Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 27, Problem 11DQ
To determine
Thenominal GDP and real GDP.
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Table 15-11
Nominal GDP
$8,782
$9,274
Year
1998
1999
Real GDP
$8,509
$8,859
Refer to Table 15-11. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The
GDP deflator for 1999 equals
O 95.5.
O 104.7.
O 105.6.
O 104.1.
Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions. Assume that the base year is 2015.
Good
2015 Price
2015 Quantity 2016 Price 2016 Quantity
A
$2
250
$3
200
B
$3
300
$2
400
$4
400
$5
500
What was the gross domestic product (GDP) deflator in 2016?
O 108.3
O 103
O 120
O 130
O 110
Production
Prices
Year1
Year 2 Year 3
Year 1 Year 2 Year 3
Good X50
50
60
$1.00 $1.20 $1.20
Good Y 100
120 140
$06 $0.60 $1.00
Assume that this economy produces only two goods Good X and Good Y. If year 2 is the base year, the value
for this economy's GDP deflator in year 3 is
Select one:
O a. 135.9
O b. 73.6
O . 147.2
O d. 67.9
O e. 117.8
Chapter 27 Solutions
Economics (Irwin Economics)
Ch. 27 - Prob. 1DQCh. 27 - Prob. 2DQCh. 27 - Prob. 3DQCh. 27 - Prob. 4DQCh. 27 - Prob. 5DQCh. 27 - Prob. 6DQCh. 27 - Prob. 7DQCh. 27 - Prob. 8DQCh. 27 - Prob. 9DQCh. 27 - Prob. 10DQ
Ch. 27 - Prob. 11DQCh. 27 - Prob. 12DQCh. 27 - Prob. 13DQCh. 27 - Prob. 14DQCh. 27 - Prob. 1RQCh. 27 - Prob. 2RQCh. 27 - Prob. 3RQCh. 27 - Prob. 4RQCh. 27 - Prob. 5RQCh. 27 - Prob. 6RQCh. 27 - Prob. 7RQCh. 27 - Prob. 8RQCh. 27 - Prob. 9RQCh. 27 - Prob. 10RQCh. 27 - Prob. 1PCh. 27 - Prob. 2PCh. 27 - Prob. 3PCh. 27 - Prob. 4PCh. 27 - Prob. 5PCh. 27 - Prob. 6PCh. 27 - Prob. 7PCh. 27 - Prob. 8P
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- Suppose the GDP deflator was 200 in 2008 and 190 in 2009. In addition, nominal GDP was 1% lower in 2009 than in 2008. Given this information, the approximate. rate of real GDP growth in 2009 was: O 3% 4% O 5% 6%arrow_forwardConsider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods. Manufactured Goods Services Year Quantity Price Quantity Price 1983 100 $4 100 $7 2012 240 $12 420 $12 2021 340 $16 600 $14 The GDP Deflator for 2021 (2012 = 100) is O A. 110 О В. 122 O . 160 O D. 200 Reset Selection Question 14 of 25 Consider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods. Manufactured Goods Services Year Quantity Price Quantity Price 1983 100 $4 100 $7 2012 240 $12 420 $12 2021 340 $16 600 $14 The CPI (1983 = 100) for 2021 is А. 320 B. 255 C. 220 O D. 280 Reset Selectionarrow_forwardA country's GDP is being measured by the expenditure method. Various categories of expenditure are recorded as follows (in billions of dollars): households' spending on consumption firms spending on capital goods firms' additions to inventories govemment spending on services government spending on capital goods government transfers (e.g., Social Security) value of exports value of imports 100 15 O$143 billion O$135 billion O$123 billion $167 billion None of the other answers are correct. 1 10 2 20 7 12 [If the image above doesn't appear click here to open it in a new tab.] What is the correct estimate of GDP?arrow_forward
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