The GDP price index in the United States in 2016 was about 106, and real GDP in 2016 was $17.7 trillion (2012 dollars).The GDP price index in the United States in 2019 was about 112, and real GDP in 2019 was $19.0 trillion (2012 dollars).Calculate nominal GDP in 2016 and in 2019 and the percentage increase in nominal GDP between 2016 and 2019.>>> Answer below to 1 decimal place......Nominal GDP in 2016 is $trillion.Nominal GDP in 2019 is $trillion.The percentage ingrease in the nominal GDP between 2016 and 2019 is percent.

Nominal GDP measures market value of goods and services using current prices whereas real GDP uses…

Answered: was about 106, and real GDP in 2016 was…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the following data assuming that these are the only products produced and consumed in the economy, and assuming that 2020 is the base year: Product 2020 Quantity 2020 Price 2021 Quantity 2021 Price Beer 7 $2.2 12 $3.2 Chocolate 7 $1.4 11 $1.7 What was the nominal GDP in 2020? a. $41.80 b. $57.10 c. $34.30 d. $25.20 Clear my choice
Suppose that in 1994 the total output in a single-good economy was 10,000 buckets of chicken. Also suppose that in 1994 each bucket of chicken was priced at $1O. Finally, assume that in 2015 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $
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Using data in the following table: a. Compute nominal GDP in each year. b. Compute real GDP in each year using 2006 as the base year. c. Compute the GDP deflator in each year. d. Use GDP deflator to compute the inflation rate from 2006 to 2007 and from 2007 to 2008. 2006 2007 2008 P good A $30 900 $31 1,000 $36 1,050 good B $100 192 $102 200 $100 205
Consider a simple economy that produces two goods: cheese and wine. The following table shows the prices and quantities of the goods over a three-year period. Please explain the formulas you used to get your answer. Grapes Аpple S Year Price Quantity Quantity Price 2017 $21 110 $30 500 2019 $24 145 $30.5 500 2019 $24 150 $31 520 For each year, calculate nominal GDP, real GDP, and the GDP deflator. Use 2017 as the base year. Fill in the cells in the table below and submit it in your answer. In your answer. Year Nominal GDP RGDP GDP deflator 2018 2019 2020
When using the income approach to measure GDP, what calculation must be done to convert GDP at factor costs to GDP at market prices? The calculation is ______ to factor costs. A. add a statistical discrepancy B. add indirect taxes less subsidies C. subtract indirect taxes less subsidies D. subtract indirect taxes add subsidies
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Nominal GDP, Billions Price Index Year Real GDP, Billions Effect on Nominal GDP (2005 = 100) 1978 $2,308.80 40.4 1988 5,115.40 66.98 1998 8,808.50 85.51 2008 14,456.40 108.48 2018 20,519.30 128.59
You are trying to decide whether to use the GDP deflator or the CPI to calculate the inflation rate in an economy. You will decide to use the GDP deflator if Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a you want to make sure you include all goods and services captured in GDP b you are only concerned about prices that firms face C you are only concerned about prices consumers face d you want to make sure you include all transactions that take place in the economy
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The table represents the economy of bonaadventure coffee is used to make cappuccinos and has no other use coffee makers and bean grinders I purchase by all entities as our a cappuccinos the government has determined that the average consumer purchases one coffee maker to Bing grinders and 1000 cappuccinos when necessary used 2019 as a base year A. Calculate the nominal GDP for 2019 b. Calculate the real GDP for 2017c.

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