Section B 3. Calculate the missing information in the table below. Year Real GDP Nominal GDP GDP Deflator 2013 2700 1890 2014 3600 100 2015 4680 130 4. Consider the following data on Prices and Quantities of Skirts and Pajamas. Note: that the GDP Deflator for 2015 is 100 (i.e. the base year) Year Price of Skirts Quantity of Skirts Price of Pajamas Quantity of Pajamas 2015 $10 120 $12 200 2016 12 300 15 200 2017 14 275 18 180 a) Calculate the Nominal GDP in 2015. b) Calculate the Nominal GDP in 2016. c) Calculate the Real GDP in 2016. d) Calculate the Real GDP in 2017. e) Calculate the growth rate of real GDP between 2016 and 2017. f) Calculate the consumer price index for 2016.
Section B 3. Calculate the missing information in the table below. Year Real GDP Nominal GDP GDP Deflator 2013 2700 1890 2014 3600 100 2015 4680 130 4. Consider the following data on Prices and Quantities of Skirts and Pajamas. Note: that the GDP Deflator for 2015 is 100 (i.e. the base year) Year Price of Skirts Quantity of Skirts Price of Pajamas Quantity of Pajamas 2015 $10 120 $12 200 2016 12 300 15 200 2017 14 275 18 180 a) Calculate the Nominal GDP in 2015. b) Calculate the Nominal GDP in 2016. c) Calculate the Real GDP in 2016. d) Calculate the Real GDP in 2017. e) Calculate the growth rate of real GDP between 2016 and 2017. f) Calculate the consumer price index for 2016.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 2QP
Related questions
Question
Section B
3. Calculate the missing information in the table below.
|
Year |
Real |
Nominal GDP |
GDP Deflator |
|
2013 |
2700 |
1890 |
|
|
2014 |
3600 |
|
100 |
|
2015 |
|
4680 |
130 |
4. Consider the following data on Prices and Quantities of Skirts and Pajamas.
Note: that the GDP Deflator for 2015 is 100 (i.e. the base year)
|
Year |
|
Quantity of Skirts |
Price of Pajamas |
Quantity of Pajamas |
|
2015 |
$10 |
120 |
$12 |
200 |
|
2016 |
12 |
300 |
15 |
200 |
|
2017 |
14 |
275 |
18 |
180 |
a) Calculate the Nominal GDP in 2015.
b) Calculate the Nominal GDP in 2016.
c) Calculate the Real GDP in 2016.
d) Calculate the Real GDP in 2017.
e) Calculate the growth rate of real GDP between 2016 and 2017.
f) Calculate the
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