how the US GDP has performed from January 2017 to August 2021. (i) Excluding COVID-19 reason, briefly tell us two key reasons behind the observed trend. (ii) briefly describe how the US GDP performed between March 2020 to December 2020, using business cycle language in your description.
Q: The prices for which of the following goods are included in both the GDP deflator and the consumer…
A: The consumer price index (CPI) measures the prices of goods purchased by the consumers (or…
Q: The table lists some macroeconomic data for the United States in 2009 in billions of dollars: Wages…
A: GDP = C+I+G+Xn
Q: The following table shows the outputs and prices of three products produced by an economy in 2018,…
A: When GDP is measured at current prices, it is referred to as nominal GDP. To calculate the Nominal…
Q: Calculate the missing information in the table 17.1. Year Real GDP Nominal GDP GDP Deflator Price…
A: Nominal GDP is the value of final goods and services produced and real GDP is the value of final…
Q: The central problem that is evident in the above extract is that of… a) Economic welfare b) Data…
A: The central problem that is evident in the above extract is that of… b) Data revision
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa's economy grew by 1.1% in…
A: 1 - Option B Data Revision Due to changing the way GDP was being calculated by using the annualising…
Q: Items RM Million 800 Government consumption Private consumption 700 Government investment 150…
A: Gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted…
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa’s economy grew by 1.1% in…
A: 1 - Option B Data Revision Annualizing method could be misleading during phases of economic…
Q: The economy of Tuland produces only two products apples and dvds. The following information is…
A: Real GDP is a measure of a country's gross domestic product that has been adjusted for inflation.
Q: in comparing GDP data over a period of years, a difference between nominal and real GDP may arise…
A: Gross domestic product (GDP) measures the money value of goods and services produced in an economy…
Q: 20. If both the production of goods and services increase and prices rise, then the change in…
A: Answer: option d Explanation: If the production of goods and services increases and the prices rise…
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: Calculate the missing information in the table Year Real GDP Nominal GDP GDP Deflator Prices of…
A: GDP deflator = (Nominal GDP / Real GDP)*100 => Real GDP = (Nominal GDP / GDP deflator)*100 =>…
Q: Hi please assist with this 1.3 questions 1.3-1.5. South Africa’s economy grew by 1.1% in the first…
A: 1 - Option B Data Revision Annualising method of calculating GDP is not the right approach during…
Q: Malaysia’s GDP to grow 6.3% to 7.5% next year, KUALA LUMPUR (July 7): International agencies have…
A: The factors, which can determine the recovery shape of the economy are : Tax Rate Exchange Rate…
Q: Which statement best describes the difference between Nominal and Real GDP? Group of answer choices…
A: Nominal GDP measures the value of goods and services at current market prices. Real GDP measures the…
Q: Product Quantity(2013) Price (2013) Quantity (2018) Price (2018) Pizzas 100 $10 120 $12 Haircuts 50…
A: Nominal GDP measures the value of goods and services at current prices whereas real GDP measures…
Q: Gross Domestic Product (GDP) is one important indicator of economic well-being of an economy. The…
A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for first…
Q: Revise Core chapter 1.2 for the next four questions. Do not include the dollar sign Fruitland has a…
A: Real GDP of a country refers to the value of total output produced in a specific year with the…
Q: The following table shows nominal GDP and an appropriate price index for a group of selected years.…
A: Real GDP = (Nominal GDP/Deflator)*100 If the Real GDP is greater than nominal, then it is inflating…
Q: Explain the concepts Gross national product, Net national product, National income and Disposable…
A:
Q: Household spending by all UK households amounted to over £500 billion in 1997, or 63% of gross…
A: 1.Environmental factors that can affect consumer durables are weather,pandemic,rain,natural…
Q: se the information in the table below to answer questions 3 and 4: Year Nominal GDP Real GDP 2012…
A: Nominal GDP measures the value of all final goods and services produced during a given year using…
Q: The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal…
A: since you have asked multiple questions and according to our policy we can only solve the first…
Q: The economy of Tuland produces only two products apples and dvds. The following information is…
A: Real GDP for 2009: GDP=(price of apples×quantity of apples)+(price of DVD×quantity of DVD)Real…
Q: The only two products existing are pens and pencils. Year 1 Year 2 1500 1900 Quantity of pens Price…
A: Real GDP is the real indicator of social welfare in the economy . Because real GDP changes when…
Q: What was nominal GDP, real GDP, and the GDP deflator for 2008? What was nominal GDP, real GDP, and…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Consider the data in the following table, which represents the total productio country Byzantium, a…
A: Nominal GDP - This is the GDP calculated with the price and quantity at current price without…
Q: The table gives data for the nation of Pearl, a small island in the South Pacific. Price level…
A: Full employment: It is an economic situation where the economy operates at an optimal or most…
Q: Katniss works for the Panem Bureau of Economic Analysis. Panem produces three goods: bread and axes,…
A: We know that, GDP is the money value of all final goods and services that can be produced within a…
Q: Refer to Table below. A very simple economy produces two goods: cameras and legal services. The…
A: Nominal GDP is defined as GDP who's prices have not been adjusted and is calculated by usingthe…
Q: Suppose that the following transactions take place in 2019 in Turkey. State whether these…
A: a) It would not tend to affect the GDP of turkey as the plan of Arcelik tends to produce in china…
Q: Harry's Pepperoni Pizza Parlor produced 10,000 large pepperoni pizzas last year that sold for $10…
A: Nominal GDP is calcuated by multiplying current year prices with current year quantities. Nominal…
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa’s economy grew by 1.1% in…
A: 1 - Option B By changing the way GDP was calculated, it could be misleading as annualising method…
Q: Revise Core chapter 1.2 for the next four questions. Do not include the dollar sign in your answers.…
A:
Q: Subject: Business economics Problem # 5): Suppose that a simple economy produces only the following…
A: We are going to define and calculate Nominal GDP to answer this question.
Q: The central problem that is evident in the above extract is that of… a) Economic welfare b) Data…
A: The central problem that is evident in the above extract is that of… the right answer is in second…
Q: Consider the following data on the GDP of Z-product: i) What was the growth rate of nominal GDP…
A: GDP is the value of final goods and services produced in the economy within a given period of time
Q: The economy of Tuland produces only two products oranges and dvds. The following information is…
A: Note: "Sorry", since you posted a question multiple sub-parts. I will do only first three sub-parts.…
Q: The nominal GDP of the U.S. in 2019 was approximately $21.4 trillion. This means that The value of…
A: In nominal GDP, the gross domestic product (GDP) is calculated using current market prices. GDP is…
Q: What is this business cycle all about in Macroeconomics? 1. Consumers/households 2.…
A: The term business cycle, often known as the boom-bust cycle or economic cycle, refers to…
Q: The Economy of Hobbiton produces only two products, apples and kiwis. The below table provides…
A: The measure that depicts value of final goods and services produced in an economy during a given…
Q: he following table shows the outputs and prices of three products A, B and C by a small economy in…
A: The given information: product A A B B C C year Price Quantity Price Quantity Price Quantity…
Q: calculate GDP via the expenditure approach. Inventory investment $50 billion Fixed investment…
A: Under the expenditure method approach of measuring GDP, the economist tries to sum up the…
Q: 4.1- Data Table In the table below, we will see the change in the economic data of the USA from 2017…
A: The Real GDP/Capita, Growth rate of Real GDP/Capita, Inflation rates, interest rates, bank rate, etc…
Q: Which definition best describes real GDP? a)the production of goods and services valued at current…
A: The Gross Domestic Product is the summation of the money value of all the final goods and services…
Q: For the following question , please indicate whether current GDP of the United States will be…
A: Components of GDP = C + I + G + (X-M)
MEASURING THE US ECONOMY: MATTERS ARISING
how the US
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?What are the main components of measuring GDP with what is produced?
- Can you please show the detailed steps involved that took you to the final answers so that I can understand? 4. Plot the following Gross Domestic Product (GDP) data and specify the type of relationship (positive / Direct or Negative/Inverse relationship) between the two variables (Hint on Appendix A question: use a bar graph; year Vs GDP). _________________________________________________________________ Year U.S. Gross Domestic Product (billions of dollars) 2000 10,000 2005 13,500 2010 15,000 2015 18,000 2020 21,500Three of the main products produced in Grossmania’s manufacturing sector are leather, laces and dyes. The table below shows the outputs (Millions/units) and prices ($) for the years 2018 and 2019. LEATHER DYES LACES YEAR PRICE($) QUANTITY PRICE ($) QUANTITY PRICE$ QUANTITY 2018 100 3 10 8 5 4 2019 110 5 12 10 4 5 Calculate the Nominal GDP for: 2018 and 2019 . Using 2018 as the base year, calculate the Real GDP for 2019 NB: Time periods are in weeks You may work in the network but please show the results in a table. NB: Time periods are in weeks You may work in the network but please show the results in a table.Unit 7 Practice Questions to be discussed in BBCStudents are expected to attempt the questions before attending the BBC Session.Selected questions will be discussed in the BBC Session.Question 1Suppose production and prices of food and clothing (the only two goods produced in this economy) in 2006 and 2007 are as follows: (base year = 2006)Year Quantity of FoodPrice of FoodQuantity of ClothingPrice of Clothing2006 20 $15 15 $52007 60 $18 30 $6Calculate nominal and real GDP in 2006 and 2007, the GDP deflator and the growth rate in real output.Question 2You have been employed as the chief economist for the economy UWI Land. The head statistician has provided you with the following…
- Subject; Business Economics 1. Suppose that nominal per capita GDP was $40,000 in 2000 and $60,000 in 2007. If the GDP deflatorwas 100 in 2000 and 150 in 2007, indicate the 2007 per capita real GDP measured in 2000 dollars.Subject: Business economics Problem # 5): Suppose that a simple economy produces only the following four goods andservices: shoes,hamburgers, shirts, and cotton. Further, assume that all of the cotton is used in the production of shirts. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2015. PRODUCTION AND PRICE STATISTICS FOR 2015 Product Quantity Price Shoes 100 60 Hamburgers 100 2 Shirts 50 25 Cotton 8000 0.6Question # 5 a: Calculate Nominal and Real GDP for each year. Consider the base year is 2013. YearBottles of Diet Coke (units)Price by Bottle in Rs 2013100,00010.25 2014400,00030.50 2015500,00030.75 2016800,00040.25 b: Analyze how much Pakistan’s GDP and each of its components is affected by the following transactions? Explain your answers (Maximum 200 words). i) Toyota Motors issues new shares to finance the construction of an automobile plant in Pakistan.ii) Your friend wins Rs.2 million in the lottery in Dubai iii) Rabia spends Rs.1500 to buy her husband dinner at the finest restaurant in Karachiiv) General Motors builds Rs.40 million worth of cars, but consumers only buy Rs. 38 million worth of them.v) Sadia spends 50000 on a computer to use in her editing business in Karachi. She got last year’s model on sale for a great price from a local manufacturer. (Sub parts to solved).
- Table 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…QUANTITATIVE PROBLEMS Given the following nominal data, compute GDP. Assume net factor incomes from abroad = 0 (that is, GDP = GNP). Nominal Data for GDP and NNP $ Billions Consumption 2,799.8 Depreciation 481.6 Exports 376.2 Gross private domestic investment 671.0 Indirect taxes 331.4 Government purchases 869.7 Government transfer payments 947.8 Imports 481.7 Find data for each of the following countries on real GDP and population. Use the data to calculate the GDP per capita for each of the following countries: Mozambique India Pakistan United States Canada Russia Brazil Iran Colombia Now construct a bar graph showing your results in the previous problem, organizing the countries from the highest to the lowest GNP per capita, with countries on the horizontal axis and GNP per capita on the vertical axis. Suppose Country A has a GDP of $4 trillion. Residents of this country earn $500 million from assets they own in…Table 3.8 gives data on gross domestic product (GDP) for the United States for the years 1959-1997. 1. Plot the GDP data in current and constant (i.e., 1992) dollars against time. 2. Letting Y denote GDP and X time (measured chronologically starting with 1 for 1959, 2 for 1960, through 39 for 1997), see if the following model fits the GDP data: Yt = β1 + β2 Xt + ut Estimate this model for both current and constant-dollar GDP. 3. How would you interpret β2? 4. If there is a difference between β2 estimated for current-dollar GDP and that estimated for constant-dollar GDP, what explains the difference? 5. From your results what can you say about the nature of inflation in the United States over the sample period?
