Suppose you are reading a magazine showing a figure that plots the U.S. GDP from 1900 to 2012 in "2005 chained dollars" . It a) The GDP is calculated using 2005 prices; b) The GDP is calculated applying the variable-weighted price-index approach with 2005 as the base 9. means: year; c) The GDP is price-adjusted based on the chain-weighted price-index approach with 2005 as the base year. d) None of the above.

Suppose you are reading a magazine showing a figure that plots the U.S. GDP from 1900 to 2012 in "2005 chained dollars" . It a) The GDP is calculated using 2005 prices; b) The GDP is calculated applying the variable-weighted price-index approach with 2005 as the base 9. means: year; c) The GDP is price-adjusted based on the chain-weighted price-index approach with 2005 as the base year. d) None of the above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4.
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[The following scenario applies to the next three questions:] A country makes goods Y and Z in Years 1 and 2 at the quantities and prices shown below. The implicit price deflator in Year 1 is 177. Quantity Price Y 55 138 Use the chain-link method for the base prices. Question 1.4: Real GDP Question 1.3: GDP at base prices What is the GDP in Year 1 at the base prices? A. 18,501.50 B. 18,736.00 C. 18,859.50 D. 19,081.50 E. 19,192.00 What is Real GDP in Year 2? A. 8,208.64 B. 8,640.68 C. 9,072.71 D. 9,504.74 E. 9,936.78 Year 1 D. 218.78 E. 230.29 Z 183 47 Question 1.5: Implicit price deflator What is the implicit price deflator in Year 2? A. 184.24 B. 195.75 C. 207.27 Y 67 164 Year 2 Z 133 67
E. Refer to the following data compiled by the US government for 2022 for purposes of calculating the GDP Deflator for 2 commodities: ketchup & mustard. First, categorize each data point as either (R) for Real or (N) for Nominal. Then, use the GDP Deflator equation from your notes to calculate what the 'GDP Deflator' is. 2022 Data: *Ketchup & Mustard valued at previous (constant) prices in 2022 = $300 *Ketchup & Mustard valued at current prices in 2022 = $900 Q9: Category (R or N) Q10: GDP Deflator = (Show the equation itself here, as well as the math you used to get your answer):
When nominal GDP rises, we can be certain that... a) prices must have risen b) both prices and quantities of goods and services must have risen c) quanties of goods and services produced must have risen d) either prices or quantites of goods and services must have risen
Only three goods are produced in an economy in the following amounts: A = 9, B = 22, C = 9. The current year per-unit prices of these three goods are A = 2, B = 6, and C = 5. Nominal GDP in the current year is
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places. Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places. Why does % change calculated from constant dollars differ from % change calculated from current dollar? Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…
Find the attached file.
This question has four parts. (its not a writing assignment, just asking for a numerical value or simple answer) 1.1. What is the US GDP for the first quarter and second quarter of 2020? What is the personal consumption expenditures for the first quarter and second quarter of 2020? Go to the website for the Bureau of Economic Analyses (BEA): https://www.bea.gov/ Section 1: Domestic Product and Income; Table 1.1.5 1.2. Use the information in Table 1 to analyze aggregate expenditures (AE) model below (Figure 1. Equilibrium in a Private Closed Economy). (table 1 and figure 1 are in the attachments) 1.3. Identify the mistake and explain why the graph of the aggregate expenditures line does not correctly illustrate the economy's equilibrium. 1.4. Create a graph for the aggregate expenditures (AE) model using the data from Table 1: A Private Closed Economy. Tips: Remember, the 45degree line (also known as the Keynesian Cross) is a tool that shows how differences in aggregate…
need help with this one. Using the data in the table below related to nominal GDP and the chain-weighted price deflators for gross domestic product (e.g., price index for GDP), answer the following questions:
use the table Assume that the reference base year is 2002 (CPI = 100) a) What is the CPI (consumer price index) in 2012? b) What is the nominal GDP and real GDP in 2012? c) By what percentage did the economy grow between 2002 and 2012?
The following is data on income (IDR 1,000) and the Consumer Price Index (CPI) with the base year 2014 Question: - Before working on the questions below, please change the base year to 2015 - Find the actual income each year with the 2015 base year - Determine the purchasing power of the currency for 2015 to 2019