GDP deflator = (Nominal GDP/Real GDP) x 100 Nominal GDP = Current Price x Current Quantity Nominal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000+30,000 = 70,000 Nominal GDP (2021) = 12 x 6,000 + 50 x 1,200 = 72,000 + 60,000 = 132,000 Real GDP = Base year price x Current Quantity Real GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000 + 30,000 = 70,000 Real GDP (2021) = 1..

GDP deflator = (Nominal GDP/Real GDP) x 100 Nominal GDP = Current Price x Current Quantity Nominal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000+30,000 = 70,000 Nominal GDP (2021) = 12 x 6,000 + 50 x 1,200 = 72,000 + 60,000 = 132,000 Real GDP = Base year price x Current Quantity Real GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000 + 30,000 = 70,000 Real GDP (2021) = 1..

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

See similar textbooks

Similar questions

The table below shows the annual population and nominal total GDP for New Zealand. Based on the data, which of the following options are correct? Select one correct answer. 4 Year 2015 2016 New Zealand Key Figures GDP (Current US $) $ 178,064,471,137.92 $ 188,838,342,527.98 Population 4,609,400 4,714,100 O GDP per capita in 2016 was $40,058.20 GDP per capita fell by 3.70% in 2016 compared to the previous year O New Zealand's population and GDP both rose such that the overall GDP per capita growth rate was zero O GDP per capita rose by 3.56% in 2016 compared to the previous year
2010 2011 Nominal GDP $700.00 $1700.00 2010 GDP deflator= 2011 GDP deflator = Nominal GDP 2013 $3600.00 real GDP in 2013 = $ Real GDP $300.00 $1500.00 GDP deflator 150.00
Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2009) 2016 18,707 105.93 1996 8,073 73.18 The growth rate of nominal GDP between 1996 and 2016 was , and the growth rate of the GDP deflator between 1996 and 2016 was . (Hint: The growth rate of a variable XX over an NN-year period is calculated as 100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1) Measured in 2009 prices, real GDP was billion in 1996 and billion in 2016. (Note: Select the answers closest to the values you compute.) The growth rate of real GDP between 1996 and 2016 was . The growth rate of nominal GDP between 1996 and 2016 was than the growth rate of real GDP.
If the GDP per capita of a country doubles every one hundred years, the shape of its graph on a linear scale graph and a ratio scale graph are: Linear scale graph Ratio scale graph An upward-sloping curve with (a) increasing slope (called convex An upward-sloping straight line shape) (b) An upward-sloping straight line A straight horizontal line An upward-sloping curve with (c) | An upward-sloping straight line decreasing slope (called concave shape) An upward-sloping convex (d) An upward-sloping convex curve curve Select one: а. а) O b. b) С. с) O d. d)
As per the World Bank, Philippine Real GDP (constant 2015 prices) was at around 396,220,000,000 USD in 2019. Meanwhile the GDP deflator for 2015-2019 is given as follows: Year Deflator 2015 100.00 2016 101.29 2017 103.66 2018 * 107.53 2019 108.28 Given this information, compute for the Nominal GDP for the Philippines in 2019.
Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($millions)GDP Deflator201017500103.7201518222104.8202018755105.9Over each 5-year period, there were no significant changes to goverment policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5%. In 2010 employment population ratio is 64%. What is the real GDP per worker in 2010.
The following table shows the U.S. gross domestic product (GDP) G, in trillions of dollars, as a function of the year t. t = Year 2004 2010 2014 G = GDP(trillions of dollars) 11.87 14.66 17.42 (a) Explain in practical terms what G(2010) means. The expression G(2010) is the year when the U.S. gross domestic product had a value of 11.87 trillion dollars.The expression G(2010) is the gross domestic product in trillions of dollars, multiplied by 2010. The expression G(2010) is the average of G(2004) and G(2010).The expression G(2010) is the U.S. gross domestic product in trillions of dollars in the year 2010. Find G(2010).$ trillion(b) Use functional notation to express the gross domestic product in 2012, and estimate that value. (Round the estimated value to two decimal places.) G = $ trillion(c) What is the average yearly rate of change in G from 2010 to 2014? (Round your answer to two decimal places.)$ trillion(d) Use your answer from part (c) to…
The price and quantity data for Year 1 and Year 2 are as follows: Bread Butter 100 Year 1 Quantity 50 Year 1 Price 1 1 Year 2 Quantity 80 120 Year 2 Price 1.25 1.60 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year?
Consider the following national accounts data for Westeros: Westeros' National Accounts (2019) GDP Item (S billions) Corporate income 140 Еxports 50 Wages and salaries 550 Net international income to the rest of the 8 world Gross investment 160 Government purchases 184 Indirect taxes 75 Personal consumption 500 Imports 27 Depreciation 79 Proprietors' incomes and rents Which is the following is the income-based estimate of GDP for Westeros? 65 $909 billion $751 billion $558 billion $939 billion
Question # 5 a: Calculate Nominal and Real GDP for each year. Consider the base year is 2013. YearBottles of Diet Coke (units)Price by Bottle in Rs 2013100,00010.25 2014400,00030.50 2015500,00030.75 2016800,00040.25 b: Analyze how much Pakistan’s GDP and each of its components is affected by the following transactions? Explain your answers (Maximum 200 words). i) Toyota Motors issues new shares to finance the construction of an automobile plant in Pakistan.ii) Your friend wins Rs.2 million in the lottery in Dubai iii) Rabia spends Rs.1500 to buy her husband dinner at the finest restaurant in Karachiiv) General Motors builds Rs.40 million worth of cars, but consumers only buy Rs. 38 million worth of them.v) Sadia spends 50000 on a computer to use in her editing business in Karachi. She got last year’s model on sale for a great price from a local manufacturer. (Sub parts to solved).
The United States gross national product in trillions of dollars for the latter half of the 1980s is given in the table below. Year 1985 1986 1987 1988 1989 GNP ($trillion) 4.02 4.23 4.52 4.88 5.20 1. Using technology, calculate the average rate of change for each year. You may, for example, make a table in a spreadsheet with Year, GNP, and Average Rate of Change, as the three columns. What are the independent and dependent variables? 2. Using technology, create a plot of GNP vs year. Does the data appear to be linear? Explain. 3. Using technology, construct a linear trendline and determine the R2 value. What is the trendline equation? Interpret the slope, including units. What is the R2 value? Is there a strong or weak correlation? 4. Using the trendline equation, create a spreadsheet table and second plot of GNP vs year, extending the data through 1995. What GNP does your trendline predict for 1993? Explain in the context of the problem. 5. In what year does the trendline predict the…
At the end of the year 2020, Statistics Kenya estimated the total amount spent on consumption, government purchases, investment and net export of goods and services to arrive at the country’s GDP. What measurement approach is described above?