Consider the following data about U.S. real GDP for the George W. H. Bush (1989-1993) and Bill Clinton (1993-2001) administrations: Year Real GDP (US$ billions) 1989 8786.4 1993 9521.0 2001 12682.3 The total growth rate for the Bill Clinton administration is (round to the nearest two decimals):
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Real GDP is a macroeconomic measure of the value of economic output that has been adjusted for price changes. This adjustment converts nominal GDP, a money-value measure, into an index of total output quantity. Real GDP is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year (expressed in base-year prices).
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- Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2009) 2016 18,707 105.93 1996 8,073 73.18 The growth rate of nominal GDP between 1996 and 2016 was , and the growth rate of the GDP deflator between 1996 and 2016 was . (Hint: The growth rate of a variable XX over an NN-year period is calculated as 100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1) Measured in 2009 prices, real GDP was billion in 1996 and billion in 2016. (Note: Select the answers closest to the values you compute.) The growth rate of real GDP between 1996 and 2016 was . The growth rate of nominal GDP between 1996 and 2016 was than the growth rate of real GDP.You are going to compare and contrast the GDP of the United States to that of another country of your choice for the last 3 years. Your report in narrative format should address the following questions: Describe the current GDP growth rate of the two countries. Which component of the GDP of the two countries changed the most for the last 3 years? Identify the possible causes of the changes. Describe the biggest component of the GDP of the two countries. What recommendations would you make in order to boost the GDP of the two countries?Consider the following data on the Pakistan economy:Nominal GDP GDP Deflator Year (in billions of rupees) (base year 2012)2018 21,501 111.4 1998 9,163 76.3 i. What was the growth rate of nominal GDP between 1998 and 2018? (Hint: The growth rate of a variable X over an N-year period is calculated as [(Xfinal/Xinitial)1/N – 1] x 100). ii. What was the growth rate of the GDP deflator between 1998 and 2018? iii. What was real GDP in 1998 measured in 2012 prices? iv. What was real GDP in 2018 measured in 2012 prices? v. What was the growth rate of real GDP between 1998 and 2018? vi. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
- Consider the following data on the Pakistan economy: Nominal GDP GDP Deflator Year (in billions of rupees) (base year 2012) 2018 21,501 111.4 1998 9,163 76.3 What was the growth rate of nominal GDP between 1998 and 2018? (Hint: The growth rate of a variable X over an N-year period is calculated as [(Xfinal/Xinitial)1/N – 1] x 100). What was the growth rate of the GDP deflator between 1998 and 2018? What was real GDP in 1998 measured in 2012 prices? What was real GDP in 2018 measured in 2012 prices? What was the growth rate of real GDP between 1998 and 2018? Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.This year, if two million new babies were born in the U.S. and if two million more immigrants came to the U.S., then the Annual Real GDP Per Capita will go down if we assume no change in the real GDP figure between this year and last year.Richland’s real GDP per person is $10,000 and Poorland’s real GDP per person is $5,000. However Richland is growing at 1% per year and Poorland is growing at 3% per year. Compare real GDP per person after 20 years and after 40 years. Please enter your answers as numerical responses rounded to the nearest dollar, and do not type out your answer as words. (ie. $13,452 not "Thirteen thousand four hundred fifty-two dollars"). What is Richland's Real GDP after 20 years? What is Richland's Real GDP after 40 years? What is Poorland's Real GDP after 20 years? What is Poorland's Real GDP after 40 years?
- How large will Canada’s GDP be in 25 years? The answer depends on what the rate of growth in GDP will be over that 25-year period. A mathematical formula we can use for this calculation is the following: GDP2041 = GDP2016 (1 + g)25 where GDP2041 is the level of GDP in the year 2041, GDP2016 is the level of GDP in the year 2016, and g is the rate of growth in GDP. Assume that GDP in 2016 is $1000 million and assume that the value of g is 0.035 (3.5 percent per year). What will be the value of GDP in 2041? Now suppose that the value of g is 0.040 (4.0 percent per year). What will be the value of GDP in 2041 given this slightly larger rate of growth? What does this result say about the importance of policies that promote even slightly faster rates of growth in GDP?Imagine the GDP per capita of a country doubles every one hundred years. What would the shape of a linear-scale graph and a ratio-scale graph be? Select one or more: a. Linear scale: an upward-sloping curve with increasing slope (called convex shape) Ratio scale: an upward-sloping straight line b. Linear scale: an upward-sloping straight line Ratio scale: a straight horizontal line c. Linear scale: an upward-sloping straight line Ratio scale: an upward-sloping curve with decreasing slope (called concave shape) d. Linear scale: an upward-sloping convex curve Ratio scale: an upward-sloping convex curveThe following table shows Spain’s (annualized) quarterly real GDP growth rates for the 2007–2012 period. (Roman numbers refer to quarters.) a) Plot real GDP growth rate in a graph, and identify a trend in the data. b) Based on the data shown, identify the beginning (i.e., the year and the quarter) of the current recession.
- Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Economy Real Income per Person in 1960 Real Income per Person in 2010 Annual Growth Rate (Dollars) (Dollars) (Percent) Canada 12,946 35,810 2.06 United Kingdom 11,884 32,034 2.00 Korea 1,610 28,702 5.93 Hong Kong 4,518 44,070 4.66 Guatemala 1,985 3,859 1.34 Niger 945 570 -1.01 Indicate which economy…Calculate the quarter-over-quarter percentage change in GDP for the last four quarters: Quarter-Year GDP (Billions USD) % GDP Growth Q4-2020 5,267 -- Q1-2021 5,301 Q2-2021 5,398 Q3-2021 5,718 Q4-2021 6,104Consider the following data on U.S. GDP: Year Nominal GDP (in billions of dollars) GDP Deflator (base year 2009) 2014 17,419 108.3 1994 7,309 73.8 Answer the following questions. Please explain in detail of your calculation (if needed). 1. What is GDP Deflator? What does it mean when GDP Deflator in 2014 was 108.3? 2. What was the growth rate of nominal GDP between 1994 and 2014? 3. What was the growth rate of GDP Deflator between 1994 and 2014? 4. What was real GDP in 1994 and 2014 measured in 2009 prices?
