4. Refer to the data below:Nominal GDP(in Billions ofDollars)GDP Deflator(Price Index,2012 =100)Year20009,81778.1200110,12879.8200210,46981.1200310,96082.6200411,68584.8200512,42287.4200613,17890.1200713,80892.5200814,29194.3200913,93995.0201014,52496.1201115,51898.1201216,163100.0201316,768101.8201417,393103.6201518,037104.6201618,954105.7201719,543107.7201820,612110.3201921,4331123Instructions: Round your responses to the nearest billion.a. Calculate real GDP for 2019 using 2000 prices.%24123 O billionb. By how much did real GDP increase between 2000 and 2019768billionc. By how much did nominal GDP increase between 2000 and 2019?211,616billion

Formula for calculating Real GDP Real GDP = Nominal GDPGDP Deflator

Answered: efer to the data below: Nominal GDP (in…

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter6: How Statisticians Measure Inflation

Section6.A: How Statisticians Measure Inflation

Problem 2TY

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Consider the data in the table Rank the years from hightest to lowest in terms of real GDP Year Nominal GDP GDP deflator Real GDP 2009 $1020 57 2010 $1250 62 2011 $1450 91
Suppose the nominal GDP of country X in 2013 was equal to 10000. The deflator index in 2014 was 107% (relative to the previous year). The volume index in 2014 was 103% (compared to the previous year). What is the nominal GDP of country X in 2014?
Gross Domestic Product a. In 1803 the United States purchased Louisiana and other territories (828,000 square miles) from France $14,904,000. The GDP deflator for that year was 5.27. How much money did we pay in current dollars? Was the purchase worth it? (use the nearest year for which data is available) b. In 1867 the United States bought Alaska from the Russian Empire for $7.2 million dollars. Use the web to find the a price index for that year and calculate the value of the purchase in current dollars? (use the nearest year for which data is available) c. List at least four factors that you think you will be important measures of the statndard of living other that per capita real GDP. How do these factors relate to per capita real GDP? How could trading more freely among countries affect the size of economies?
From the information in the table below, calculate the following statistics. Personal consumption N1,344 Investment 456 Net nonbusiness interest income 270 Government purchases 480 Profit 406 Employee compensation 1520 Net exports 24 Rents 2 Depreciation 278 Indirect business taxes 156 Corporate retained earnings 249 Net foreign factor income 5 Interest 98 Social Security taxes 150 Transfer payments 300 Personal taxes 214 Statistical discrepancy 0 Gross domestic product b. Gross national product c. Net domestic product National income e. Personal income f. Disposable personal income
Consider the data shown in the table. Assume that the economy produces only frozen fish. What is the real GDP for last year using this year as the base year? tons of fish sold actual price last year 100 1800 this year 105 1850
You are employed by the state bureau of economic development. There is a demand for a leading economic index to review past economic activity and to forecast future economic trends in the state. You decide that several key factors should be included in the index: number of new businesses started during the year, number of business failures, state income tax receipts, college enrollment, and the state sales tax receipts. Here are the data for 2000 and 2018. 2000 2018 New businesses 1,240 1,325 Business failures 600 496 State income tax receipts ($ millions) 185.2 220.8 College student enrollment 242,299 291,291 State sales tax ($ millions) 55.1 57.4 The weights you assign are: new businesses 15%, business failures 10%, income tax 42%, enrollment 13% and sales tax 20%. b. Compute the leading economic indicator for 2018. (Round your answer to 2 decimal places.) c. Interpret the indexes. (Round your answer to 2 decimal places.) Economic activity has (increased or decreased) _____%…
please answer part a-d using the data given below following data for Bacon County, Georgia, an area that produces only two products: firewood and cattle. a. The nominal GDP in 2017 in Bacon County is: 760 420 1140 1450 b. Real GDP for Bacon County for 2017 using 2007 as the base year equals 1450 690 420 560 c. What is the GDP deflator in 2017, using 2007 as the base year? 131.825 126.19 73.68 165.22 d. Assume the average annual CPI values for 2010 and 2014 were 225 and 256, respectively. What was the inflation rate for 2014 according to the CPI? 13.8% 12.1 15.6% 31.0%
Please show ALL Workings VERY clearly and in FULL. Using the information shown, calculate values for Nominal GDP, Real GDP and GDP Deflator, for the years 2011, 2012 and 2013.
C I G NX Yr1 1000 156 560 52 Yr2 1300 159 600 52 Yr3 2000 169 690 53 Yr4 2900 180 880 53 Using the table above state what nominal GDP will be for all four years
In an economy:- Nominal GDP = 17,000 Real GDP = 11,000 We have to calculate the value of GDP deflator
In 2001 the Nominal GDP = $120 billion and Real GDP = $135 billion. Calculate the GDP deflator for this economy in 2001.
Calculate the real GDP for 2011, 2012 and 2013

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