According to the Bureau of Economic Analysis, the GDP Deflator for the 3rd Quarter 2021 is +5.7%. The U.S. Bureau of Labor Statistics reported the Consumer Price Index (CPI) as rising 5.4 percent over the last 12 months, not seasonally adjusted. Given this information:  1) Interpret these data and summarize its meaning.  2) What are these data measuring?  3) If you were a business economist, which would you use and why?

Q: Hence calculate to one decimal place the percentage change in the GDP deflator between period 1 and…

A: The formula for GDP Deflator is GDP Deflator = (Nominal GDP/Real GDP) * 100 Percentage in GDP…

Q: please answer part a-d using the data given below following data for Bacon County, Georgia, an area…

A: GDP(gross domestic product) is the total value(monetary value) of final goods/services produced in…

Q: The GDP deflator measures A .the changes in aggregate prices of all final goods and services…

A: GDP deflator: - it is a measure of the change in the price of goods and services produced in an…

Q: which of the below statements about the U.S. GDP do you think is INCORRECT?   Group of answer…

A: * ANSWER :-  The OPTION C is answer

Q: Refer to the following table of Annual GDP in the US. Year Nominal GDP Price Index Real GDP $1,878…

A: Real GDP for 1986 can be calculated as follows: Real GDP1986=Nominal GDPPrice…

Q: Read the following extract and answer questions? South Africa’s economy grew by 1.1% in the first…

A: OPtion A - Level of economic growth Autonomous consumption is that level of consumption which must…

Q: For​ 1950, real GDP per capita​ (in 2013​ dollars) was___usd?

A: The consumer price index measures the weighted average of prices of household goods and services…

Q: In 1958, nominal GDP was 482 while real GDP was 2,853.3. Approximately what would the GDP deflator…

A: Given information, Nominal GDP: 482 Real GDP: 2,853.3 To find: GDP deflator

Q: Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use…

A: economic growth has increased living expectations all throughout the planet. In any case,…

Q: Gross National Product (GNP) and Gross Domestic Product (GDP) are used interchangeably to mean the…

A: Gross domestic product refers to the total monetary value of all the final good and services…

Q: The country of Old Jersey produces milk and butter, and it has published the following macroeconomic…

A: Real GDP in Year 2003 = Price of each good * Quantity = 500 * 2 + 2000 * 1 = 1000 + 2000 = 3000 Real…

Q: In May​ 2013, the value of the Consumer Price Index​ (CPI) in a certain​ country, Polonia, reached…

A: Gross Domestic Product is the summation of the money value of all the final goods and services…

Q: Which of the following is wrong? Select one: a. In the expenditures approach to GDP we subtract…

A: a) This statement is considered true as imports are deducted in the expenditure approach as they are…

Q: Hence calculate to one decimal place the percentage change in the GDP deflator between period 1 and…

A: GDP Deflator is the ratio of nominal GDP to real GDP. GDP deflator of a base year is always 100.

Q: One way to measure a country’s economy is per capita gross domestic product, or per capita GDP. This…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: Explain concisely whether the following statement is true or false: “The GDP of a country does…

A: Answer: The given statement is false. Explanation: GDP (gross domestic product): GDP refers to the…

Q: In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an…

A: Given, CPI in 2013 =202 Nominal GDP per capita in 2013= $33500 CPI in 1950 = 66 Nominal GDP per…

Q: Assume the following economy produces only hat and that the base year is year 2. Use the table below…

A: Gross Domestic Product id the total amount of goods and services produced and sold in an economy…

Q: An increase in the price of Dell computers manufactured in Austin Texas and purchased by Americans…

A: Inflation refers to the increase in the average price level of goods and services. It is measured…

Q: Which of the following are included in this year’s GDP? Explain your answer in each case.a. Interest…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: The following table lists GDP per capita from 1970 to 2010 for South Korea and the United States. As…

A: Year South Korean GDP per capita U.S GDP Per capita 1970 $317 $5,247 1980 $1,778 $12,598 1990…

Q: The following table contains data on the fictional country of Penguinia. Presented are the country's…

A: Formula for Real GDP Real GDP = Nominal GDPGDP CHAIN PRICE INDEX×100 Calculating the values of the…

Q: If the price of imported extra virgin olive oil decreases, then both the GDP deflator and the…

A: GDP Deflator includes goods that are PRODUCED within the borders of the country. Consumer price…

Q: Suppose the CPI increased by 5 percent over each of the last 5 years while the GDP price index…

A: If CPI increased considerably,used goods or consumer goods prices increased to a greater extent…

Q: Which of the following items is not part of the GDP calculation? Select one: O a. A number of…

A: We define GDP or the gross domestic product as the value of all the final goods and services which…

Q: Calculate the four components of expenditure and GDP for the following economy using data from the…

A: The real GDP(RGDP) measures the value of all final goods(g) and services(s) produced within the…

Q: A number of statistics are computed to measure the price level, such as the GDP deflator and the…

A: CPI (Consumer Price Index) measures the change in the price of basket of consumer goods and…

Q: Which of these numbers is closest to the rate of change in the price level from 2018 to 2019 from…

A: here we calculate the GDP deflator and than we calculate the change in price level so here…

Q: Consider the following hypothetical economy with the following economic data. Nominal GDP GDP…

A: To measure the price inflation in an economy GDP deflator is used. It is calculated as follows: GDP…

Q: As per the World Bank, Philippine Real GDP (constant 2015 prices) was at around 396,220,000,000 USD…

A: "GDP deflator for any year is obtained by multiplying 100 by the ratio of nominal GDP of that year…

Q: Using the Graph below, in 1998, what was the approximate GDP of the United States? U.S. Economic…

A: In an economy, nominal GDP based on expenditure method is the sum of the total spending made by…

Q: A decrease in the price of domestically produced nuclear reactors will be reflected in   a. neither…

A: The gross domestic product(GDP) refers to the market value of all the final commodities(goods and…

Q: According to the chart, if year 1 is the base year, what would be the GDP deflator and consumer…

A: Formula:

Q: (Technological Change and Unemployment) What are some examples, other than those given in the…

A: Technological changes leads to introduction of new technological advancement in the production. It…

Q: An increase in the price of Dell computers manufactured in Austin Texas and purchased by Americans…

A: GDP deflator is ratio of nominal GDP to real GDP, and CPI is the change in cost of a fixed basket of…

Q: When calculating real GDP we must use the GDP deflator for that year. This allows us to adjust…

A: Real GDP is calculated as: Nominal GDPDeflator

Q: For the following question , please indicate whether current GDP of the United States will be…

A: GDP is gross domestic product which is sum of value of all goods and services produced in a country…

Q: The 2017 U.S. gross domestic product (GDP) was valued at 19,390,604,000 dollars. How many Gateway…

A: Gross Domestic Product Gross domestic product estimates the value of all finished goods and services…

Q: Explain why each of the following should be taken into account when GDP data are used to compare the…

A: When the developments of various nations are compared, the main factors of GDP are considered. But…

Q: Today,your lecturer gives you one table that decribes the product information of one city as below.…

A: a.) Nominal GDP in 2015  = Price(2015) * Quantity (2015) = (1.40+0.50+12) *(510+1000+80)  = 13.9 *…

Q: Prices for which of the following are included in the GDP deflator, but not included in the Consumer…

A: The GDP deflator considers the price of currently produced goods and services to the price of the…