Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Barbados. Year year 1 year 2 year 3 Real GDP $20,597 $10,557 $40,977 What is the nominal GDP for year 1? What is the nominal GDP for year 2? GDP deflator What is the nominal GDP for year 3? 122 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. 113 100 year 1: $ year 2: $ year 3: $ 13234 Incorrect 12457 Incorrect 40977
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- The country of Economica's GDP deflator and nominal GDP in three different years are shown in the table. Year Nominal GDP GDP Deflator year 1 $25128 122 year 2 $54566 108 year 3 $30967 100 The base year, i.e. the base period, is Year 3. For years 1-3, please obtain the real GDP. Round your answers to the nearest dollar. What is the real GDP for year 1? real GDP: $ What is the real GDP for year 2? real GDP: $ What is the real GDP for year 3? real GDP: $Assume an economy consumes only two goods: food and clothing. The prices and quantities produced domestically of each good for two different years are shown in the table below. Year 1 quantity Year 2 quantity Year 1 price Year 2 price Food 5000 5500 $2 $5 Clothing 1000 1200 $30 $25 What is the nominal GDP for year 2? What is the real GDP for year 2, using year 1 as the base year? What is the GDP deflator? (2 decimal places) What was the result on the overall price level? no ch increased decreasedConsider the GDP deflator and real GDP, given in thousands of dollars, for the country of Economica. Year Real GDP GDP deflator уear 1 $30,777 105 year 2 $10,557 123 уear 3 $40,977 100 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. What is the nominal GDP for year 1? year 1: S
- Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Economica. Year Real GDP GDP deflator year 1 $40,983 122 year 2 $10,557 118 year 3 $50,957 100 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. What is the nominal GDP for year 1? year 1:$ What is the nominal GDP for year 2? year 2:$ What is the nominal GDP for year 3? yeasr 3:$Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Economica. Year Real GDP GDP deflator year 1 $40,983 111 year 2 $30,523 118 year 3 $20,987 100 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. What is the nominal GDP for year 1? year 1: $ What is the nominal GDP for year 2? year 2: $ What is the nominal GDP for year 3? year 3: $Suppose that the nominal GDP in 2017 was $3,968 (in thousands) and 2018 is the base year. Nowthe nominal GDP for years 2018 and 2019 will be the sum of the nominal GDP of the previousyear and the cost-of-living adjustment (COLA.) for the current year. [COLAs per year are equalto the percentage increase of the rate of inflation.] When we calculate the nominal GDP this way,what is this economy’s real GDP each year?
- In 1990, Pakistan's total nominal GDP was $44.0 billion. In 2010, total nominal GDP had increased to $170.0 billion. What was the total percentage change in nominal GDP between 1990 and 2010? What was the percentage change, on average, per year of nominal GDP over the two decades? C Now determine real (constant price) GDP in 2000 calculated at 1990 prices, given that the price index in 1990 = 100 and in 2010 = 290.Consider the following data for a hypothetical economy that produces two goods: milk and honey. Quantity Produced Prices Milk (litres) Honey (kg) Milk ($/litre) Honey ($/kg) Year 1 110 45 2 6 Year 2 125 40 37 Compute nominal GDP for each year in this economy. Using year 1 as the base year, compute real GDP for each year. What is the percentage change in real GDP from year 1 to year 2? Using year 1 as the base year, compute the price deflator for each year. Now compute the GDP deflator for each year, using year 2 as the base year. Explain why the measures of real GDP growth (and growth in the deflator) depend on the choice of base year.Production Year 2 50 120 Year 1 $1.00 $0.60 Year 2 $1.20 $0.60 Year 1 Good X 50 Year 3 60 Year 3 $1.20 $1.00 Good Y 100 140 1-Assume that this economy produces onlytwo goods Good X and Good Y. The value for this GDP in year 1 is 2-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is 3-Assume that this economy produces only two goods Good.X and Good Y. The value for this economy's nominal GDP in year 2 is 4-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is 5-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is 6- Assume that this economy produces only two goods Good X'and Good Y If year 1 is the base year, the value for this economy deflator in year 2 is 7-Assume that this economy producesonlytwo goods Good Iand Good YIf year…
- The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk 2008 $4.00 90 $1.50 150 2011 $6.00 150 $3.50 200 In 2011, this country's Select one: O a. real GDP was $900, and the GDP deflator was 177.8 O b. real GDP was $900, and the GDP deflator was 150.2 O c. real GDP was $1065, and the GDP deflator was 177.8 O d. real GDP was $1065, and the GDP deflator was 150.2Gross Domestic Product The U.S. gross domesticproduct (GDP) (in trillions of dollars) for selectedyears from 2005 and projected to 2070 can be modeled by y = 0.116x2-3.792x + 45.330, where xis the number of years after 2000. During what yearsbetween 2005 and 2070 was the gross domestic product no more than $23.03 trillion?Nominal gross domestic product for the United States was $7,661.6 billion in 1996 and$8,110.9 billion in 1997. The GDP deflator was 109.5 in 1996 and 111.6 in 1997. Given theabove data, complete the following questions:a. What was the 1997 real GDP expressed in 1996 prices?b. What were the 1996 and 1997 GDPs expressed in base-year prices?c. What was the percent change in the nominal GDP between 1996 and 1997?d. What was the percent change in real GDP between 1996 and 1997?e. What was inflation between 1996 and 1997?