Given the data table below:Year2015201620172018201920202.GDP Deflator, Real GDP,2015-1002015-100100.00100.40103.30106.90106.50103.30423,444.10438,712.15458,776.09475,673.62480,957.65461,185.67The Average Annual GDP Growth from 2018-2020 is (Hint: You'llneed growth rates from 2017-2018, 2018-2019, 2019-2020 to answer this)

Here, the given data provided information about the GDP deflator and real GDP in different years…

Answered: Given the data table below: Year 2015…

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

See similar textbooks

Similar questions

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
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%
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
GDP deflator = (Nominal GDP/Real GDP) x 100 Nominal GDP = Current Price x Current QuantityNominal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000+30,000 = 70,000Nominal GDP (2021) = 12 x 6,000 + 50 x 1,200 = 72,000 + 60,000 = 132,000 Real GDP = Base year price x Current QuantityReal GDP (2020) = 10 x 4,000 + 30 x 1,000 = 40,000 + 30,000 = 70,000Real GDP (2021) = 1..
Year Real GDP per Capita 1985 6,000 1986 6,300 1987 6,700 1988 7,200 1989 7,850 1990 8,250 1991 8,450 1992 8,550 1993 8,575 1994 8,510 1995 8,370 1996 8,100 1997 7,950 1998 7,925 1999 7,960 2000 8,035 2001 8,155 The information above describes the real GDP per capita for a country for the period from 1985 through to 2001. I.…
Suppose nominal GDP is S99,000 and the GDP deflator is 110. Real GDP is: A $90,000 B $108,900 C $10,890,0 D $900
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012. Year Real GDP (2009 prices) Population 1993 $9,510,800 million 257.8 million 2012 $15,470,700 million 313.85 million
In an economy:- Nominal GDP = 17,000 Real GDP = 11,000 We have to calculate the value of GDP deflator
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?
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?
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.
Use the data to calculate nominal Canadian GDP using the spending approach for both 2016 and 2017. 2016 (billions of $) 2017 (billions of $) Consumption $12,800 $13,300 Investment $3,200 $3,400 Exports $2,200 $2,400 Imports $2,700 $2,900 Government Spending $3,300 $3,400

SEE MORE QUESTIONS

Recommended textbooks for you

Macroeconomics: Principles and Policy (MindTap Co…

Economics

ISBN:

9781305280601

Author:

William J. Baumol, Alan S. Blinder

Publisher:

Cengage Learning

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

MACROECONOMICS FOR TODAY

Economics

ISBN:

9781337613057

Author:

Tucker

Publisher:

CENGAGE L

Macroeconomics: Principles and Policy (MindTap Co…

Economics

ISBN:

9781305280601

Author:

William J. Baumol, Alan S. Blinder

Publisher:

Cengage Learning

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

MACROECONOMICS FOR TODAY

Economics

ISBN:

9781337613057

Author:

Tucker

Publisher:

CENGAGE L

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

Principles of Macroeconomics (MindTap Course List)

Economics

ISBN:

9781285165912

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Brief Principles of Macroeconomics (MindTap Cours…

Economics

ISBN:

9781337091985

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS