhat is the percentage change in nominal GDP from 2013 to 20142 Provide any formulas you use and show your work in caleulating this answer c. What was the pereentage change in nominal GDP from 2014 to 2015?

a. Using the provided information. caleulate the nominal GDP for each year bWhat is the percentage change in nominal GDP from 2013 to 20142 Provide any formulas you use and show your work in caleulating this answer c. What was the pereentage change in nominal GDP from 2014 to 2015?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.

Question

1. Suppose that Republic of Economists produces three goods:; books, magazines and papers. The following
table provides information about the prices and output for these three goods for the years 2013, 2014 and
2015.
Price per Quantity
Price per
magazine
Quantity of Price per
magazines
Quantity
of papers
book
of books
рарer
2013
S100
10
S50
100
S10
200
2014 $100
2015
12
S52
108
$10
205
S110
12
S54
115
$10
212
a. Using the provided information. calculate the nominal GDP for each year
BWhat is the percentage change in nominal GDP from 2013 to 20142 Provide any formulas you use and
show your work in caleulating this answer
c. What was the percentage change in nominal GDP from 2014 to 2015?
d. Using 2013 as the base year, calculate the real GDP for each year
e. What was the percentage change in real GDP from 2013 to 2014?
£. What was the percentage change in real GDP from 2014 to 20152
g. Using 2013 as the base year, calculate the GDP deflator for each year (GDP deflator measured on a 100-
point scale with 2013 as the base year)

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