Suppose that nominal GDP was $10 trillion in 2040 in Atlantis. In 2050, nominal GDP was $15 trillion in Atlantis. The price level fell 3% between 2040 and 2050, and population growth was 2%. % and economic growth was %. Give your Between 2040 and 2050 in Atlantis, nominal GDP growth was answers to one decimal place. Part 2 See Hint Suppose that nominal GDP was $20 trillion in 2040 in Atlantis. In 2050, nominal GDP was $18 trillion in Atlantis. The price level rose 3% between 2040 and 2050, and population growth was 2%. % and economic growth was %. Give your Between 2040 and 2050 in Atlantis, nominal GDP growth was answers to one decimal place. Part 3 See Hint Suppose that nominal GDP was $8 trillion in 2040 in Atlantis. In 2050, nominal GDP was $10 trillion in Atlantis. The price level rose 18.0% between 2040 and 2050, and population growth was 14.0%. % and economic growth was %. Give your Between 2040 and 2050 in Atlantis, nominal GDP growth was answers to one decimal place.

Suppose that nominal GDP was $10 trillion in 2040 in Atlantis. In 2050, nominal GDP was $15 trillion in Atlantis. The price level fell 3% between 2040 and 2050, and population growth was 2%. % and economic growth was %. Give your Between 2040 and 2050 in Atlantis, nominal GDP growth was answers to one decimal place. Part 2 See Hint Suppose that nominal GDP was $20 trillion in 2040 in Atlantis. In 2050, nominal GDP was $18 trillion in Atlantis. The price level rose 3% between 2040 and 2050, and population growth was 2%. % and economic growth was %. Give your Between 2040 and 2050 in Atlantis, nominal GDP growth was answers to one decimal place. Part 3 See Hint Suppose that nominal GDP was $8 trillion in 2040 in Atlantis. In 2050, nominal GDP was $10 trillion in Atlantis. The price level rose 18.0% between 2040 and 2050, and population growth was 14.0%. % and economic growth was %. Give your Between 2040 and 2050 in Atlantis, nominal GDP growth was answers to one decimal place.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

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Please provide me ans for part f only. Q) Assume a hypothetical economy that produces only one good – Peanut Butter. In year 1, the quantity produced is 4 packs and the price is Rs.400 per pack. In year 2, the quantity produced is 5 packs and the price is Rs.500 per pack. In year 3, the quantity produced is 6 packs and the price is Rs.600 per pack. Year 1 is the base year.a. What is nominal GDP for each of these three years? b. What is real GDP for each of these years? c. What is the GDP deflator for each of these years? d. What is the percentage growth rate of real GDP from year 2 to year 3? e. What is the inflation rate as measured by the GDP deflator from year 2 to year 3? f. In this one-good economy, how might you have answered parts (d) and (e) without first answering parts (b) and (c)?
using the table below giving the quantity and price of goods producedin an economy in two periods in suitable units, assuming that there are only three goodsproduced in the economy. Consider the economy described above a) What is nominal GDP in 2003 and in 2004? By what percentage does nominalGDP change from 2003 to 2004?b) Using the prices for 2003 as the set of common prices, what is real GDP in 2003and in 2004? By what percentage does real GDP change from 2003 to 2004?c) Using the prices for 2004 as the set of common prices, what is real GDP in 2003and in 2004? By what percentage does real GDP change from 2003 to 2004?d) Why are the two output growth rates constructed in (b) and (c) different? Whichone is correct? Explain your answer.
If all quantities produced rise by 10 percent and all pricec fall by 10 percent, which of the following occurs?a.Real GDP rises by 10 percent,while nominal GDP falls by 10 percent.bReal GDP rise by 10 percent,while nominal gdp is unchanged.c.Real GDP is unchanged,while nominal GDP rises by 10 percent.d.Real GDP is unchanged,while nominal GDP falls by 10percent.
a. If nominal GDP rose, does that mean that production had to increase as well? Why or why not?An increase in nominal GDP means there must have been an increase in inputs. may have been due to an increase in the price level. means production must have increased. means production must have decreased.b. What about if real GDP increased?An increase in real GDP may have been due to an increase in the price level. means production must have increased because the price level is not held constant. means production must have decreased. means production must have increased because the price level is held constant.c. Why is it important to use real GDP when comparing changes over time?Changes in real GDP over time will accurately reflect changes in real production. should not be used. We should use changes in nominal GDP when analyzing changes over time. have a time lag, which helps us accurately predict business cycles. will include changes in the price level, which gives a complete picture.
So far, we have learned to measure real GDP, but how do we end up with that real GDP? Of all of the different amountsof national income and price levels that might exist, how do we gravitate toward the one that gets measured each year asreal GDP?In short, it is the interaction of the buyers and producers of all output that determines both the national income (real GDP)and the price level. In other words, the intersection of aggregate demand (AD) and short-run aggregate supply (SRAS)determines the short-run equilibrium output and price level.Once we have a short-run equilibrium output, we can then compare it to the full employment output to figure out where inthe business cycle we are. If current real GDP is less than full employment output, an economy is in a recession. If currentreal GDP is higher than full employment output, an economy is experiencing a boom. If the current output is equal to thefull-employment output, then we say that the economy is in long-run equilibrium. The…
1- If a country has a higher level of productivity than another, then it also has a higher level of real GDP. Select one: a. False b. True 2- - The following information relating to green economy: 2013(base yr) 2014 2015 P Q P Q P Q Milk $1 100 $1 200 $2 200 Honey $2 50 $2 100 $4 100 - Based on the previous information, (after calculating Nominal GDP, Real GDP, and GDP Deflator for the years 2013,2014 and 2015), the Inflation rate in 2015 equal: Select one: a. 85% b. 90% c. 80% d. 100%
Q.1.3 In the base year, a country produced 50 units of output at a price of R6,00 eachfor a nominal GDP of R300. This year it produces 60 units of output at a price ofR8,00 each. What is the percentage change in real GDP since the base year?(2)(a) 5%;(b) 10%;(c) 20%;(d) 15%.
1) Refer to Table 3. Assume that this economy produces only two goods Good X and GoodY. If year 1 is the base year, the value for this economy’s GDP deflator in year 2 isA) 93.9.B) 100.C) 106.5.D) 179.2) Refer to Table 3. Assume that this economy produces only two goods Good X and GoodY. If year 1 is the base year, the value for this economy’s inflation rate between year 1 andyear 2 isA) -6.1%.B) -5.5%.C) 6.5%.D) 79%.
Real GDP in 2015 was SAR 12,247 billion. It was SAR13,206 billion in 2018. The population of Saudi Arabia increased from 22.9 million to 25.4 million over this time. a. Determine the actual GDP per person for 2015 and 2018. How much did output per individual increase throughout this time, on average? b. What would real GDP have been in 2018 if real GDP had increased by 3% year from -2015 to 2018?
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:$
magine an economy where the overall price level has been rising over the last twenty years. (No exceptions!) Which of the following statements would be correct for this economy?The nominal GDP must be larger than the real GDP for any given year in that twenty year period. The nominal GDP must be lower than the real GDP for any given year in that twenty year period. The growth rate of the nominal GDP must be lower than the growth rate of the real GDP for any given year in that twenty year period. The growth rate of the nominal GDP must be higher than the growth rate of the real GDP for any given year in that twenty year period.
a) Consider an economy that produces only chocolate bars. In year 1, the quantity producedis 3 bars and the price is $4. In year 2, the quantity produced is 4 bars and the price is $5.In year 3, the quantity produced is 5 bars and the price is $6. Year 1 is the base year.i. What is nominal GDP for each of these three years?ii. What is real GDP for each of these years?iii. What is the GDP deflator for each of these years?iv. What is the percentage growth rate of real GDP from year 2 to year 3?v. What is the inflation rate as measured by the GDP deflator from year 2 to year 3?