Suppose that nominal GDP was $20 trillion in 2040 in Bedrock. In 2050, nominal GDP was $18 trillion in Bedrock. The price level rose 5% between 2040 and 2050, and population growth was 1%.
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Suppose that nominal GDP was $20 trillion in 2040 in Bedrock. In 2050, nominal GDP was $18 trillion in Bedrock. The
Between 2040 and 2050 in Bedrock, nominal GDP growth was % and
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- Hello, Can you answer: - Calculate the real GDP for 2013.- Calculate the growth rate in real GDP for 2012. (Using 1 decimal place)- Calculate the growth rate in real GDP for 2013. (Using 1 decimal place)- Calculate the cost of the market basket for 2011. (Using 1 decimal place)- Calculate the cost of the market basket for 2012. (Using 1 decimal place)- Calculate the cost of the market basket for 2013. (Using 1 decimal place)Assume that you are told a country’s nominal GDP decreased from one year to the next. All of the following could have occurred, except one. Which one? Output increased and the price level decreased. Output decreased and the price level decreased. Output decreased and the price level remained constant. Output increased and the price level increased. Output remained constant and the price level decreased. Output decreased and the price level increased.If nominal GDP for 2016 is valued at R3 625m and nominal GDP for 2017 is valued at R3 812m, then it is definitely true that: (a) This economy experienced economic growth of 5.2%%; (b) The increase in GDP is obviously because of an increase in prices; (c) Real output in this economy increased by 5.2%%; (d) The change in the value of GDP could be the result of a change in prices and/or a change in output.
- Consider a country with a consumption of $485 billion, an investment of $175 billion, government purchases of $176 billion, government transfer payments of $24 billion, exports of $19 billion and imports of $40 billion for the year 2020. What is the country's total GDP for the year 2020? Write your answer in billions of dollars.Refer to the table below for a very simple economy producing three goods: movies, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and CGI service is used for movie production. What is the nominal GDP for the economy in 2021? What was the nominal GDP in 2016? What is the real GDP in 2021 using 2016 prices as base year prices? What is the real GDP growth rate between 2016 and 2021?Consider an economy that produces only chocolate bars. In year 1, the quantity produced: is 6 bars and the price is $6. In year 2, the quality produced is 8 bars and the price is $10. In year 3, the quantity produced is 10 bars and the price is $12. Year 1 is the base year. (A) what is the nominal GDP for each of these three years? (B.) what is real GDP for each of these years? (C.) what is the percentage growth rate of real GDP from year 2 to year 3?
- If prices rise over time, then real GDP will be A. smaller than nominal GDP in the base year. B. larger than nominal GDP in years before the base year. C. larger than nominal GDP in years after the base year. D. smaller than nominal GDP in years before the base year.suppose a small economy produces only smart TVs. in year one, 10,000 TVs are produced and sold at a price of $1,000 each. in year two, 10,000 TVs are produced and sold at a price of $1,500 each. As a result, ____ real GDP increased. ____ real GDP decreased. ____ real GDP stayed the same. ____ nominal GDP stayed the same.Which of the following is true about the real GDP?a. It is equal to nominal GDP multiplied by the GDP deflator. b. It measures aggregate output using current prices. c. It measures aggregate output using constant prices.d. It is equal to the GDP deflator divided by nominal GDP.e. It is greater than nominal GDP when the GDP deflator is greater than 100.
- Assume that in year 1 an economy produces 10,000 units of output and they sell for $100 a unit, on average. In year 2, the economy produces the same 10,000 units of output, and sells it for $200 a unit, on average. What happened to the to nominal GDP and to real GDP between years 1 and 2? Why? Provide calculations of both nominal and real GDP for years 1 and 2Suppose that in 1994 the total output in a single-good economy was 7,000 buckets of chicken. Also suppose that in 1994 each bucket of chicken was priced at $15. Finally, assume that in 2015 the price per bucket of chicken was $20 and that 23,000 buckets were produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $Suppose using year 1 as the base, an economist calculated that real fixed-weight GDP in year 1 was $60,000 and the real fixed-weight GDP in year 2 was $75,000. If year 2 was the base, real fixed-weight GDP in year 1 was $55,000 and real fixed-weight GDP in year 2 was $63,800. The CW growth rate between year 1 and year 2 is: Question 1 options: 20% 25% 16% 20.50%