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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The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. Fill in the columns for the GDP deflator and for the percent increase in price level. (Round your responses to two decimal places!) Quarter Nominal GDP Real GDP GDP Deflator Percent Increase in Price Level (%) 2013 Q1 16,502.40 15,538.40 106.20 ---- 2013 Q2 16,619.20 15,606.60 ? ? 2013 Q3 16,872.30 15,779.90 ? ? 2013 Q4 17,078.30 15,916.20 ? ? 2014 Q1 17,044.00 15,831.70 ? ? 2014 Q2 17,328.20 16,010.40 ? ? 2014 Q3 17,599.80 16,205.60 ? ? 2014 Q4 17,703.70 16,294.70 ? ? Please explain how to solve the empty columns thank you!
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