Answered: In the United States in 2001, nomial…

In the United States in 2001, nomial GDP was 10622 billion and real GDP was 12070 billion. What is the value of the GPD price index 2001

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 12SQ

See similar textbooks

Related questions

Q: If nominal GDP in some year is $280 and real GDP is $160 the GDP price index for that year is:…

A: Nominal GDP is the value of final goods produced in the country. Real GDP is the value of final…

Q: Real GDP Nominal GDP GDP Deflator 246,849 103.2 268,914 100.7 257,861 264,308 266,194 105.9 241,646…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: If the nominal GDP is 150 and the real GDP is 100 find the price index?

A: Nominal GDP = 150 Real GDP = 100

Q: Calculate domestic income when national income is $23,000 and net factor income from abroad is $6600

A: The data presented in the question above is:- National income = $23,000 Net factor income from…

Q: If the nominal GDP is $118 and the current price index is $115 find the real GDP

A: Generally in the given question Nominal GDP is valued = $118 Current price index = $115 Real GDP…

Q: The cost of living index for Indiana in the first quarter of 2021 was 89.8 whereas the cost of…

A: Given information, The cost of living index for Indiana: 89.8 the cost of living index for…

Q: Gross Domestic Product (GDP) in 2011 would include which of the following transactions? (A) The…

A: Gross domestic product (GDP) is the final monetary value of goods and services produced in a given…

Q: In the United States in 2002, the GDP price index was 89..5 and nomial GDP was 10978 billion What…

A: GDP price index for 2002 = 89.5Nominal GDP in 2002 = 10978 millionReal GDP in 2002 = Nominal GDP in…

Q: Calculate the value of APC when the value of consumption is 300 and income is 700

A: # We know that the average propensity to consume is given by the formula:- APC = C/Y Which is the…

Q: national income accounts for the U.S. for 2005 billions of dollars billions of chained (2000)…

A: Nominal GDP and real GDP are two different methods of GDP calculation.

Q: National income is $29,000 and net factor income from abroad is $16,000 Calculate NDPFC

A: * SOLUTION :- * Given that National income (NNPfc) = $29000 Net factor income from abroad = $16000…

Q: Nominal GDP 2018 is $24,200. What is the "real" 2018 GDP measure in 2012 prices if the 2018 price…

A: Given data: Nominal GDP of 2018 is $24200. Price index in 2018 is 1.05

Q: The value of the nominal GNP of economy was $ 6000 in a particular year. The value of the GNP of…

A: The GNP order the gross national product is the value of final goods and services that are produced…

Q: Find the price index if the nominal GDP is 4400 the real gdp is 2200 ?

A: Generally in the given question, Nominal GDP value is = 4400 The real GDP is = 2200 Price index = ?

Q: Refer to the data below and using year 1 as the base year, the real GDP in year 4 was approximately:…

A: Real GDP is the value of goods adjusted for inflation Real GDP = Nominal GDP *100 / Price index

Q: 9. If the actual real GDP is $90 billion and the natural real GDP is $80 billion. Measured a CDD

A: Real GDP measures the market value of goods and services produced within an economy using constant…

Q: If nominal GDP In some year Is $280 and real GDP Is $160, then the GDP price Index for that year Is…

A: Given: Nominal GDP=$280 Real GDP=$160 To find: GDP Price Index

Q: The value of total goods and services produced entre the country by residence and foreign supplied…

A: Inflation: Inflation is the rise in the general price level of goods and services over a specified…

Q: What is Gross Domestic Product? What is included in this statistic? What is excluded?

A: (Q)What is Gross Domestic Product? What is included in this statistic? What is excluded?

Q: The consumption is $430 and the income is $630 Calculate the APC

A: The information being given is:- Consumption = $430 Income = $630 We have to calculate the value of…

Q: The value of net factor income from abroad is $900 million and the value of national income is $5000…

A: Given: Net factor income from abroad=$900 million National income=$5000 million

Q: If the nominal gross domestic product (GDP) for a year is $5.4 trillion, and the real gross domestic…

A: The GDP deflator is a macroeconomic indicator or measure of inflation that measures inflation by…

Q: Consumption expenditure is $410 and the income is $820 Calculate APC

A: According to the above given question the values given are:- Consumption expenditure = $410 Income…

Q: Using 2016 as the base year, calculate the Laspeyre’s Price Index for 2021. A 135.60 B 66.73…

A: Ice cream flavor Price in 2016 (Po) Price in 2021 (P1) Quantity in 2016 (Qo) P1Qo PoQo Vanilla 130…

Q: Suppose nominal GDP in 2019 was RM 300 billion and in 2020 it was RM 460 billion. The general price…

A: Real GDP is the value of the goods and services produced by an economy in a specific period of time…

Q: Why is real GNP/GNI per capita considered a better measure of Irish living standards in recent…

A: The degree of wealth, comfort, material things, and requirements accessible to a certain social…

Q: If the nominal GDP is 900 and The Price index is 180 calculate the real GDP

Q: Indicate whether each of the following actions or impacts would increase GDP a. An individual…

A: GDP is the money value of all finished goods and services produced within a country during a…

Q: compare and contrast the calculations for the consumer price index and the GDP price index as…

A: Formula for GDP price indexGDP Deflator=Nominal GDPReal GDP ×100 where Nominal GDP is the market…

Q: Use the numbers to help calculate the Net GDP(NDP);Green GDP;& Genuine Progress Indicator (GPI).…

A: Since you have posted multiple questions as per the guidelines we can solve only one at a time

Q: Assume that nominal GDP is $2,800 billion and the real GDP is $2,000 billion. What is this economy's…

A: A price index is a number that expresses the level of a set of commodity prices in proportion to the…

Q: If nominal GDP is $690m and the price index is 110, then real GDP is $627.28m. $759m. $690m

A: Nominal Gross domestic product is usually known to be as the measurement of the certain or given…

Q: How should the following activity be treated in estimating national income of a country. Give…

A: National Income helps us gain the idea about the total wealth the nation has generated within a year…

Q: If the nominal GDP is stated as 190 and the Real GNP is 10 find the GNP deflator

A: Basically in easy language we can say that the GNP deflator is considered to be as that price index…

Q: Calculate GNP at MP if:- GDP at MP = $5500 Net factor income from abroad = $2200

A: The data presented in the question above:- GDP at MP = $5500 Net factor income from abroad = $2200…

Q: f the nominal gross domestic product (GDP) for a year is $5.4 trillion, and the real gross domestic…

A: Gross domestic product is the total market value of final goods and services produced in an economy…

Q: A country’s nominal GDP rose from 600B to 770B while its real GDP rose from 500B to 550B.…

A: Using the following formulae: GDP deflator = 100* Nominal GDP / Real GDP inflation rate = 100 *…

Q: If the nominal GDP is $1300 and The Price index is $290 calculate real GDP

Q: Gross Domestic Product If nominal GDP in 1975 was $1699.9 billion and the GDP deflator (price…

A: The real GDP is the market value of all final goods and services produced in an economy during an…

Q: How GNI is calculated?

A: Define GNI Answer: Gross National Income includes all those income which is earned by the people…

Q: The table represents the economy of bonaadventure coffee is used to make cappuccinos and has no…

A: Nominal GDP is the GDP that is calculated on the basis of the current year's prices. Nominal GDP fo…

Q: Find the national income if the domestic income is 2200 and net factor income from abroad is 60

A: So in the question, Domestic income is = 2200 The value of net factor income from abroad is = 60…

Q: The value of national income is $3100 million and the value of net factor income from abroad is $600…

A: According to the above given question, the information is:- National Income = $3100 million Net…

Q: The CPI differs from the GDP deflator in that the CPI O always indicates a higher rate of inflation…

A: The inflation refers to an increase in the general price level over time. There are several…

Q: If the Nominal GDP is 120 and the real GDP is 100 find the level of price index

A: Generally in the given question Nominal GDP is given as = 120 Real GDP is given as = 100 We need to…

Q: COMPUTE THE NOMINAL GDP

A: A country's nominal GDP is determined using current prices and is not adjusted for inflation.…

Q: Calculate the value of NVAFC Its given that the value of GVAMP is $350 million, the value of net…

A: We are given with the information:- The value of gross value added at Market price = $350 million…

Q: Price of a house $120,000 $145,000 Number of houses produced 1000…

A: Nominal GDP measures value of good and services using current price whereas real GDP uses constant…

Question

In the United States in 2001, nomial GDP was 10622 billion and real GDP was 12070 billion. What is the value of the GPD price index 2001

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Why might even real GDP be a misleading index of changes in output between 1950 and 2015 in the United States?
What is the Consumer Price Index for 2016?
(i) Determine the Paasche’s quantity index for 2021. (ii) Determine the Laspeyre’s price index for 2021.
compare and contrast the calculations for the consumer price index and the GDP price index as measures of inflation.
Nominal GDP 2018 is $24,200. What is the "real" 2018 GDP measure in 2012 prices if the 2018 price index is 1.05?
Suppose that nominal GDP is $10,622 billion and real GDP is $12,070 billion. What is the value of the GDP price index?
In an economy, the total expenditure for a market basket of goods in year 1 ( the base year) was $4000. In year 2, the total expenditure for the same basket of goods was $ 4000. What was the price index for the economy in year 1? Year 2?
Calculate the inflation rate using the GDP deflator based on the Laspeyres, Paasche, and chain- weighted indexes of GDP (use the approximate formula).
What is the formula for the consumer price index in 2020?100* (cost of basket in 2020) / (cost of basket base year)100* (cost of basket base year) / (cost of basket in 2020)100* (nominal GDP in 2020) / (real GDP in 2020)(nominal GDP in 2020) / (GDP deflator in 2020)
Which of the following is required to construct a consumer price index? The choice of a base year in which prices are defined as 100. The creation of a representative basket of goods and services. The determination of the inflation rate. The calculation of changes in the level of consumption spending.
The consumer price index (CPI) is not used to convert nominal GDP to real GDP because the CPI calculation has measurement errors that are avoided in the real GDP calculation. the CPI includes prices of imports which consumers buy which are not relevant to GDP. the CPI does not track government spending, business investment or net exports. the CPI has many limitations and tends to underestimate the inflation rate All of the answers are correct.
Which component of national expenditure will be affected when a company buys a new AC for its manager’s office? The GDP deflator is a price index that does not have a base period. Evaluate the reliability of estimating inflation from a price index that does not have a base period.