Q: Suppose nominal GDP is S99,000 and the GDP deflator is 110. Real GDP is: A $90,000 B $108,900…
A: Gross domestic product (GDP) is the standard measure of the value added created through the…
Q: If nominal GDP in some year is $280 and real GDP is $160 the GDP price index for that year is:…
A: Nominal GDP is the value of final goods produced in the country. Real GDP is the value of final…
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A: Generation of the unemployment and economic growth in such a way that even country which can be the…
Q: Nominal GDP is the real GDP divided by the population in a given fiscal or calendar year. Answer:…
A: Basics:- Nominal GDP is the current value of all the goods and services produced by country in a…
Q: ased on the above information, fill out the following table. To calculate real GDP, assume 2011 is…
A: Formulas which we are going to use in this question: 1. Nominal GDP = Price of goods in current year…
Q: Define “retail sales” index and tell why it is important as an economic indicator.
A: The Retail Sales Index (RSI) is an indicator of retail industry’s performance in the short-run based…
Q: Product Quantity Price Quantity Price Eye examinations 100 $40 150 $60 Shoes $150 $200 25 40…
A: Nominal GDP measures market value of goods and services using current prices whereas real GDP is…
Q: If nominal GDP was roughly $10,000 and the GDP deflator was 110 in 2016, real GDP is closest to a…
A: Here we calculate the real GDP by using the GDP deflator and choose the correct option which are as…
Q: If Real GDP = $200 billion and the price index= 200, Nominal GDP is a. $4 billion b. $400 billion…
A: Given data: Real GDP=$200 billion Price Index=200 billion
Q: If Gdp deflator is less than 100 it means that : 1- stagflation 2- deflation 3- inflation…
A: The GDP deflator is an economy measure that is used to compute the inflation rate in the economy in…
Q: Refer to the data below and using year 1 as the base year, the real GDP in year 4 was approximately:…
A: Real GDP is the value of goods adjusted for inflation Real GDP = Nominal GDP *100 / Price index
Q: You are given the following information about an economy, use the information to calculate exercises…
A: Answer: $270 Million
Q: In Lilliput nominal GDP in 2030 is $30,000 and the price index (base of 100 in 2020) stands at 150.…
A: Given, Current GDP= 30000 Price Index base price 100 Price Index Changed price= 150
Q: (a). The following information is given about countries X and Y
A: Given, Two Countries : X and Y The information is given as : Life Expectancy is calculated as :…
Q: Year Nominal GDP Price Level Population 2011 $3,000 $100 5 2014 $8,000 $200…
A: Real GDP:2011 Real GDP can be calculated as follows:
Q: 06:11 & M N{ al 100% E Expert Q&A HKSAR Statistics Units 2014 2015 2016 2017 2018 Real GDP…
A: (b)- The formula for calculating growth rate of GDP is shown below.
Q: If nominal GDP In some year Is $280 and real GDP Is $160, then the GDP price Index for that year Is…
A: Given: Nominal GDP=$280 Real GDP=$160 To find: GDP Price Index
Q: The GDP Deflator reflects
A: ‘GDP deflator’ measures the change in prices of all the goods and services that are produced…
Q: shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in…
A: From the table, we can see nominal GDP rises every year between 1978 to 1983, while the Real GDP had…
Q: Provide data on GDP of Iran to make a presentation like example,real GDp, trends in GDP, economic…
A: Since no year is mentioned, we will extract data from the year 2017.
Q: Micro Economics studies about aggregated indicators such as GDP, unemployment rates, price indices…
A: Microeconomics is that branch of economics where we study the economic problem and issue at small…
Q: Calculate GDP deflator if real GNP is $47,000 and the nominal GNP is $60,000
A: The data presented in the question above is:- Real GNP = $47,000 Nominal GNP = $60,000 The value of…
Q: real GDP
A: Answer: b. base year Prices method Real GDP : When GDP of a given years is estimated on basis of…
Q: Provide data on GDP of Iran from 2010 to 2019 to make a presentation like example,real GDp, trends…
A: Trends in GDP is the growth rate and economic growth rate is measured by real GDP.
Q: Year GDP GDP deflator Population 1998 500 100 200 million 1999 800 160 210 million Vhich statement…
A: Gross domestic product(GDP) is the value of all final goods and services produced in an economy over…
Q: Find real GDP in year 2001. Suppose a hypothetical national economy can be represented by the…
A: Nominal GDP is the market value of goods and services produced in an economy, unadjusted for…
Q: Calculate real GDP for all years
A: Real GDP is the monetary value of all the final goods and services produced within the national…
Q: Year Nominal GDP Price Index $ 3,166 100 2 3,402 104 3 3,774 108 4 3,989 112 Refer to the…
A: Answer: Let us use the following formula to find the real GDP: Price index=Nominal GDPReal…
Q: Consider the data in the table Rank the years from hightest to lowest in terms of real GDP Year…
A: Solution -
Q: 2020 4t X 300 6t X 600 Let P- the per-unit market price; Q, - the number of units produced and sold…
A: Nominal GDP is the market value of goods and services produced in an economy, unadjusted for…
Q: (i) GDP Deflator for Year 1 (ii) GDP Deflator for Year 2
A: The economies around the globe are involved in different types of economic and financial activities.…
Q: :0. Economic survey is published by
A: To find : Who publish economic survey.
Q: Nominal GDP (NGDP) Real GDP (RGDP) Estimated Resident Population by Age and Sex (1991+) (Annual-Mar)…
A: Government investment is a part of the nominal GDP. Since, no other measure is given under nominal…
Q: If Gdp deflator is equal at 120 it means that : 1- stagflation 2- deflation 3- inflation…
A: The GDP price deflator measure the changes in prices by comparing nominal GDP to real GDP.
Q: Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change…
A: Real GDP is a macroeconomic proportion of the worth of economic results adapted to price changes .…
Q: GDP can be calculated by all of the following methods except...
A: GDP is the measure of all the final goods that are produced in a country. It includes the quantities…
Q: Which variable constitutes the largest portion of GDP using the expenditure method? A. Xn B. G C.…
A: The components of GDP are: Xn= Net exports= Exports- imports G= government spending C= consumption…
Q: If nominal GDP is $400, real GDP is $200, then calculate price level
A: Price level - Average price of all the goods in an economy.
Q: Help The following table gives real GDP for a small economy going through a business cycle. Real GDP…
A: The term business cycle in economics refers to the upward and downward movement in GDP of a nation…
Q: must include: • Use data, tables and graphs, and/or create your own graphs and tables to illustrate…
A: Overview of the economy of Australia and Newzealand Over the few past decades, the Australian…
Q: If nominal GNP through expenditure approach is $10000 and real GNP is $10000. Find the GNP deflator.
A: Nominal GNP = $10000 Real GNP = $10000
Q: Based on the data below, what was the Real GDP in 2C Nominal Price Year Real GDP GDP Deflator 2015…
A: GDP deflator is used to measure the change in general price level. It measures the price changes of…
Q: GDP is very widely used throughout the world as a measure of Economic health. Come up with your own…
A: GDP is the sum of value of goods and services produced in a nation in a particular period.
Q: Suppose the index of prices received by date farmers in Oman for 2008was 1.04 and the base year of…
A: The price index of the country shows the average price level in the economy. The value of price…
Q: GDP is a m diverse collection of goods and services over time. It is not possible to count the…
A: GDP or gross domestic product is the total market value of all the finished goods and services that…
Q: What is the U.S. GDP for the 1st quarter of 2017?
A: Answer" The growth rate of U.S. GDP for the first quarter of 2017 was 0.7%, which is the lowest when…
Q: How do you convert a series of nominal economic data over time to real terms?
A: When studying economic statistics, it's critical to understand the difference between real and…
Q: If the price prevailing during the base year is 1000 and the quantity of final goods and services is…
A: As per the given question, Price during the base year are = 1000 Quantity of the goods = 500 We need…
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- Why is the GDP deflator not an accurate measure of inflation as it impacts a household?U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up 'How do statisticians measure GDP?', does this surprise you, or does this simply reflect the complexity of a modern economy?What are the main components of measuring GDP with what is produced?
- 2. The following table shows an example of gross domestic product values for five countriesfrom 2005 to 2010 in equivalent U.S. dollars ($). a. How could you improve the readability of this table?b. The file GdPyears contains sample data from the United Nations Statistics Divisionon 30 countries and their GDP values from 2005 to 2010 in U.S. dollars ($). Create atable that provides all these data for a user. Format the table to make it as easy to readas possible.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…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 21,500
- 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?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?Question # 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…Using Graph Is there any relationship between the monthly percentage change in rail carload traffic (RCLDPCH) and quarterly percentage change in GDP (QGDPPCH)? Relate potential relationship to disruptions witnessed the last couple of years or economic contraction and expansion in previous years?In a simple economy, calculate gross domestic product using the following figures. (Not all variables need to be used, an extra variable may be given.)a. Calculate by spending approach.b. Calculate with income approach. Consumption 9500 Investment 3000 Wear 1750Profits 2400Exports 850Payments to employees 11500Government purchases 3200 Direct Taxes 1200Savings 1600 Imports 900
