The country of Opalia produces two goods: footballs and basketballs. Below is a table showing prices andquantities of output for the past three years:Price of Footballs Quantity of Footballs Price of Basketballs Quantity of BasketballsYearYear 11012012200Year 22003001215Year 32751418018a) Calculate the nominal GDP for each year.b) Calculate the real GDP for each year. (use year 1 as base year)c) Calculate the GDP deflator.d) Calculate the inflation rate.e) Re-do parts b)-d), but use year 2 as the base year. How do your answers differ?

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Given the following information for a country: Year 1981 1986 1991 GDP(current prices, mil) 282,596 608,807 1,244,741 Population (mil) 49.54 56 62.87 GDP deflator (1997= base year) 16.45 37.93 64.49 Calculate real GDP for all the years. Calculate real GDP per capita for all the years.
Use the numbers to help calculate the Net GDP(NDP);Green GDP;& Genuine Progress Indicator (GPI). Also explain how they are different and offer an opinion on which one was a better method to measure the performance.
Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Barbados. Year year 1 year 2 year 3 Real GDP $20,597 $10,557 $40,977 What is the nominal GDP for year 1? What is the nominal GDP for year 2? GDP deflator What is the nominal GDP for year 3? 122 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. 113 100 year 1: year 2: year 3: $ $ 13234 Incorrect 12457 Incorrect 40977
Question3 The Desert Republic produces only sheep and oil. The base year is 2010 and the table below gives the quantities produced and the market prices. 2010 Price Sheep Oil $104 per sheep $28 per barrel Quantities 10.193 sheep 13,306 barrels 2020 Sheep Oil $126 per sheep $57 per barrel 12,884 sheep 11.148 barrels Calculate nominal GDP in 2020
The US and Peru are the only countries in the world and they both produce cars and haircuts. The table below gives you the data on the quantity produced, the unit price of each item and the value of output for each sector. Cars Haircuts GDP The US (currency = US$) Quantity (units) 1000 2000 Price (USS) 100 5 Value of Output (USS) 100,000 10.000 Peru (currency = Sol) Quantity (units) 200 4000 What is the GDP of Peru in USS at the most likely market exchange rate? the GDP of Peru in US$ is: 240,000/2-US$120,000 the GDP of Peru in US$ is: 160,000/8=US$20,000 the GDP of Peru in US$ is: 160,000/2-US$80,000 the GDP of Peru in US$ is: 240,000/8-US$30,000 Price (soles) 800 20 Value of Output (soles) 160,000 80,000
Consider the following national accounts data for Westeros: Westeros' National Accounts (2019) GDP Item (S billions) Corporate income 140 Еxports 50 Wages and salaries 550 Net international income to the rest of the 8 world Gross investment 160 Government purchases 184 Indirect taxes 75 Personal consumption 500 Imports 27 Depreciation 79 Proprietors' incomes and rents Which is the following is the income-based estimate of GDP for Westeros? 65 $909 billion $751 billion $558 billion $939 billion
Using the data below, calculate GDP by using expenditure approach: Year 2017 RM (million) 700 2500 790 670 1000 3200 2300 9000 450 900 2000 1000 500 9300 3100 5500 4500 Item Factor income paid abroad Import of goods and services Corporate taxes Retained earnings Depreciation Export of goods and services Subsidies Private Investment Personal Income tax Social security contribution Change in stock Transfer payment Indirect business tax Public Investment Consumption Government expenditure Factor income receive from abroad Calculate the Year 2018 RM (million) 450 3000 900 590 1200 4500 3790 8900 600 900 -350 1200 650 7800 8000 5600 3200 Gross domestic product at market price Gross National product at market price Gross National product at factor cost а. b. С. National Income Personal Income d. е. Disposable personal Income Gross domestic product at factor cost f. g.
Consider an economy that produces and consumes final products: bread and automobiles. In the following table are data for two different years. Good Year Quantity Price Quantity 2010 Price 2010 $60,000 $20 2000 2000 $50,000 $10 Automobiles 100 120 Bread 500,000 400,000 a. Compute the nominal GDP for each year. b. Compare the numbers you get for each year. If we use GDP as a measure of production capacity of an economy in a certain year, can we infer the economy is more productive in one year than the other? What is your concern when you compare the numbers directly?
Discuss the Gross Domestic Product (GDP), highlighting the components and methods of calculating GDP.
Below are some data from the productions of milk and honey. a) Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2010 as the base year. b) Compute the percentage change (growth rate) in nominal GDP, real GDP, and the GDP deflator in 2011 and in 2012 from the preceding year.
Year Nominal GDP Economic Growth Workers GDP Deflator Capital Population CPI M1 Inflation (with GDP Deflator) 2019 $22,000,000 2.10% 100 110 20,000,000 200 300 $4,000,000 1.10% 2069 $384,000,000 2.80% 150 320 60,000,000 300 1200 $40,000,000 2.90% As you might expect from the increase in nominal GDP compared to the increased in the GDP deflator, real GDP grew over these projected 50 years. Also, population growth was modest given the span of 50 years. Will all of this in mind, by how much did real GDP per person grew on average over these 50 years? Don't forget that this will be an annual growth rate. Please show your work and explain you reasoning. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

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