The accompanying table shows data for real and nominal GDP for a hypothetical economy over several years. a. Calculate the GDP Deflator for 2017-2022. Enter the values in the accompanying table. b. Compute the total percentage change in the nominal GDP from 2017 to 2022. How much of this change was due to increases in prices and how much was due to changes in quantities? The total percentage change in nominal GDP from 2017 to 2022 is%. (Enter your response rounded to one decimal place.) This increase in nominal GDP was due (in part) to an increase in prices of %. (Enter your response rounded to one decimal place.) This increase in nominal GDP was due (in part) to an increase in quantities of %. (Enter your response rounded to one decimal place.) Real GDP (billions of 2016 S) 814.6 788.0 2018 826.3 845.1 2019 855.4 855.4 2020 907.8 896.0 2021 948.6 928.2 2022 993.4 960.2 (Enter your responses rounded to one decimal place.) Year 2017 Nominal GDP (billions of $) GDP Deflator

The accompanying table shows data for real and nominal GDP for a hypothetical economy over several years. a. Calculate the GDP Deflator for 2017-2022. Enter the values in the accompanying table. b. Compute the total percentage change in the nominal GDP from 2017 to 2022. How much of this change was due to increases in prices and how much was due to changes in quantities? The total percentage change in nominal GDP from 2017 to 2022 is%. (Enter your response rounded to one decimal place.) This increase in nominal GDP was due (in part) to an increase in prices of %. (Enter your response rounded to one decimal place.) This increase in nominal GDP was due (in part) to an increase in quantities of %. (Enter your response rounded to one decimal place.) Real GDP (billions of 2016 S) 814.6 788.0 2018 826.3 845.1 2019 855.4 855.4 2020 907.8 896.0 2021 948.6 928.2 2022 993.4 960.2 (Enter your responses rounded to one decimal place.) Year 2017 Nominal GDP (billions of $) GDP Deflator

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q1. a) State the two reasons that nominal GDP increased (or decreased) between each pair of years. b) Using addition, show how the two reasons listed in part A contribute to the percentage change in nominal GDP in 2000. Explain your answer.
What is the relationship of the GDP deflator to real GDP? To make comparisons across time or across borders, one must use the notion of a GDP deflator to convert nominal GDP into real GDP for comparisons. Nominal variables are in current dollars and have price level changes such as inflation and deflation included in them. Real variables are in constant dollars due to the factoring out of price level changes using a base year and a deflator. What is the current nominal GDP for the US economy? What is the current real GDP for the US economy?
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So far, we have learned to measure real GDP, but how do we end up with that real GDP? Of all of the different amountsof national income and price levels that might exist, how do we gravitate toward the one that gets measured each year asreal GDP?In short, it is the interaction of the buyers and producers of all output that determines both the national income (real GDP)and the price level. In other words, the intersection of aggregate demand (AD) and short-run aggregate supply (SRAS)determines the short-run equilibrium output and price level.Once we have a short-run equilibrium output, we can then compare it to the full employment output to figure out where inthe business cycle we are. If current real GDP is less than full employment output, an economy is in a recession. If currentreal GDP is higher than full employment output, an economy is experiencing a boom. If the current output is equal to thefull-employment output, then we say that the economy is in long-run equilibrium. The…
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