EBK ECONOMICS: PRINCIPLES AND POLICY
13th Edition
ISBN: 9780100605930
Author: Blinder
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 23.A, Problem 2TY
a)
To determine
The real GDP for each year.
b)
To determine
The percentage change in nominal GDP and real GDP from 1992 to 2002 and from 2002 to 2012.
c)
To determine
The percentage change in the GDP deflator from 1992–2002 and 2002–2012.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
1. Calculate the percentage change in real GDP in each of the years shown.
2.Then once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before.
Compute the percentage change in the real GDP in 2018 and 2019 from the preceding year.
Consider a simple economy that produces two goods: fries and burgers. The table shows the economy's production over several
years. Calculate the real GDP for 2006 using 2004 as the base year.
Year
2004
2005
2006
real GDP:
Price of fries
(in dollars)
6.00
8.00
9.00
Number
of fries
4
4
5
Price of burgers
(in dollars)
2.00
4.00
7.00
Number
of burgers
3
5
8
dollars
Chapter 23 Solutions
EBK ECONOMICS: PRINCIPLES AND POLICY
Knowledge Booster
Similar questions
- Why might even real GDP be a misleading index of changes in output between 1950 and 2015 in the United States?arrow_forwardYou are given the following: Year Quantity of Cars Price of Cars Quantity of Buses Price of Buses 2013 5 million $20,000 1 million $100,000 2014 5.1 million $22,000 1.2 million $102,000 Base Year = 2013 2a. Calculate nominal GDP for 2013. 2b. Calculate nominal GDP for 2014. 2c. Calculate real GDP for 2014. 2d. Calculate the GDP Deflator to the nearest tenth for 2014. 2e. What does your previous number mean? 2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)arrow_forwardSuppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts. Calculate the GDP deflator for 2015. Use 2009 as the base year for the calculations. Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$," "=," "%," or "," in your answer.arrow_forward
- Which of the following is wrong? Select one: a. In the expenditures approach to GDP we subtract imports because they represent spending on production outside the borders of a country. b. Price indexes are computed by dividing the price of a specific collection or market basket of output in a particular period by the price of the same market basket in a base period and multiplying the result (the quotient) by 100. c. Exports are subtracted from imports in calculating GDP because exports are not available for domestic consumption. d. Gross private domestic investment exceeds depreciation in an economy that experiences expanding production capacity.arrow_forwardConsider an economy that produces and consumes Bread and Automobile. Data for two different years 2005 and 2010 is given in the following table. Year 2005 2010 Price of Automobiles $ 5000 $ 6000 Price of a loaf of bread $10 $20 Number of automobiles produced 100 120 Number of loaves of bread produced 500,000 400,000 Using the year 2005 as a base year,a. Calculate the nominal and real GDP of 2010.b. Find the value of GDP Deflator for the year 2010 and interpret.c. Calculate the inflation rate in 2010.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Macroeconomics: Principles and Policy (MindTap Co...EconomicsISBN:9781305280601Author:William J. Baumol, Alan S. BlinderPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Principles and Policy (MindTap Co...
Economics
ISBN:9781305280601
Author:William J. Baumol, Alan S. Blinder
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning