Suppose that nominal GDP was $8 trillion in 2040 in Bedrock. In 2050, nominal GDP was $10 trillion in Bedrock. The price level rose 17.0% between 2040 and 2050, and population growth was 11.0%. Between 2040 and 2050 in Bedrock, nominal GDP growth was % and economic growth was %. Give your answers to one decimal place.
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Suppose that nominal
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.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.
- 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 2If 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.An economy has nominal GDP of $16,768 billion in year 1 and $17,419 billion in year 2. If real GDP is $15,710 billion in 2019 and $16,086 billion in year 2, by how much did the price level rise between year 1 and year 2? Give your answer in percentage terms, not decimals. Round your answer to two deciman place
- 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.nominal gdp in year 1 is 500. if gdp deflator doubles in year 8 while real output increases by 60 percent, what's nominal output in year 8Nominal GDP differs from real GDP because nominal GDP is based on constant prices real GDP is based on current prices real GDP is adjusted for changes in the price level nominal GDP is adjusted for changes in the price level
- 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.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?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)?
