Real-Time Data Analysis Exercise The following table contains nominal GDP and the GDP deflator from FRED* for the first quarter of 2020 and 2019. *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Period 2020: Q1 2019: Q1 GDP Deflator 113.49 111.47 Period 2020: Q1 2019: Q1 Nominal GDP $21,534.907 bil. $21,098.827 bil. Complete the following table by using the data above to compute the real GDP for each period. (Enter your responses rounded to one decimal place.) Real GDP (chained $) $ bil. $ bil.

Real-Time Data Analysis Exercise The following table contains nominal GDP and the GDP deflator from FRED* for the first quarter of 2020 and 2019. *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Period 2020: Q1 2019: Q1 GDP Deflator 113.49 111.47 Period 2020: Q1 2019: Q1 Nominal GDP $21,534.907 bil. $21,098.827 bil. Complete the following table by using the data above to compute the real GDP for each period. (Enter your responses rounded to one decimal place.) Real GDP (chained $) $ bil. $ bil.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

a. Suppose that only two goods are produced in an economy. The prices and the quantity produced in 2020 and 2021 are given in the following table: Price of Quantity of Price of cars Quantity of pizzas pizzas cars 2020 10£ 3,000,000 20,000,000£ 500 2021 10.1£ 3,500,000 21,000,000£ 550 Calculate the nominal and the real GDP of this economy in 2020 and 2021 using the Chained Volume Measure (CVM) method. b. Calculate the GDP deflator in the two years and the growth rate of the price level and real GDP in the country in 2021. O Focus E E E -- 73 words
Examples of deflators are the and deflator personal consumption expenditure; gross domestic product gross domestic product; rental income private disposable income; personal consumption expenditure private disposable income; gross national product O real; nominal
(a) Use either the expenditure approach or the income approach to calculate the following national income statistics based on the data given in Table 1. (5 marks) Calculate the net national product (NNP)
Round to 2 decimal digits plz
The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP). 2170 2070 E 1970 1870 1770 1947 REAL GOP (Billions of dollars) 1948 1949 YEAR 1950 1951 Source: "Current-dollar and Real GDP Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/shs/gdplev.xls
(Expenditure approach to GDP). You have the following annual information about a hypothetical economy (all figures are in billion dollars) Personal taxes 25 Exports 20 Depreciation 15 Personal consumption 100 Government transfer payment 30 Government purchases 55 Gross private Domestic Investment 50 Imports 40 WHAT IS THE VALUE OF GDP? WHAT IS THE VALUE OF NET EXPORTS? WHAT IS THE VALUE OF NET DOMESTIC INVESTMENT?
Suppose you are given the following data for a particular economy (unit: Millions of Euros):Gross National Income mp (GNImp) =1650Investment (I) = 220(Iliq) Net investment = 210Private consumption(C) =1100Net External Income (NEI) = 0Net Indirect Taxes (NIT) = 231Public Spending (G) = 363 Calculate: a) Balance of Goods and Services or Net Exports (NX) and Amortizations/Depreciations (A). b) Net National Product at Base Prices (NNPbp) and Net Domestic Product at Base Prices (NDPbp)
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
Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2002 and 2006 are shown in the table: 2002 2006 Product Quantity Price $10 $15 $40 Quantity Price Pizzas Haircuts 100 120 $12 $20 $45 50 45 Backpacks 200 210 Calculate real GDP in 2006 assuming the base year is 2002. Do the same calculation assuming the base year is 2006. Are the calculations different? Why?
Budget Analysis (9’) The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Assuming City A’s population grows at a constant rate in the next decade. Based on the information in the table, estimate City A’s population in 2030. Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. Calculate the compound annual growth rate of per capita spending from 2010 to 2020
None
The income and expenditure approaches to measuring a nation's GDP can be combined using the circular flow model. Categorize each of the following flows as part of either aggregate demand or national income. Consumption (C) Investment (1) Government purchases (G) Net exports (X-IM) Net taxes (NT) Disposable income (DI) While national income and domestic product must be equal, income must also equal expenditure for each of the six sectors in the circular flow diagram: firms, consumers, governments, financial system, investors, and the "rest of the world." For example, the amount of flowing into the financial system sector must equal the amount of flowing out of this sector. Saving (S) Net taxes (NT) Aggregate Demand Categorize each of the following flows as either injections into the circular flow or leakages from the circular flow. Exports (X) Investment (1) Government purchases (G) Imports (IM) National Income Injections Leakages O Save & Continue