Instructions: For parts a, c, d, and e, enter your responses as a percentage rounded to one decimal place. For part b, round your response to the nearest billion. a. Calculate the percentage change in nominal GDP between 2010 and 2016. | % b. Calculate real GDP in 2016 at prices of 2010. $ c. Calculate the percentage change in real GDP between 2010 and 2016. d. What is the percentage change in nominal GDP between 2010 and 2016 attributed to changing prices? | % e. What is the percentage change in nominal GDP between 2010 and 2016 attributed to a growing economy? %
Instructions: For parts a, c, d, and e, enter your responses as a percentage rounded to one decimal place. For part b, round your response to the nearest billion. a. Calculate the percentage change in nominal GDP between 2010 and 2016. | % b. Calculate real GDP in 2016 at prices of 2010. $ c. Calculate the percentage change in real GDP between 2010 and 2016. d. What is the percentage change in nominal GDP between 2010 and 2016 attributed to changing prices? | % e. What is the percentage change in nominal GDP between 2010 and 2016 attributed to a growing economy? %
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 4SQ
Related questions
Question
need help with this one.
Using the data in the table below related to nominal GDP and the chain-weighted price deflators for
![Instructions: For parts a, c, d, and e, enter your responses as a percentage rounded to one decimal place. For part b, round your
response to the nearest billion.
a. Calculate the percentage change in nominal GDP between 2010 and 2016.
|%
b. Calculate real GDP in 2016 at prices of 2010.
c. Calculate the percentage change in real GDP between 2010 and 2016.
d. What is the percentage change in nominal GDP between 2010 and 2016 attributed to changing prices?
e. What is the percentage change in nominal GDP between 2010 and 2016 attributed to a growing economy?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd960bb05-f8e9-458e-8dc8-ba896c5de05d%2Fb9234074-dc4b-445f-8186-da6b637e2a71%2F6vldgiy_processed.png&w=3840&q=75)
Transcribed Image Text:Instructions: For parts a, c, d, and e, enter your responses as a percentage rounded to one decimal place. For part b, round your
response to the nearest billion.
a. Calculate the percentage change in nominal GDP between 2010 and 2016.
|%
b. Calculate real GDP in 2016 at prices of 2010.
c. Calculate the percentage change in real GDP between 2010 and 2016.
d. What is the percentage change in nominal GDP between 2010 and 2016 attributed to changing prices?
e. What is the percentage change in nominal GDP between 2010 and 2016 attributed to a growing economy?
![Chain-weighted Price
Deflators (Index) for GDP
2012 = 100 (Base Year)
Nominal GDP
Year
(in Billions)
2000
$9,817
78.1
2001
10,128
79.8
2002
10,469
81.0
2003
10,960
82.6
2004
11,685
84.8
2005
12,422
87.4
2006
13,178
90.1
2007
13,808
92.5
2008
14,291
94.3
2009
13,939
95.0
2010
14,527
96.1
2011
15,518
98.1
2012
16,163
100.0
2013
16,768
101.8
2014
17,393
103.6
2015
18,037
104.6
2016
18,754
105.7
2017
19,543
107.8
2018
20,612
110.3
2019
21.433
112.3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd960bb05-f8e9-458e-8dc8-ba896c5de05d%2Fb9234074-dc4b-445f-8186-da6b637e2a71%2F07a7dh_processed.png&w=3840&q=75)
Transcribed Image Text:Chain-weighted Price
Deflators (Index) for GDP
2012 = 100 (Base Year)
Nominal GDP
Year
(in Billions)
2000
$9,817
78.1
2001
10,128
79.8
2002
10,469
81.0
2003
10,960
82.6
2004
11,685
84.8
2005
12,422
87.4
2006
13,178
90.1
2007
13,808
92.5
2008
14,291
94.3
2009
13,939
95.0
2010
14,527
96.1
2011
15,518
98.1
2012
16,163
100.0
2013
16,768
101.8
2014
17,393
103.6
2015
18,037
104.6
2016
18,754
105.7
2017
19,543
107.8
2018
20,612
110.3
2019
21.433
112.3
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Survey Of Economics](https://www.bartleby.com/isbn_cover_images/9781337111522/9781337111522_smallCoverImage.gif)
![MACROECONOMICS FOR TODAY](https://www.bartleby.com/isbn_cover_images/9781337613057/9781337613057_smallCoverImage.gif)
![Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613040/9781337613040_smallCoverImage.gif)
![Survey Of Economics](https://www.bartleby.com/isbn_cover_images/9781337111522/9781337111522_smallCoverImage.gif)
![MACROECONOMICS FOR TODAY](https://www.bartleby.com/isbn_cover_images/9781337613057/9781337613057_smallCoverImage.gif)
![Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613040/9781337613040_smallCoverImage.gif)
![Economics: Private and Public Choice (MindTap Cou…](https://www.bartleby.com/isbn_cover_images/9781305506725/9781305506725_smallCoverImage.gif)
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
![Macroeconomics: Private and Public Choice (MindTa…](https://www.bartleby.com/isbn_cover_images/9781305506756/9781305506756_smallCoverImage.gif)
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning