The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 350 350 100 2021 700 350 200 2022 1,400 700 200 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % 2022 % % From 2020 to 2021, did not change; and from 2021 to 2022, did not change. Comparing the changes in 2021 and 2022, economic well-being increased more in

The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 350 350 100 2021 700 350 200 2022 1,400 700 200 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % 2022 % % From 2020 to 2021, did not change; and from 2021 to 2022, did not change. Comparing the changes in 2021 and 2022, economic well-being increased more in

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 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…
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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
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…
You are given the following: Year Quantity of Cars Price of Cars Quantity of Buses Price of Buses 2013 5 million $20,000 1 million $100,000 2014 5.1 million $22,000 1.2 million $102,000 Base Year = 2013 2a. Calculate nominal GDP for 2013. Nominal GDP for 2013 = (5 million × $20,000) + (1 million × $100,000) = $100,000 million + $100,000 million = $200,000 million 2b. Calculate nominal GDP for 2014. Nominal GDP for 2014 = (5.1 million × $22,000) + (1.2 million × $102,000) = $112,200 million + $122,400 million = $234,600 million. 2c. Calculate real GDP for 2014. The real GDP for 2014 will be calculated as:- Real GDP for 2014 = (5.1 million × $20,000) + (1.2 million × $100,000) = $102,000 million + $120,000 million = $222,000 million. 2d. Calculate the GDP Deflator to the nearest tenth for 2014. 2e. What does your previous number mean? 2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)
The country of Economica's GDP deflator and nominal GDP in three different years are shown in the table. Year Nominal GDP GDP Deflator year 1 $25128 122 year 2 $54566 108 year 3 $30967 100 The base year, i.e. the base period, is Year 3. For years 1-3, please obtain the real GDP. Round your answers to the nearest dollar. What is the real GDP for year 1? real GDP: $ What is the real GDP for year 2? real GDP: $ What is the real GDP for year 3? real GDP: $
Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2002 and 2006 are shown in the table: 2002 2006 Product Quantity Price $10 $15 $40 Quantity Price Pizzas Haircuts 100 120 $12 $20 $45 50 45 Backpacks 200 210 Calculate real GDP in 2006 assuming the base year is 2002. Do the same calculation assuming the base year is 2006. Are the calculations different? Why?
Homework The Aggregate Economy Revenues Expenditures GDP Year (Billions of dollars) (Billions of dollars) (Billions of dollars) 2000 2,025 1,789 9,817 2001 1,991 1,863 10,128 2002 1,853 2,011 10,470 2003 1,783 2,160 10,961 2004 1,880 2,293 11,686 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for expenditures and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 EXPENDITURES AND REVENUES (Percent of GDP) 15 10 0 2003 > Expenditures 2004 2005 1999 2000 2001 2002 YEAR In which years was the government's budget in deficit? Check all that apply. 2000 2001 2002 U 2003 2004 In 2001, the national debt by 4 Revenues X A-Z हे
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In the year 2023, the economy produces 100 loaves of bread that sell for $2 each. Calculate the nominal GDP, real GDP, and the GDP deflator for each year. (Use 2023 as the base year.) By what percentage does each of these three statistics rise from one year to the next?