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- year Good A Good B Litres of water Kilos of apples PA X QA Pa X Qu 2018 2t X 100 3t X 400 2019 36X 200 4E X 500 2020 46 X 300 6t X 600 Let P = the per-unit market price: Q- the number of units produced and sold of each of the final goods produced within the nation, in a given year (le. GDP). Let 2018 be the base year. The percentage (%) change in nominal GDP from 2019 to 2020 (regardless of base year) is: OA) 0.85 (= 85%) B) 0.66 (- 66%) O9 0.56 (- 56%) D) 0.76 (- 76%) E) 0.46 (- 46%)Which of the following will be counted in the Gross Domestic Product for this year (2023)? A) A new 2023 Ford Escape that was just produced in Detroit during January 2023 and was recently sold to a consumer. B) A Ford Escape that was produced in Detroit during January 2023 and was ready for sale, but hasn't been sold yet. C) Each of the scenarios listed above would all count as U.S. GDP. D) A new 2023 Ford Escape that is manufactured within the borders of the U.S.Calculate the GDP of the country described below: Consumption = $5 trillionInvestments = $2 trillionGovernment Expenditures = $3 trillionNet Exports = $1 trillion
- The table below includes data for a one-year period required to calculate GDP from the income side for a teeny-tiny economy. Gross investment expenditure Wages and salaries Consumption expenditure Interest and investment income Business profits Depreciation Indirect taxes less subsidies Net exports TABLE 20-4 $402.00 $1741.00 $1302.40 $99.40 $70.40 $199.20 $175.20 $94.00 Refer to Table 20-4. What is the value of GDP, as calculated from the income side? $2010.00 $1982.60 $1986.00 $2584.40 $2285.20Use the information below Consumer spending = $200 million Capital Consumption Allowance = $80 million Investment spending = $55 million Total Earnings of Citizens from abroad = $120 million Total Earnings of non-citizens within the country = $50 million State and local government purchases = $120 million Federal government purchases = $80 million Government purchases of housing units for the victims of typhoon = $200 millions Imports = $50 million Exports = $45 million Income taxes = $100 million Calculate for GDP Calculate for GNP Calculate for NNP2011 (base Year) 2011 2012 2012 2013 2013 P Q P Q P Q Good A $30 900 $31 1000 $36 1050 Good B $100 192 $102 200 $100 205 to calculate Nominal GDP in 2012 and 2013. What is the growth of such nominal GDP from 2011 to 2012, and from 2012 to 2013. Do the same for the real GDP. Which has grown more, nominal GDP or real GDP? What does this imply?
- GDP deflator = (Nominal GDP/Real GDP) x 100 Nominal GDP = Current Price x Current QuantityNominal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000+30,000 = 70,000Nominal GDP (2021) = 12 x 6,000 + 50 x 1,200 = 72,000 + 60,000 = 132,000 Real GDP = Base year price x Current QuantityReal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000 + 30,000 = 70,000Real GDP (2021) = 1..You work for the Committee for Economic Evaluation in the small nation of Kinsdale. Your current job is to determine the country's gross domestic product in the past year. Being a very small country, the people only produce three things, which are listed in the table below. Good Bananas Hiking boots Roses Quantity produced in the past year 42,000 10,000 14,000 Price $1.50 $15 $4.00 Based on the data in the table, what is the GDP for Kinsdale? * $ 253,0002010 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
- 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).1) Which one is not considered in the calculation of the human development index? a) expected years of education b) GNI per capita c) life expectancy at birth d) life expectancy at the age of 20. 2) The Penn World Table includes several GDP figures. Suppose that you want to compare the standard of living in the Netherlands in 1985 with that of Poland in 2015. Which type of GDP is the best choice? a) CGDP° per capita, b) RGDP° per capita. c) RGDPN^ per capita. d) CGDP° per capita. 3) The Penn World Table calculates world prices in dollars by writing equations for the prices in which they suppose that they know a) the current exchange rates b) the nominal GDPs C) the real GDPs. d) the purchasing power parity exchange rates.Which of the following will be counted as part of the U.S.'s GDP for a given year? Select one: a. An All-Terrain Vehicle produced by Honda in Timmonsville, South Carolina b. Cleaning service by an illegal immigrant that is not reported to the IRS c. A whopper burger produced by Burger King in Tel Aviv, Israel d. Tools purchased by a professional plumber at Home Depot e. An antique car that is sold at an auction
