2. The GDP data in the table is end-of-year data for Spain. Complete the blanks in the table. Pleaseround to 1 decimal place.Nominal GDPReal GDPYearGDP Deflator(Millions of Euros) (Millions of Euros)$266,227$275,4182014100.82015$273,372$281,6102016101.63. For each of the following, determine if the following are counted in GDP or not:a. The Boston Red Sox purchase baseball caps for the players to wear on the fieldb. You purchase flour to bake bread that you sell at the local farmer's marketA mechanic purchases wrenches to utilize while repairing airplanesd. You buy cupcakes for your child's birthday partyA car salesman sells a used Ford pickup truck off the lot at the dealership he works atC.e.

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to 1 decimal place. Nominal GDP Real GDP Year GDP Deflator (Millions of Euros) (Millions of Euros) $266,227 $275,418 2014 100.8 2015 $273,372 $281,610 2016 101.6

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

2. The GDP data in the table is end-of-year data for Spain. Complete the blanks in the table. Please
round to 1 decimal place.
Nominal GDP
Real GDP
Year
GDP Deflator
(Millions of Euros) (Millions of Euros)
$266,227
$275,418
2014
100.8
2015
$273,372
$281,610
2016
101.6
3. For each of the following, determine if the following are counted in GDP or not:
a. The Boston Red Sox purchase baseball caps for the players to wear on the field
b. You purchase flour to bake bread that you sell at the local farmer's market
A mechanic purchases wrenches to utilize while repairing airplanes
d. You buy cupcakes for your child's birthday party
A car salesman sells a used Ford pickup truck off the lot at the dealership he works at
C.
e.

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