Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 21, Problem 3.2P
To determine
The problems using fixed weights to calculate real
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Calculate the PPP-adjusted GDP for each of the four countries, using the information found in the table below.
Instructions: Round your answers to the nearest dollar.
Country
Ona
Rye
Zolfo
Avon
GDP
($)
9,000
12,800
14,100
23,100
Price level
(%)
8
-24
-12
23
PPP-adjusted GDP
8,333
-3,072
16,022.73
18800
M
How can we measure the GDP ( Aggregate output ) ? Explain the approaches by giving examples
a) Calculate GDP Deflator of 2009.
b) Calculate the Growth rate of real GDP of 2009.
c) What can you conclude from your answer to part a.
d) What can you conclude from your answer to part b.
Please answer all and answer must be correct
Chapter 21 Solutions
Principles of Economics (12th Edition)
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Similar questions
- Calculate the PPP-adjusted GDP for each of the four countries using the information found in the table below. Instructions: Round your answers to the nearest dollar. Country GDP ($) Price level (%) PPP-adjusted GDP Ona 11000 8 Rye 12500 −24 Zolfo 13900 −12 Avon 23200 21arrow_forwardExplain why does production measure of GDP give the same results as the income method of GDP.arrow_forwardGive typed explanationarrow_forward
- Which variable constitutes the largest portion of GDP using the expenditure method? A. Xn B. G C. C D. Iarrow_forwarda) Calculate GDP Deflator of 2009. b) Calculate the Growth rate of real GDP of 2009. c) What can you conclude from your answer to part a. d) What can you conclude from your answer to part b. please show all calculation .Answer must be correct. Answer follow imagearrow_forwardI have to do a linear regression on the link between unemploymnet Rate and GDP. I have 10 countries and I had collected the data for five years for each country. DO I have to use the deflated GDP or can I use GDP at market prices?arrow_forward
- Using the data, provide estimates of the following key National Accounting Aggregates: a. gross national income b. disposable incomearrow_forwardPlease no written by handarrow_forwardThe income based GDP formula states that GDP is the sum of wages, rent, and interest, and in a given economy. A) commodities b) profits c)taxes d)tarrifsarrow_forward
- U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up "How do statisticians measure GDP?", does this surprise you, or does this simply reflect the complexity of a modern economy? Suppose GDP was modified to include the value - positive or negative - of changes in environmental quality. How could this be done accurately?arrow_forwardDistinguish between the following concepts as they apply to Elements of Macroeconomics. Give examples to support your answers a. GDP Deflator and Consumer Price Indexb. GDP at Market Price and GDP at Factor Coarrow_forwardUse the Market Values approach to calculate the GDP of a fictitious country using the data in the table below: What is the GDP for this country? A) $10,178 B) $305 C) $410.450 D) $10,000arrow_forward
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