The GDP price index in the United States in 2016 was about 106, and real GDP in 2016 was $17.7 trillion (2012 dollars). The GDP price index in the United States in 2017 was about 108, and real GDP in 2017 was $18.1 trillion (2012 dollars). Calculate nominal GDP in 2016 and in 2017 and the percentage increase in nominal GDP between 2016 and 2017. >>> Answer below to 1 decimal place. Nominal GDP in 2016 is $ trillion.

Q: 1. Refer to the table above. Calculate real and nominal GDP for the year 2018. Show your…

A: here we calculate the nominal GDP , Real GDP and GDP Deflator by using the given information , so…

Q: The key difference between the GDP deflator and the CPI is that a. the GDP deflator reflects the…

A: The main difference between the CPI and GDP deflator is, GDP deflator reveals the price of all…

Q: Nominal GDP differs from real GDP because    nominal GDP is based on constant prices real GDP is…

A: The real GDP is used as a metric to measure the growth of a country over a specified period of time.…

Q: A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as…

A: "GDP (gross domestic product) measures the value of all finished goods and services produced within…

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: Consider an economy that produces and consumes bread and automobiles. In the table below are data…

A: Nominal GDP = Aggregate value of (Current year price x Current year quantity) Real GDP = Aggregate…

Q: Q3) Refer to the information provided in Table below Find the nominal and real GDP in 2017, 2018 and…

A: Nominal GDP - Nominal GDP calculates GDP at current prices (not adjusted for inflation). Real GDP -…

Q: The table shows some data for an economy which produces only pizzas and tooth paste. The base year…

A: The term ‘GDP’ or gross domestic product refers to the market value of all services and commodities…

Q: Respond to the following in a minimum of 175 words:  Discuss the limitations of gross domestic…

A: Gross Domestic Product The total market value of all final goods and services produced within a…

Q: Nominal GDP 2018 is $24,200. What is the "real" 2018 GDP measure in 2012 prices if the 2018 price…

A: Given data: Nominal GDP of 2018 is $24200. Price index in 2018 is 1.05

Q: If nominal GDP is $10 trillion and real GDP is $8 trillion, the GDP deflator is: a. 80, and this…

A: The GDP price deflator estimates the progressions in prices for every one of the goods and services…

Q: Assume the following economy produces only hat and that the base year is year 2. Use the table below…

A: Gross Domestic Product id the total amount of goods and services produced and sold in an economy…

Q: The table shows some data for an economy which produces only pizzas and tooth paste. The base year…

A: 2018                                                                                            2019…

Q: The following table gives nominal GDP and the price index for two years. Find real GDP in each year,…

A: Here, the given table provides information about nominal GDP and price index  for 2010 and 2011.

Q: a) . Calculate nominal GDP in 2017, 2018 and 2019 b) .Using 2017 as the base year, calculate the…

A: Answer: Explanation of required concepts: Nominal GDP= nominal GDP refers to the value of all the…

Q: In the year 2017, the economy produces 100 loaves of bread that sell for $2 each. In the year 2018,…

A: GDP or gross domestic product is the market value of all the final goods and services that are…

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: If the nominal gross domestic product (GDP) for a year is $5.4 trillion, and the real gross domestic…

A: The GDP deflator is a macroeconomic indicator or measure of inflation that measures inflation by…

Q: Suppose the CPI increased by 5 percent over each of the last 5 years while the GDP price index…

A: If CPI increased considerably,used goods or consumer goods prices increased to a greater extent…

Q: If nominal GDP is $6 trillion and the price index is 150%, then real GDP is: a. $9 trillion b. $1…

A: Here, given information is: Nominal GDP: $6 trillion Price index (GDP deflator): 150% To find:…

Q: In 2012, the nominal GDP is $1.6 trillion but the real GDP is $1.8 trillion. What is the implication…

A: Gross domestic product (GDP) refers to the value of final goods and services produced within the…

Q: Consider an economy that produces and consumes bread and automobiles. In the table below are data…

A: Given information.     Year 2010 Year 2025 Price of an auntomobile 5000 6000 Price of a loaf…

Q: The GDP price index in the United States in 2016 was about 106, and real GDP in 2016 was $17.7…

A: Given data: In 2016, GDP price index was 106 Real GDP = $17.7 trillion

Q: How will you differentiate nominal GDP from real GDP?  Which one (nominal or real) do you consider…

A: Every country focuses on its economic growth. Each country runs on its production, investment, and…

Q: In a small economy two goods are produced: meat and potatoes. Assume the following values: Year…

A: Gross domestic product (GDP) is a measure of the total value of final goods and services that get…

Q: Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you say…

A: Nominal Gdp is the value of services and goods produced in an economy over a given  period of time.…

Q: Consider an economy that produces and consumes bread and automobiles. In the table below are data…

A: Nominal GDP measures the value of output at current year prices. Real GDP measures the value of…

Q: Nominal GDP 2018 = $24,200 What is the “real” 2018 GDP measure in 2012 prices if the 2018 price…

A: Real GDP in 2018= Nominal GDP in 2018/ Price index Nominal GDP would be based on current prices…

Q: Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP…

A: Gross domestic product is the total market value of all the services and finished goods being…

Q: Suppose in a given year, GDP was $8,542 billion and the GDP chain price index for that year is…

A: Given the GDP = $8542 Price index = 119.5

Q: The CPI uses a fixed basket of goods and service, and the GDP deflator uses a variable basket of…

A: 1.CPI (Consumer Price Index) is an index that is used to measure the level of inflation of consumer…

Q: Identify whether the following items are officially included in 2019 GDP or Not. Give specific…

A: HI, We can only answer 1 question ( up to 3 sub-parts) per session. I'm going to answer a,b and c.…

Q: f the nominal gross domestic product (GDP) for a year is $5.4 trillion, and the real gross domestic…

A: Gross domestic product is the total market value of final goods and services produced in an economy…

Q: Consider an economy that produce only ice cream cones. In year 1, the quantity produce is 8 bars and…

A: Answer: Given. Year Quantity  Price  1 (Base year) 8  RM 2 2 12 RM 3.50 3 18 RM 4 (a).…

Q: According to the Bureau of Economic Analysis, the GDP Deflator for the 3rd Quarter 2021 is +5.7%.…

A: GDP deflator takes into account the impact of inflation on the GDP of the economy during a given…

Q: If real GDP has decreased, which of the following statements is always true? a. Nominal GDP is lower…

A: The market value of all final goods and services produced in the economic territory of the country…

Q: GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices GDP for…

A: Gross domestic product refers to the total value associated with the generation of final products…

Q: Consider an economy that produces and consumes bread and cars.   Year 2010 Year 2017…

A: Price of car in 2010 = $50000 Price of loaf of bread in 2010 = $10 Number of cars produced in 2010=…

Q: A country reported nominal GDP of $200 billion in 2006 and $180 billion in 2005; it reported a GDP…

A: "GDP represents the market value of all the final products and services produced in a country at a…

Q: Suppose that nominal GDP is $10,622 billion and real GDP is $12,070 billion.   What is the value of…

A: Answer: Given: Nominal GDP=$10,622 billion Real GDP= $12,070 billion To find: GDP price index…

Q: Identify whether the following items are officially included in 2019 GDP or Not. Give specific…

A: GDP: It means monetary or market value of all the finished goods and services that are produced…

Q: Assume that apples cost $0.50 in 2002 and $1 in 2007, whereas oranges cost $1 in 2002 and $1.50 in…

A: Solution:-  Cost of apple in 2002 = $0.50 Cost of apple in 2007 = $1 Cost of oranges in 2002 = $1…

Q: Find the nominal and real GDP in 2017, 2018 and 2019.  Then explain the diffrences between RGDP and…

A: Nominal Gdp is the current market value of the output that is produced in a country in a given…

Q: Label each statement according to whether it describes the consumer price index (CPI) or GDP…

A: Consumer price index CPI is the measurement of GDP of a nation. It includes the weighted average…