The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2016 and 2018. The data is listed per quarter, and the real GDP data was calculated using 2009 as the baseyear. Fill in the columns for the GDP deflator, for the percent increase in the price level, and economic growth rate.(Note:Rounding to three decimal points for GDP deflator and to the nearest tenth for price increase and economic growth rate)Quarter2016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q4Nominal GDP18,325.218.538.018,729.118,905.519.057.719,250.619,500.619,754.120,098.8percent Increase in Price Level?economic Growth rate?Real GDP16,571.616.663.516,778.116,851.416.903.217,031.117,163.917,286.517,457.6What is the value of the following indicators in the 2017 Q2 for:GDP deflator?percent Increase in Price Level?economic Growth rate?GDPDeflatorWhat is the value of the following indicators in the year 2018 Q2 for:GDP deflator?Percent Increase inPrice Level (%)(rounding to three decimal points)(rounding to three decimal points)Economic Growthrate (%)

Economic Growth: Economic growth refers to the increase in a country's output of goods and services…

Answered: The following table contains nominal…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 2 Why the use real GDP is preferred by economists over nominal GDP to gauge economic well-being? (Word count: 100 words max.) Consider the following data on the Pakistan economy: Nominal GDP GDP Deflator Year (in billions of rupees) (base year 2012) 2018 21,501 111.4 1998 9,163 76.3 What was the growth rate of nominal GDP between 1998 and 2018? (Hint: The growth rate of a variable X over an N-year period is calculated as [(Xfinal/Xinitial)1/N – 1] x 100). What was the growth rate of the GDP deflator between 1998 and 2018? What was real GDP in 1998 measured in 2012 prices? What was real GDP in 2018 measured in 2012 prices? What was the growth rate of real GDP between 1998 and 2018? Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
The table below shows nominal and real GDP figures for a hypothetical economy. Note that 2022 is the reference year. Nominal GDP (current $ billions) 203.76 Year 2021 2022 2023 2024 2025 220.9 231.8 243,9 2464 GDP Deflator 97.467 100 101.340 105.448 Real GDP (2022 $billions) 198.6 220.9 228.73 236.9 246.4 4 Fill in the table, writing out billions of dollars to the first decimal e.g. $1.0 billion and the GDP deflator to three decimal places e.g. 100,000.
Determine the GDP trend in economic growth over the period of 1989 – 1999. Country/Area Year Unit Gross Domestic Product (GDP) Thailand 1989 Baht 1,924,426,113,246 Thailand 1990 Baht 2,263,299,209,116 Thailand 1991 Baht 2,583,490,817,016 Thailand 1992 Baht 2,935,677,642,139 Thailand 1993 Baht 3,263,426,000,000 Thailand 1994 Baht 3,689,090,000,000 Thailand 1995 Baht 4,217,614,000,000 Thailand 1996 Baht 4,638,604,000,000 Thailand 1997 Baht 4,710,310,000,000 Thailand 1998 Baht 4,701,553,000,000 Thailand 1999 Baht 4,789,826,000,000 Transport, storage and communication Wholesale, retail Agriculture, hunting, forestry, fishing (ISIC A-B) Other Mining, Manufacturing, Utilities (ISIC C-E) (ISIC D) trade, restaurants Total Manufacturing Construction and hotels (ISIC G- Activities Value Country/Area Year Unit (ISIC F) H) (ISIC I) (ISIC J-P) Added Thailand 1989 Percentage 9.8 15.5 16.1 28.9 9.7 10.6 8.2 11.9 Thailand 1990 Percentage -4.7 15.1 15.6 21.9 10.9 14 13.8 11.8 Thailand 1991 Percentage…
4.
Refer to Table below. A very simple economy produces two goods: cameras and legal services. The quantities produced and their corresponding prices for 2015 and 2019 are shown in the table. 2015 2019 Product Quantity Price Quantity Price Digital Camera 100 $10 120 $12 Legal services 50 15 45 20 Calculate the real GDP in 2019 using 2015 as a base year.
Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 54 78 78 $1.2 $1.5 $1.2 Good Y 69 86 111 $0.9 $0.8 $0.8 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, what is the value for this economy's GDP deflator in year 1?
The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. Fill in the columns for the GDP deflator and for the percent increase in price level. (Round your responses to two decimal places!) Quarter Nominal GDP Real GDP GDP Deflator Percent Increase in Price Level (%) 2013 Q1 16,502.40 15,538.40 106.20 ---- 2013 Q2 16,619.20 15,606.60 ? ? 2013 Q3 16,872.30 15,779.90 ? ? 2013 Q4 17,078.30 15,916.20 ? ? 2014 Q1 17,044.00 15,831.70 ? ? 2014 Q2 17,328.20 16,010.40 ? ? 2014 Q3 17,599.80 16,205.60 ? ? 2014 Q4 17,703.70 16,294.70 ? ? Please explain how to solve the empty columns thank you!
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ 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…
Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($millions)GDP Deflator201017500103.7201518222104.8202018755105.9Over each 5-year period, there were no significant changes to goverment policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5%. In 2010 employment population ratio is 64%. What is the real GDP per worker in 2010.
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:
Suppose that nominal GDP was $9000000.00 in 2005 in Montgomery County Maryland. In 2015, nominal GDP was $11500000.00 in Montgomery County Maryland. The price level rose 2.00% between 2005 and 2015, and population growth was 3.50%. Calculate the following figures for Montgomery County Maryland between 2005 and 2015. Give all answers to two decimals. Please do fast . ASAP...fast
Consider the following data on the Pakistan economy: Nominal GDP GDP Deflator Year (in billions of rupees) (base year 2012) 2018 21,501 111.4 1998 9,163 76.3 What was real GDP in 2018 measured in 2012 prices? What was the growth rate of real GDP between 1998 and 2018 Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.

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