Which of these numbers is closest to the rate of change in the price level from 2018 to 2019 from the table below 2018 2019 Nominal $10,000 $12,000 GDP Real GDP $9,500 $10,500 - 7.9% 10% 8.6%
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- The table below shows the total expenditure on a basket of goods and services. Use this information to calculate index numbers for the cost of a basket of goods and services in each period. Assume Period 1 is the base year. Round to one decimal place. Provide your answer below: Period 1 Period 2 Period 3 Period 4 Total Expenditure $1,100 $1,350 $1,400 $1,450 Period 1 Period 2-Period 3 = Period 4 = | Index NumberBritney is a baseball fan and attends several games per season. Her expenses per season are listed in the table below: Year 1 Year 2 5 Baseball Tickets $500 $560 Jersey $120 $150 Food $150 $160 Transport $60 $70 Assuming that year 1 is the base year, calculate the price index for year 1 and for year 2. Question 3 options: 88, 100 88, 113 100, 113 100, 88The following table shows the U.S. gross domestic product (GDP) G, in trillions of dollars, as a function of the year t. t = Year 2004 2010 2014 G = GDP(trillions of dollars) 11.87 14.66 17.42 (a) Explain in practical terms what G(2010) means. The expression G(2010) is the year when the U.S. gross domestic product had a value of 11.87 trillion dollars.The expression G(2010) is the gross domestic product in trillions of dollars, multiplied by 2010. The expression G(2010) is the average of G(2004) and G(2010).The expression G(2010) is the U.S. gross domestic product in trillions of dollars in the year 2010. Find G(2010).$ trillion(b) Use functional notation to express the gross domestic product in 2012, and estimate that value. (Round the estimated value to two decimal places.) G = $ trillion(c) What is the average yearly rate of change in G from 2010 to 2014? (Round your answer to two decimal places.)$ trillion(d) Use your answer from part (c) to…
- The nominal GDP for an economy is $12 trillion. Real GDP is $10 trillion. What is the value of the implicit price deflatorBased on the data in the table and graph below, identify the equilibrium GDP: Price Level Real GDP/Output in $ billion Real GDP/Spending in $ billion 80 100 180 90 120 160 100 140 140 110 160 125 120 170 115 130 175 105 140 178 100GDP is a strong measure of the health of the economy, and it’s among the most important and widely reported economic data. · In your own words, summarize nominal GDP. · Discuss the limitations of gross domestic product (GDP) as a measurement tool. · What is the difference between real and nominal GDP? · Locate an online news article that discusses impacts to GDP in some way. Summarize the article and explain its relation to/impact on GDP. · Cite your sources.
- Britney is a baseball fan and attends several games per season. Her expenses per season are listed in the table below: Year 2 Year 1 5 Baseball $500$560 Tickets Jersey $120 $150 $150 $160 Food Transport $60 S$70 Assuming that year 1 is the base year, calculate the price index for year 1 and for year 2. 100, 113 100, 88 88, 113 88, 100Suppose that typical CPI basket for consumers contains 3 goods: 5 wheels of cheese, 3 t-shirts, and 10 gallons of gasoline. The prices of the goods in 2019 and 2020 are listed below: Item Prices 2019 Prices 2020 Cheese $5 $10 T-shirt $10 $15 Gallon of Gasoline $3 $6 A) Find the cost of the CPI Basket in 2019: B) Find the cost of the CPI Basket in 2020: C) Using 2019 as the base reference period, calculate the CPI for 2020 D) What is the inflation rate in 2020? E) Suppose that you made $40,000 in 2019 and $41,000 in 2020. What has happened to your real income from 2019 to 2020?The following table contains data on the fictional country of Penguinia. Presented are the country's nominal GDP, real GDP, and the GDP chain price index for various years. The base year for the chain price index is 2011. Using the data in the table, fill in the blank cells with the correct values. Year Nominal GDP Real GDP GDP Chain Price Index 2014 $8,766 $6,871 127.58 2017 $8,699 119.08 2020 $9,203 $7,926 From 2014 to 2017, nominal GDP ________ by __________ , while real GDP _______ by ___________ .
- The table below includes data for a one-year period required to calculate GDP from the income side for a teeny-tiny economy. Gross investment expenditure Wages and salaries Consumption expenditure Interest and investment income Business profits Depreciation Indirect taxes less subsidies Net exports TABLE 20-4 $402.00 $1741.00 $1302.40 $99.40 $70.40 $199.20 $175.20 $94.00 Refer to Table 20-4. What is the value of GDP, as calculated from the income side? $2010.00 $1982.60 $1986.00 $2584.40 $2285.20The following table shows a hypothetical situation for an economy that uses for an average household of four people a basket of only three products to calculate the consumer price index (CPI) between the years 2015 and 2018. Product Product A 20 Product B Product C 98 100 131 133 50 2015 4 Quantity Price $50 $52 $56 $100 55 $105 61 $113 $1,200 5 $1,210 5 $1,230 If the base year is 2015, what is the value of the consumer price index in 2015? (round to the closest integer) a 22 2016 P Q 23 2017 P Q $55 $111 $1,225 22 62 2018 5 PLaptops 2010 2011 2012 Price $1,700 $1,400 $1,200 Complete the following table by calculating nominal GDP and real GDP (using 2010 as the base year) for each year. (Enter your responses as integers.) 2010 2011 2012 Quantity 7 9 9 Textbooks Price Quantity $180 $190 6 8 $210 9 Nominal GDP $ 13,040 $ 14,260 $ 12,850 Using the chain-weighted method outlined above, real GDP for 2011 is $ 16,810. (Round your response to the nearest dollar.) Using the chain-weighted method again, real GDP for 2012 is $ (Round your response to the nearest dollar.) Energy Drinks Price Quantity $2 30 $4 35 $4 40 Real GDP (2010 Base) $ 13,040 $ 16,810 $ 17,000