The table below shows nominal and real GDP figures for a hypothetical economy. Note that 2018 is the reference yearNominal GDP(current $ billions)Real GDPYearGDP Deflator(2018 $ billions)218.6201797.4662018243.12019255.1101.3402020268.4260.72021105.447271.2Fill in the table, writing out billions of dollars to the first decimal e.g. $1.0 billion and the GDP deflator to three decimal place100.000.

GDP deflator = Nominal GDP / Real GDP * 100 where, Nominal GDP = (Deflator * real GDP) / 100 in base…

Answered: The table below shows nominal and real…

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 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…
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:
Consider a simple economy that produces two goods: fries and burgers. The table shows the economy's production over several years. Calculate the real GDP for 2006 using 2004 as the base year. Year 2004 2005 2006 real GDP: Price of fries (in dollars) 6.00 8.00 9.00 Number of fries 4 4 5 Price of burgers (in dollars) 2.00 4.00 7.00 Number of burgers 3 5 8 dollars
Consider a simple economy that produces two goods: stickers and donuts. The following table shows the prices and quantities of the goods over a three-year period. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars per sticker) 2 3 2 Stickers From 2021 to 2022, nominal GDP Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Dollars) (Base year 2020, dollars) GDP Deflator The inflation rate in 2022 was Quantity (Number of stickers) 255 165 130 and real GDP Donuts Price (Dollars per donut) 2 3 3 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of donuts) 195 190 195 Real GDP is not influenced by price changes, but nominal GDP is. Real GDP includes the value of exports, but nominal GDP does not. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.
How would I calculate the real GDP increase between the years 2013 and 2003? 2003: Nominal GDP (Billions)- 10,960 Price Index: 82.6 2013: Nominal GDP (Billions)- 16,768 Price index: 101.8
If real GDP for a given year is $2400 and nominal GDP is $2400, what is the GDP Deflator?
10. The (real) GDP per capita in Belgium (in €) is provided for several years in the table below: year GDP 2010 33 509.07 2011 33 641.30 2012 33 443.71 2013 33 259.76 2014 33 728.14 2015 34 028.24 2016 34 209.76 a. Let us denote GDP in year t by Yt. Determine the percentage change for each year using the formula rt = Y-Y-1. Compare the results to the log-returns In (). 1 b. You are also given that Y1990 = 25 039.06. Again compare the percentage change over the period 1990-2016 with the corresponding log-return. There are several reasons why percentage changes are often approximated by log-returns. One of the reasons is that the logarithm has nice mathematical properties. For example: log-returns allow for easier time aggregation as is illustrated in parts c. and d. below. c. Show that the percentage change Y2016-Y2013 over the three-year period from 2013 to 2016 equals (1+r2016) (1+r2015)(1+r2014) - 1. d. Show that the log-return In (Y2016) for the same period is simply the sum of the…
Why the use real GDP is preferred by economists over nominal GDP to gauge economic well-being? 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 a) 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). b) What was the growth rate of the GDP deflator between 1998 and 2018? What was real GDP in 1998 measured in 2012 prices? a) What was real GDP in 2018 measured in 2012 prices? b) What was the growth rate of real GDP between 1998 and 2018? c) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
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In the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years 2010 - 2016. All dollar figures are in trillions and have been rounded to the nearest trillion. Some entries are missing from the table. Let's see if you can figure out one of these missing values. 2010 2011 2012 2013 2014 2015 2016 Current-dollar GDP 15.0 15.5 16.2 16.8 17.5 18.2 18.7 GDP in chained 2012 dollars 15.8 16.5 16.9 17.7 chained growth rate of GDP (%) 2.6 1.6 2.5 2.9 1.6 What was real GDP in 2015? a) 16.9 x 1.029 = 17.4b) 16.9 x 1.025 = 17.3c) (16.9 + 17.7)/2 = 17.3d) 17.5 x 1.029 = 18.0
Use the following table to answer the next question. The base year is 2007. Hot Dogs Baseballs Bottles of Soda Price Quantity Price Quantity Price Quantity $5.00 5.00 5.00 8.00 10.00 Year 50 100 100 200 200 $2.00 2.00 2.00 4.00 4.00 2005 $2.00 100 100 4.00 6.00 8.00 10.00 200 Real GDP (constant dollars) for 2005 equals 2006 100 150 2007 100 200 2008 150 200 2009 250 A) $650 O B) $1500 C) $1050 D) $100
Refer to the macroeconomic data from the Philippine Statistics Authority provided below to answer the next two (2) questions: Year 2019 2020 2021 GDP in million Php (Current prices) 19,517,863 17,951,573 19,410,568 GDP in million Php (2018 prices) 19,382,751 17,537,843 18,538,053 CPI (2012-100) 120.2 123.3 128.8

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