Q: 80, Legola 20, its GDP was $350 billion, and its GDP defl Iculate Legoland's 1980 GDP in 1990…
A: GDP deflator depicts the product of ratio of nominal GDP and real GDP with 100. GDP deflator=Nominal…
Q: Suppose nominal GDP is S99,000 and the GDP deflator is 110. Real GDP is: A $90,000 B $108,900…
A: Gross domestic product (GDP) is the standard measure of the value added created through the…
Q: Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 10 bars…
A: In economics, the final demand domestically can be defined as the total demand for final services…
Q: Product Pumpkin Pies Technical Manuals ces in Year Quantity 110 550 Product Pumpkin Pies Technical…
A: Nominal GDP is calculated by multiplying the current year prices with current year quantities of…
Q: If consumption expenditures are €500 million, net investment is €100 million, depreciation equals €5…
A: GDP = private consumption + gross investment + government investment + government spending +…
Q: India has 1.3 billion people and a GDP of 196 trillion Indian rupees. 75 rupees are exchanged for…
A: given the data, India's GDP is 196 trillion rupees. About 1.3 billion people 75 rupees are…
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: The GNP of a country is $200 billion, receipts of factor income from the rest of the world are $10…
A: GDP is the gross domestic product. GDP is defined as the market value of all the final goods and…
Q: 1f) If Nominal GDP is $16,000 billion and the GDP deflator is 50, then Real GDP is: $25,000…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: If intermediate consumption in Italy in 2016 was $600 million and the value of output was $780…
A: The data presented in the question is as follows:- Intermediate consumption for 2016 = $600 million…
Q: 1. Nominal GDP is the value of final goods and services A) at the prices of that year. B) at the…
A: Nominal GDP : Nominal GDP = Real GDP x GDP deflator
Q: Units of Price Per Year Output 3 Unit 1 $3 2 2 4 4 3 6 4 7 7 5 8 8 Refer to the above data. Assume…
A: Real GDP is defined as the market value of goods and services produced within an economy and counted…
Q: Year 1995 1996 1997 1998 1999 2000 2001 2002 What was growth in real GDP in 2001? Select one: O a. O…
A: The real GDP will be computed by dividing nominal GDP with the GDP deflator (R). When only nominal…
Q: Level of GDP in year 0 equals 100. In the next four years rate of nominal annual GDP growth is…
A: Nominal GDP, year 1 = 100 x 1.07 = 107 Nominal GDP, year 2 = 107 x 1.07 = 114.49 Nominal GDP, year 3…
Q: GDP is the market value of all final goods and services and intermediate goods produced within a…
A: Gross Domestic Product is the total value of all finished goods and services that are produced in…
Q: (3)Consider a stylized three-commodity economy that produces haircuts, hamburgers and DVDS. The…
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…
Q: C I G NX…
A: Nominal GDP is the increment in the income or output level from year to year on the basis of market…
Q: Year Nominal GDP Real GDP 2012 280 290 2013 315 260 2014 305 310 The increase in nominal GDP…
A: GDP is a macroeconomic measure of the aggregate total production of output in an economy. It can be…
Q: Calculate Nominal and Real GDP for each year. Consider the base year is 2013. a. Year Bottles of…
A: Nominal gross domestic product is gross domestic product (GDP) evaluated at current market prices.…
Q: A simple economy produces two goods, Corn Bread and Video Games. Price and quantity data are as…
A: Nominal GDP is the total value of all goods and services produced within the country during a…
Q: Assume an economy in which only broccoli and cauliflower are produced. In year 1, 600 million…
A: Given: Production of broccoli in year 1=1600 kg @0.70 per kg Production of cauliflower in year 1=750…
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: EXERCICE 2: Nominal GDP vs Real GDP: Refer to the information provided in Table below to answer the…
A: Nominal GDP The nominal gross domestic product of a country measures the value of all final goods…
Q: (1) Year 1980 1985 1990 2000 2005 2009 a. $2686.9 Based on the above information, what is real GDP…
A: Real GDP is the GDP in base year price. Real GDP does not include inflation Nominal GDP includes…
Q: year accounts for: a. Capital consumption b. Gross national product c. Gross domestic product d. Net…
A: Net exports= EXPORT-IMPORT
Q: 5. GDP during a period can be calculated by summing either (A) the purchases of domestically…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Suppose that the real GDP of a country was $90 billion in the first quarter of 2021 and $100 billion…
A: Gross domestic product is the summation of a country's final goods and services produced within a…
Q: GDP Data (in $ billion) Table 7-1 Durable goods = $11,080.00 Services = $12,500.56 Business…
A: Gross domestic product is a monetary measure of the market value of all the final goods and services…
Q: If consumption is $500, government expenditures is $200, GNP is $800, Gross Private Domestic…
A: The Gross National Product (GNP) is the sum of expenditure incurred by various sectors of the…
Q: 1 of 10 In 1980, Denmark had a GDP of $70 billion (measured in U S. dollars) and a population of 5.1…
A: here we can find the GDP per capita rise by following method
Q: A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as…
A: GDP is the gross domestic product. GDP is defined as the market value of all the final goods and…
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: (b) Provide a table with the nominal GDP for the Bahamas for 2020 and 2021. Using only the nominal…
A: For a particular period, the final value of goods and services produced in an economy is known as…
Q: (05.02 HC) Review the chart to answer the question that follows. Total Population GDP Country A…
A: When talking about living standards of an economy, it does not only include the quantitative…
Q: A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as…
A: GDP is the gross domestic product. GDP is defined as the market value of all the final goods and…
Q: Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Barbados.…
A: Nominal GDP shows the total quantity of the final goods and services produced in a given year.…
Q: If a real estate agent sells a house for 364,217 dollars that the previous owners had bought 13…
A: GDP (Gross domestic product) refers to the total value of finished goods and services that produces…
![Q.1.5 The value of the nominal GDP in 2019 is:
(1)
R1 530.
(2)
R1 045.
(3)
R2 880.
(4)
R3 490.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff38716be-0bb0-4fa2-85cc-e33574a21e05%2F65397d44-3e52-4826-9c53-32ccf4087569%2Fpsv0a61.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- 1.5 Which method of calculating GDP do illegally imported used cars distort? a) Production method. b) Income method. c) Value added method. d) Expenditure method. (4The base year in a country for the calculation of national income data is 2012. Real GDP in this country grows at the rate of 5 percent per year. The GDP deflator in this country increases at the rate of 2 percent per year. If the real GDP in this country in 2011 was 20,000 manats, what would be the value of nominal GDP in 2013? Nominal GDP in 2013 = manats. Do you know what country uses manat as its currency? Part B: The base year in a country for the calculation of national income data is 2012. Real GDP in this country grows at the rate of 5 percent per year. Nominal GDP in this country increases at the rate of 8 percent per year. If the real GDP in this country in 2011 was 50,000 tenges, what would be the value of GDP deflator in 2013? GDP deflator in 2013 = tenges. Do you know what country uses tenge as its currency?GDP Data (in $ billion) Table 7-1 Durable goods = $10,600.49 Services = $12,500.56 %3D Business purchases of capital goods = $1,080.00 Fixed investment = $1,970.45 Exports = $700.00 Imports = $820.46 Nondurable goods = $1,000.46 Inventory investment = $301.25 Government transfer payments - $1,240.26 %3D Purchases of new residential housing - $890.45 Government purchases = $7.890.56 Refer to Table 7-1. GDP is equal to O S34,141.31 O $33,143.31 O $34,133.31 O $34.143.31
- A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: In Year 2, nominal GDP is equal to: $ and real GDP is $ Production and Prices in Year 1 (Base year) Quantity 105 550 Product Apple Pies Software Price Per Unit Production and Prices in Year 2 Quantity 131.25 825.00 Product Apple Pies Software $2.00 $50.00 Price Per Unit (enter both responses rounded to the nearest penny). $3.00 $100.00150% 4. Consider an economy that produce only ice cream cones. In year 1, the quantity produce is 8 bars and the price is RM 2. In year 2, the quantity produced is 12 cones and the price is RM 3.50. In year 3, the quantity produced is 18 bars and the price is RM 4. Year 1 is the base year. a. Calculate the nominal GDP for each of these years. b. Calculate the real GDP for each of these years. c. Calculate the GDP deflator for each of these years. d. What is the percentage of growth rate of real GDP from year 2 to year 3?The following table shows the U.S. gross domestic product (GDP) G, in trillions of dollars, as a function of the year t. t = Year 2004 2010 2014 G = GDP(trillions of dollars) 11.87 14.66 17.42 (a) Explain in practical terms what G(2010) means. The expression G(2010) is the year when the U.S. gross domestic product had a value of 11.87 trillion dollars.The expression G(2010) is the gross domestic product in trillions of dollars, multiplied by 2010. The expression G(2010) is the average of G(2004) and G(2010).The expression G(2010) is the U.S. gross domestic product in trillions of dollars in the year 2010. Find G(2010).$ 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…
- Q.1.5 In the base year, a country produced 50 units of output at a price of R6,00 each for a nominal GDP of R300. This year it produces 60 units of output at a price of R8,00 each. What is the percentage change in real GDP since the base year? (1) 5%;Suppose the following table records the total output and prices of rice and gasoline for an entire economy. This economy produces rice and gasoline only. Further suppose the base year is 2015. Rice Gasoline Year Price Quantity Price Quantity 2015 $8.00 500 $2.00 2000 2016 $9.00 600 $2.30 2000 2017 $10.00 600 $3.00 1800 (1) Compute nominal GDP for 2015, 2016, and 2017. (2) Compute real GDP for 2015, 2016, and 2017. (3) Compute GDP deflator for 2015, 2016, and 2017. (4) Calculate inflation rate from 2016 to 2017 using GDP deflator you calculated above. Write your calculation below:Consider the following data for a hypothetical economy that produces two goods: milk and honey. Quantity Produced Prices Milk (litres) Honey (kg) Milk ($/litre) Honey ($/kg) Year 1 110 45 2 6 Year 2 125 40 37 Compute nominal GDP for each year in this economy. Using year 1 as the base year, compute real GDP for each year. What is the percentage change in real GDP from year 1 to year 2? Using year 1 as the base year, compute the price deflator for each year. Now compute the GDP deflator for each year, using year 2 as the base year. Explain why the measures of real GDP growth (and growth in the deflator) depend on the choice of base year.
- 4. Which of the following transactions will be counted in the GDP a) Purchase of a used car. b) Income gained by an American citizen from a company he owns but which operates in Italy. c) Sale of a share of General Motors on the stock market. d) Your production of "home-made" bread for your family's use. e) The production of steel for use in automobile production, that remained in inventory at year's end. f) The sale of steel used in automobile production. g) You fix your neighbor's car in exchange for his helping you with your plumbing, but neither of you reports income to the IRS. h) You fix your neighbor's car in exchange for his helping you with your plumbing, and you report the value of these services to the IRS as income. i) Services of a prostitute in a jurisdiction where prostitution is illegalYear Guns Produced Price of Guns Butter Produced Price of butter 2005 80 $5 40 $4 2011 90 $6 60 $10 Consider the data above for Islandia, a country that produces only two products: guns and butter. Real GDP for Islandia for 2011 using 2005 as the base year equals.
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)