5 HOW DO I CALCULATE THE NOMINAL GDP FOR EACH YEAR? Uit Canadlan Dollal, MiiOnsYear20002001200220032004200520062007200820ransactioni81S14_S15: Households andon-profit institutions servingpuseholdsBS13: Final consumptionspenditure of generalovernment5: Gross capital formation11: External balance of goodsnd servicesominal GDP603,187.0630,572.0668,603.0698,585.0730,886.0772,000.0814,421.0863,424.0902,446.090211,329.0223,291.0236,096.0249,646.0259,364.0271,178.0288,072.0303,708.0326,759.03-228,009.0225,146.0235,626.0256,804.0285,616.0321,731.0353,130.0377,185.0398,891.03462,527.065,647.052,645.048,833.059,615.056,213.041,197.034,325.029,270.0

Answer: Nominal GDP= Nominal GDP refers to the monetary value of all the goods and services produced…

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 unsaction S14_S15: Households and -profit institutions serving seholds -13: Final consumption enditure of general 603,187.0 630,572.0 668,603.0 698,585.0 730,886.0 772,000.0 814,421.0 863,424.0 902,446.0 ernment 211,329.0 223,291.0 236,096.0 249,646.0 259,364.0 271,178.0 288,072.0 303,708.0 326.759.0 Gross capital formation : External balance of goods 228,009.0 225,146.0 235,626.0 256,804.0 285,616.0 321,731.0 353,130.0 377,185.0 398,891.0 services 62,527.0 65,647.0 52,645.0 48,833.0 59,615.0 56,213.0 41,197.0 34,325.0 29,270.0 minal GDP

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 unsaction S14_S15: Households and -profit institutions serving seholds -13: Final consumption enditure of general 603,187.0 630,572.0 668,603.0 698,585.0 730,886.0 772,000.0 814,421.0 863,424.0 902,446.0 ernment 211,329.0 223,291.0 236,096.0 249,646.0 259,364.0 271,178.0 288,072.0 303,708.0 326.759.0 Gross capital formation : External balance of goods 228,009.0 225,146.0 235,626.0 256,804.0 285,616.0 321,731.0 353,130.0 377,185.0 398,891.0 services 62,527.0 65,647.0 52,645.0 48,833.0 59,615.0 56,213.0 41,197.0 34,325.0 29,270.0 minal GDP

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter13: Capital, Interest, Entrepreneurship, And Corporate Finance

Section: Chapter Questions

Problem 1.1P

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