Macroeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (7th Edition)
7th Edition
ISBN: 9780134833415
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 10, Problem 10.1RDE
Sub part (a):
To determine
Real
Sub part (b):
To determine
The calculation of GDP price deflator.
Sub part (c):
To determine
The calculation of percentage difference.
Sub part (d):
To determine
The Potential GDP.
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Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used in the production of shirts.
Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2021.
The Nominal GDP for the year 2021 is $
PRODUCTION AND PRICE STATISTICS FOR 2021
Price
$65.00
3.00
30.00
0.75
Product
Shoes
Hamburgers
Shirts
Cotton
Quantity
125
110
60
2,200
The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. Fill in the columns for the GDP deflator and for the percent increase in price level.
(Round your responses to two decimal places!)
Quarter
Nominal GDP
Real GDP
GDP Deflator
Percent Increase in Price Level (%)
2013 Q1
16,502.40
15,538.40
106.20
----
2013 Q2
16,619.20
15,606.60
?
?
2013 Q3
16,872.30
15,779.90
?
?
2013 Q4
17,078.30
15,916.20
?
?
2014 Q1
17,044.00
15,831.70
?
?
2014 Q2
17,328.20
16,010.40
?
?
2014 Q3
17,599.80
16,205.60
?
?
2014 Q4
17,703.70
16,294.70
?
?
Please explain how to solve the empty columns thank you!
am. 133.
Chapter 10 Solutions
Macroeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (7th Edition)
Ch. 10 - Prob. 10.1.1RQCh. 10 - Prob. 10.1.2RQCh. 10 - Prob. 10.1.3RQCh. 10 - Prob. 10.1.4RQCh. 10 - Prob. 10.1.5PACh. 10 - Prob. 10.1.6PACh. 10 - Prob. 10.1.7PACh. 10 - Prob. 10.1.8PACh. 10 - Prob. 10.1.9PACh. 10 - Prob. 10.1.10PA
Ch. 10 - Prob. 10.1.11PACh. 10 - Prob. 10.1.12PACh. 10 - Prob. 10.1.13PACh. 10 - Prob. 10.1.14PACh. 10 - Prob. 10.2.1RQCh. 10 - Prob. 10.2.2RQCh. 10 - Prob. 10.2.3RQCh. 10 - Prob. 10.2.5PACh. 10 - Prob. 10.2.6PACh. 10 - Prob. 10.2.7PACh. 10 - Prob. 10.2.8PACh. 10 - Prob. 10.2.9PACh. 10 - Prob. 10.2.10PACh. 10 - Prob. 10.2.11PACh. 10 - Prob. 10.2.12PACh. 10 - Prob. 10.2.13PACh. 10 - Prob. 10.2.14PACh. 10 - Prob. 10.2.15PACh. 10 - Prob. 10.2.17PACh. 10 - Prob. 10.3.2RQCh. 10 - Prob. 10.3.3RQCh. 10 - Prob. 10.3.4PACh. 10 - Prob. 10.3.5PACh. 10 - Prob. 10.3.6PACh. 10 - Prob. 10.3.7PACh. 10 - Prob. 10.3.8PACh. 10 - Prob. 10.3.9PACh. 10 - Prob. 10.1RDECh. 10 - Prob. 10.2RDECh. 10 - Prob. 10.3RDECh. 10 - Prob. 10.2CTE
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