5 HOW DO I CALCULATE THE NOMINAL GDP FOR EACH YEAR? Uit Canadlan Dollal, MiiOnsYear20002001200220032004200520062007200820ransactioni81S14_S15: Households andon-profit institutions servingpuseholdsBS13: Final consumptionspenditure of generalovernment5: Gross capital formation11: External balance of goodsnd servicesominal GDP603,187.0630,572.0668,603.0698,585.0730,886.0772,000.0814,421.0863,424.0902,446.090211,329.0223,291.0236,096.0249,646.0259,364.0271,178.0288,072.0303,708.0326,759.03-228,009.0225,146.0235,626.0256,804.0285,616.0321,731.0353,130.0377,185.0398,891.03462,527.065,647.052,645.048,833.059,615.056,213.041,197.034,325.029,270.0

Answer: Nominal GDP= Nominal GDP refers to the monetary value of all the goods and services produced…

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 unsaction S14_S15: Households and -profit institutions serving seholds -13: Final consumption enditure of general 603,187.0 630,572.0 668,603.0 698,585.0 730,886.0 772,000.0 814,421.0 863,424.0 902,446.0 ernment 211,329.0 223,291.0 236,096.0 249,646.0 259,364.0 271,178.0 288,072.0 303,708.0 326.759.0 Gross capital formation : External balance of goods 228,009.0 225,146.0 235,626.0 256,804.0 285,616.0 321,731.0 353,130.0 377,185.0 398,891.0 services 62,527.0 65,647.0 52,645.0 48,833.0 59,615.0 56,213.0 41,197.0 34,325.0 29,270.0 minal GDP

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 unsaction S14_S15: Households and -profit institutions serving seholds -13: Final consumption enditure of general 603,187.0 630,572.0 668,603.0 698,585.0 730,886.0 772,000.0 814,421.0 863,424.0 902,446.0 ernment 211,329.0 223,291.0 236,096.0 249,646.0 259,364.0 271,178.0 288,072.0 303,708.0 326.759.0 Gross capital formation : External balance of goods 228,009.0 225,146.0 235,626.0 256,804.0 285,616.0 321,731.0 353,130.0 377,185.0 398,891.0 services 62,527.0 65,647.0 52,645.0 48,833.0 59,615.0 56,213.0 41,197.0 34,325.0 29,270.0 minal GDP

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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