Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
expand_more
expand_more
format_list_bulleted
Question
Chapter 21, Problem 16APA
To determine
Determine the value of
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Use the following data to answer this question.
a. Calculate real GDP in 2006, 2008, & 2010 in 2005 dollars.
b. What was the percent change in real GDP between 2006 and 2008? What was the percent change between 2008 and 2010?
Q no 16 Calculate U.S. GDP in 2009?
Use the following data to work question 16 . The table lists some macroeconomic data for
the United States in 2009.
Item
Billions of dollars
Wages paid to labor
8,000
Consumption expenditure 10,000
Net operating surplus
3,400
Investment
1,500
Government expenditure
2,900
Net exports
–340
Actual and Potential GDP (a FRED question): Using the FRED database, locatethe Congressional Budget Ofce’s measure of potential GDP by searching for“GDPPOT.” Using the “Add Data Series” option, add the series “GDPA” (realannual GDP) to this graph. Adjust the sliders to show the data from around1985 to the present.
Chapter 21 Solutions
Macroeconomics
Ch. 21.1 - Prob. 1RQCh. 21.1 - Prob. 2RQCh. 21.1 - Prob. 3RQCh. 21.2 - Prob. 1RQCh. 21.2 - Prob. 2RQCh. 21.2 - Prob. 3RQCh. 21.2 - Prob. 4RQCh. 21.2 - Prob. 5RQCh. 21.3 - Prob. 1RQCh. 21.3 - Prob. 2RQ
Ch. 21.3 - Prob. 3RQCh. 21.3 - Prob. 4RQCh. 21.3 - Prob. 5RQCh. 21 - Prob. 1SPACh. 21 - Prob. 2SPACh. 21 - Prob. 3SPACh. 21 - Prob. 4SPACh. 21 - Prob. 5SPACh. 21 - Prob. 6SPACh. 21 - Prob. 7SPACh. 21 - Prob. 8SPACh. 21 - Prob. 9APACh. 21 - Prob. 10APACh. 21 - Prob. 11APACh. 21 - Prob. 12APACh. 21 - Prob. 13APACh. 21 - Prob. 14APACh. 21 - Prob. 15APACh. 21 - Prob. 16APACh. 21 - Prob. 17APACh. 21 - Prob. 18APACh. 21 - Prob. 19APACh. 21 - Prob. 20APACh. 21 - Prob. 21APACh. 21 - Prob. 22APACh. 21 - Prob. 23APACh. 21 - Prob. 24APACh. 21 - Prob. 25APACh. 21 - Prob. 26APACh. 21 - Prob. 27APACh. 21 - Prob. 28APA
Knowledge Booster
Similar questions
- The following table contains information about an economy that produces only pens and books. The base year is 2017. Use this information to answer question What is the percentage increase in real GDP from 2018 to 2019?arrow_forwardThe following graph approximates business cycles in the United States from the first quarter of 1947 to the third quarter of 1951. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). 1947194819491950195121702070197018701770REAL GDP (Billions of dollars)YEAR Source: “Current-dollar and Real GDP,” Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls. Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1948, is known as . True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. True False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. Industrial production declined. Consumer spending increased.…arrow_forwardUse the following data to work Problems 19 to 20. An economy produces only apples and oranges. The base year is 2009, and the table gives the quantities produced and the prices.Quantities 2009 2010Apples 60 160Oranges 80 220Prices 2009 2010Apples $0.50 $1.00Oranges $0.25 $2.00Q no: 19 Calculate nominal GDP in 2009 and 2010.Q no: 20 Calculate real GDP in 2009 and 2010 expressedarrow_forward
- Use the data to calculate nominal Canadian GDP using the spending approach for both 2016 and 2017. 2016 (billions of $) 2017 (billions of $) Consumption $12,800 $13,300 Investment $3,200 $3,400 Exports $2,200 $2,400 Imports $2,700 $2,900 Government Spending $3,300 $3,400arrow_forwardThe table below is extracted from Happy land Republic, Bureau of Statistics recordsfor 2018-2019. Use the information in this table to answer the questions that follow.i. Calculate Happy Land Republic’s nominal GDP and real GDP in 2016ii. Why does real GDP always defer from nominal GDP?Item Base year (2015) 2016Production Price Production PriceUsed car sales 5,000 2000.00 6,000 2,500Factory components sales 8,000 500.00 10,000 1200.00Cloth sales 8,000 20.00 14,000 35.00Beef sales 1,500 10.00 1,800 12.00Milk litres sales 5,000 1.30 6,000 2.50Computers sales 2000 500.00 2500 800.00Printers sales 500 300.00 400 355.00Raw materials for tractorassembling plant sales 4500 250.00 4450 300.00arrow_forwardCalculate and interpret the Coefficient of Correlation between the following indicators: GDP (Current $US) and Goods exports (BoP, current US$)arrow_forward
- 1. Real GDP can be decomposed into Trend and Cycle, where the Trend captures the ______________ of the economy.arrow_forwardConsider the following data on U.S. GDP: Year GDP (Billions of current dollars) (Billions of 2012 dollars) 2014 17,521.7 16,899.8 2015 18,219.3 17,386.7 2016 18,707.2 17,659.2 2017 19,485.4 18,050.7 2018 20,494.1 18,566.4 Source: “National Economic Accounts.”U.S. Bureau of Economic Analysis. The percentage change in nominal GDP from 2017 to 2018 was . The percentage change in real GDP from 2016 to 2017 was . True or False: The percentage change in real GDP from 2015 to 2016 was higher than the percentage change in real GDP from 2016 to 2017. True or Falsearrow_forwardUse the following data to work Problems 16 and 17. The table lists some macroeconomic data for the United States in 2009. Item Billions of dollars Wages paid to labor 8,000 Consumption expenditure 10,000 Net operating surplus 3,400 Investment 1,500 Government expenditure 2,900 Net exports –340 Q no 16 Calculate U.S. GDP in 2009 Q no: 17 Explain the approach (expenditure or income) that you used to calculate GDP.arrow_forward
- Consider a macroeconomy that produces smartphones, automobiles and haircuts. Use the information below to answer the following questions. I. Calculate nominal and real GDP for 2017 and 2018 using 2017 as the base year.arrow_forwardThe nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020. Instructions: Enter your responses as whole numbers. Year Pucks Root beer Sandals Quantity Price Quantity Price Quantity Price 2017 100 $5 300 $20 100 $20 2020 125 $7 250 $20 110 $25 Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Year Nominal GDP Real GDP 2017 $ $ 2020 $ $arrow_forwardSet the GDP expenditure to search for the 4th Quarter data from last year (example Q4/2021). Set Prices: to “Current prices,” and set Seasonal adjustment: to “Seasonally adjusted at annual rates.” Click apply to view the data. There is a button to Download the data if you require. The data below in Column A shows items from Canada’s national accounts in Qtr4 of 202x. The values are in x$1,000,000. Use the expenditure approach to calculate the value of the GDP in column B. Use the income approach to calculate the value of the GDP in column C. Explain in your own words the reason why the aggregate GDP income equals the aggregate GDP expenditure. GDP Category (A) Qtr4-202x Values (B) GDP from Expenditure Approach (C) GDP from Income Approach Consumer consumption expenditure 1,385 Government consumption and expenditure 659 Rent and interest 347 Investments by businesses 535 Corporate profit…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co