Use the blue points (circle symbol) to plot the Real GDP in each of the years listed. (Note: Plot your points in the order inthem connected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the gon the Real GDP curve that definitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicaGDP curve that definitely represents a trough.REAL GDP (Billions of dollars)550540530520510500Growth trend4802704604501970 1971 1972197319741975 1976 19771978Real GDPPeakTrough? The following table shows data on a hypothetical country's Real GDP from 1970 through 1978:Real GDPYear(Billions of Dollars)197046519714701972475197348519745101975505197649519774901978500

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Answered: Use the blue points (circle symbol) to…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

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The following graph approximates business cycles in the United States from the first quarter of 1955 to the third quarter of 1959. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). 2800 2700 2600 2500 2400 1955 1956 1957 1958 1959 YEAR REAL GDP (Billions of dollars)
Based on the graph, in which of the following years did the economy experience a trough? Check all that apply. 1977 1972 1974 ☐ 1971 Step 2: Contraction and Expansion Once again, consider the following data on a hypothetical country's Real GDP from 1970 through 1978. Year Real GDP (Billions of Dollars) 1970 465 1971 470 1972 475 1973 485 1974 510 1975 505 1976 495
Calculate GDP deflator from the following table: Year Nominal GDP Real GDP 2000 8952 8952 2001 9200 9050 2002 10,000 9500 2003 10,030 9330 2004 11,100 10,000
The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP Year (Billions of Dollars) 1980 372 1981 380 1982 384 404 400 388 392 400 404 Use the blue points (circle symbol) to plot the real GDP in each of the years listed. (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the graph to indicate the point on the real GDP curve that definitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicate the point on the real GDP curve that definitely represents a trough. REAL GDP (Billions of cordis 1983 1984 1985 1986 1987 1988 ROWTH RATE (Percent 440 432 424 410 408 400 382 304 378 388 360 -1 -3 -4 Growth trend 5 1980 1981 1982 1983 1984 1081 Once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph,…
Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2009) 2016 18,707 105.93 1996 8,073 73.18 The growth rate of nominal GDP between 1996 and 2016 was , and the growth rate of the GDP deflator between 1996 and 2016 was . (Hint: The growth rate of a variable XX over an NN-year period is calculated as 100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1) Measured in 2009 prices, real GDP was billion in 1996 and billion in 2016. (Note: Select the answers closest to the values you compute.) The growth rate of real GDP between 1996 and 2016 was . The growth rate of nominal GDP between 1996 and 2016 was than the growth rate of real GDP.
The United States gross national product in trillions of dollars for the latter half of the 1980s is given in the table below. Year 1985 1986 1987 1988 1989 GNP ($trillion) 4.02 4.23 4.52 4.88 5.20 1. Using technology, calculate the average rate of change for each year. You may, for example, make a table in a spreadsheet with Year, GNP, and Average Rate of Change, as the three columns. What are the independent and dependent variables? 2. Using technology, create a plot of GNP vs year. Does the data appear to be linear? Explain. 3. Using technology, construct a linear trendline and determine the R2 value. What is the trendline equation? Interpret the slope, including units. What is the R2 value? Is there a strong or weak correlation? 4. Using the trendline equation, create a spreadsheet table and second plot of GNP vs year, extending the data through 1995. What GNP does your trendline predict for 1993? Explain in the context of the problem. 5. In what year does the trendline predict the…
Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($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.
Complete the following table by filling in the missing cells. Real GDP Nominal GDP Year (In 2000 dollars) (In current dollars) GDP Deflator (Base year 2000) 1970 3,000 1,200 1980 5,000 60 1990 7,000 6,000 100 2000 9000 8,000 2010 15,000 200 2020 10,000 300 2030 20,000 50,000
Dollars (trillions) 25 20 15- 10- 0 -5 11 Expenditure components of nominal GDP 1950 GDP (Y) Consumption (C) Investment (1) Government spending (G) Exports (X) Imports (M) 1960 Figure Data Notes 1970 198 1990 2000 2010 The following will refer to the data table in the chart above, to access the data table for this graph you will need to click on the data button at the bottom of the chart. In Q2 of 2008 which of the following were above 9 trillion dollars (annualized)? Select the two correct answers.
The following graph approximates business cycles in the United States from the first quarter of 1947 to the third quarter of 1951. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). 1947194819491950195121702070197018701770REAL GDP (Billions of dollars)YEAR Source: “Current-dollar and Real GDP,” Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls. Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1948, is known as . True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. True False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. Industrial production declined. Consumer spending increased.…
Consider the data in the table Rank the years from hightest to lowest in terms of real GDP Year Nominal GDP GDP deflator Real GDP 2009 $1020 57 2010 $1250 62 2011 $1450 91
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012. Year Real GDP (2009 prices) Population 1993 $9,510,800 million 257.8 million 2012 $15,470,700 million 313.85 million

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