In an economy, the real GDP in year 1 (the base year) was $15,000 billion. In year 2, the total expenditure for the same market basket of goods(nominal GDP) was $15,500 billion. What was the GDP price index for the economy in year 2? A. 103 B. 120 C. 110 D. 100

Q: 1. Refer to the table above. Calculate real and nominal GDP for the year 2018. Show your…

A: here we calculate the nominal GDP , Real GDP and GDP Deflator by using the given information , so…

Q: Year 2020 2021 2022 Nominal GDP Real GDP (Dollars) 350 700 1,400 (Dollars) GDP Deflator 350 350 700…

A: GDP is the gross domestic product.. GDP is the market value of all the final goods and services…

Q: This question is worth 5 points, 2.5 point for each part. The annual output and prices of a 3-good…

A: Nominal GDP shows the GDP without adjusting for inflation. It does not take into account the…

Q: uppose that for the United States, Nominal GDP is  $18 trillion for 2016. Assume further that the…

A: Real gross domestic product (GDP) is an inflation-compensated measure that mirrors the estimation,…

Q: Consider the following table for the economy of a nation whose residents produce four final goods:…

A: Nominal GDP is defined as the total production of all goods and services within a territory of the…

Q: 3 8 01:19:04 Below are nominal GDP and GDP deflators for four years. Nominal GDP (in billions)…

A: The nominal GDP and GDP deflator for 4 years is given below:YearNominal GDPGDP…

Q: Table 4.19 ​ 2007 ​ 2017 ​ Product Quantity Price Quantity Price Movie 20 $6.00 30 $7.00 Burgers 100…

A: Nominal gross domestic product (GDP) is a type of GDP that is calculated at current market prices.…

Q: Suppose that a simple economy produces only four goods and services: cars, homes, cheeseburgers and…

A: Gross domestic product is the summation of a country's final goods and services. The increase in GDP…

Q: Explain whether or not each of the following transactions should be included in GDP: (a) Sale of 12…

A: Gross Domestic Product (GDP) is a key economic indicator that represents the total monetary value of…

Q: 2019 Product Camera Quantity Price 2022 Quantity Price 100 $10 120 $12 Legal services Books 50 200…

A: The GDP deflator, which is a measure of inflation, fathoms fluctuations in the average prices of all…

Q: national income accounts for the U.S. for 2005   billions of dollars billions of chained (2000)…

A: Nominal GDP and real GDP are two different methods of GDP calculation.

Q: There are two industries in this economy, producing product A and product B. Provided in the table…

A: gross domestic product measures total market value of goods domestically produced .  GDP deflator is…

Q: Suppose that the nominal GDP in 2017 was $3,968 (in thousands) and 2018 is the base year. Now the…

A: GDP or gross domestic product can be defined as a metric that measures the market value of all the…

Q: In 2012, the reference base year, nominal GDP was $16.2 trillion. What were the GDP price index and…

A: Gross Domestic Product  The gross domestic product GDP is the monetary or market value of all…

Q: Year Real GDP Nominal GDP 2019 $15,283.65 $16,260.44 2020 $17,573.60 $18,433.70 2021 $19,810.67…

A: GDP is the gross domestic product.  GDP is the market value of all final goods and services produced…

Q: Assume the following economy produces only hat and that the base year is year 2. Use the table below…

A: Gross Domestic Product id the total amount of goods and services produced and sold in an economy…

Q: Part A: The base year in a country for the calculation of national income data is 2012. Real GDP in…

A: GDP or gross domestic product is the sum of the value of all end commodities produced within the…

Q: The table below shows total output for an economy over 2 years. Using 2017 as the base year, what is…

A: GDP deflator Shows the price level of all new goods and services of domestic products in this year's…

Q: 2. Consider the interindustry table below. Now assume that the price of each item in year 2050 is…

A: GDP Deflator: Gdp deflator is the tool that helps in measuring the price change of all the goods and…

Q: Year Price of Hot Dogs Quantity of Hot Dogs Price of Hamburgers Quantity of Hamburgers 2018 $1 100…

A: "GDP represents the market value of all the final commodities and services produced in an economy at…

Q: The GDP price index compares the price (or cost) of goods and services that make up GDP in a…

A: The nations have many entities in the form of consumers, households, producers, investors,…

Q: Which statement best describes the difference between Nominal and Real GDP? Group of answer choices…

A: Nominal GDP measures the value of goods and services at current market prices. Real GDP measures the…

Q: The truck manufacturer purchased $8,000 in intermediate goods produced this year by domestic firms…

A: Gross domestic product or income refers to the total market value of goods and services produced…

Q: ars in the 4th quarter of 2005. The rest of the cars were sold in a later time period. The…

A: Given: Number of cars produced=2000 cars Number of cars sold=1800 cars Price of car=$10,000 each

Q: Assume that there are only 3 goods produced in the economy. As seen in the table above, price(P) and…

A: Nominal GDP is the value of final goods and serviced produced in the market within a country in a…

Q: Consider a simple economy that produces two goods: pencils and envelopes. The following table shows…

A: The gross domestic product of a nation is the aggregate of the monetary values of all final goods…

Q: Discuss and explain the impact of each transaction below on the calculation of the gross domestic…

A: The gross domestic product refers to the market value of all the final commodities(goods and…

Q: Suppose the economy has only three goods and that the base year is 2015. Year Price of Burgers…

A: Real GDP means Real Gross Domestic Product. It is a computation of a country's total economic output…

Q: .Assume a Hyundai dealership in Delhi bought 30 Hyundais from Korea at a cost of $15,000 per car in…

A: here we calculate the given by following method as follow;

Q: Consider the following data assuming that these are the only products produced and consumed in the…

A: Real GDP measure the value of all the final goods and services that are produced during a given year…

Q: If the GDP deflator is equal to 100, then for that year nominal GDP is equal to real GDP. True or…

A: Nominal GDP is the value of GDP calculated in current price.  Real GDP is the value of GDP…

Q: Production and Prices in Year 1 (Base year) Quantity 120 750 Product Apple Pies Technical Manuals…

A: Nominal GDP computes the yearly production of items or services at the current price. On contrast…

Q: Consider the following data assuming that these are the only products produced and consumed in the…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: uppose the economy has only three goods and that the base year is 2015. Year Price of Burgers…

A: Nominal GDP in 2017 = Price (2017 prices) * Quantity (2017 quantity)

Q: real GDP

A: Real GDP refers to the total value of goods and services produced in a year in a defined…

Q: Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200.…

A: Nominal GDP is the GDP that is unadjusted for inflation. Real GDP is the GDP that is adjusted for…

Q: Which of the following is a way to compute real GDP?     a. add up the market values of all final…

A: The value of all goods and services generated by an economy in a given year (expressed in base-year…

Q: Suppose an economy produces two products: meat pies and MP3S. In 2011, 20 meat pies are sold at $5…

A: here we calculate the GDP and calculate the GDP deflator by using the formula and choose the correct…

Q: The GDP deflator in the United States in 2015 was 105, and The GDP deflator in the United States in…

A: Given information: GDP deflator in 2015 = 105 GDP deflator in 2019 = 112 Real GDP in 2015 = $17.4…

Q: e following is the definition of GDP?

A: GDP is the gross domestic product. GDP is the market value of all the finished or end use goods…

Q: 2. According to the following table, what is the GDP deflator in 2005? 2004 Nominal GDP Real GDP…

A: Given information: Nominal GDP of 2004 = $10000 Real GDP of 2004 = $8000 Nominal GDP of 2005 =…

Q: During 2009, the leather company produced enough leather for 20 couches. The couch manufacturing…

A: Here GDP will be calculated based on value added in each process