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- 2011 Quantity Price Total Value 1. Cars 50 $20,000 2. Computers 200 $3,000 3. What is 2011's nominal GDP? 2012 Quantity Price Total Value 4. Cars 70 $23,000 5. Computers 250 $3,500 6. What is 2012's nominal GDP? 7. Calculate the rate of growth of nominal GDP. 8. Is this rate an accurate reflection of economic growth? Why or why not? To see true growth, we need to recalculate nominal GDP into real GDP. To do this, recalculate both GDP for both years using 2012 as your base year, 9. 2011 real GDP (using 2012's prices) 10. 2012 real GDP (using 2012's prices) 11. What is real economic growth for this nation? 12. What do you notice about real and nominal GDP in the base year? のYear Real GDP Nominal GDP 2019 $15,510.79 $17,310.70 2020 $17,495.23 $18,761.83 2021 $18,209.59 $19,253.97 Refer to the table above. What is the growth rate in real GDP from 2020 to 2021? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.1) What does GDP attempt to measure? 2) Briefly differentiate between nominal and real GDP. Why is real GDP a more accurate measure of economic growth compared to nominal GDP?3) What are two weaknesses of GDP?
- A small economy only produces two goods: steak and potatoes. This information is shown in the table. Based on the table, if year 1 is the base year, the growth rate of real GDP is: Good Steak Potato 6.6%. 8.0%. 9.4%. 10.8%. Year 1 Price $15 $1 Quantity 1,000 50,000 Year 2 Price $20.00 $0.50 Quantity 800 60,000An economy produces three products, bags, computers and shirts. The prices and quantities of these products in 2020 and 2021 are shown in the table below: 2020 2021 Price Price Quantity Quantity 300 $10 $12 330 Bags Computers $600 100 $650 110 Shirts $18 2,000 $20 2,200 2020 2021 Measure the nominal and real GDP for 2019 and 2020, using 2020 as the base year. Measure the nominal and real GDP growth rate in 2021. Which value is more accurate in measuring the growth rate of the economy? Explain. (b) The information on price and quantity of three products consumed by a typical household in the year 2020 and 2021 is given by the table below 2020 2021 Price Quantity Price 10 Quantity $5 $5.50 12 Fish Beef $10 5 $11 4 Train Ride $8 20 $9 22 Using 2020 as the base year, measure the CPI for 2021 and the inflation rate in 2021. Does this inflation rate correctly measure the cost of living changes for households in 2021? Explain.2011 (base Year) 2011 2012 2012 2013 2013 P Q P Q P Q Good A $30 900 $31 1000 $36 1050 Good B $100 192 $102 200 $100 205 to calculate Nominal GDP in 2012 and 2013. What is the growth of such nominal GDP from 2011 to 2012, and from 2012 to 2013. Do the same for the real GDP. Which has grown more, nominal GDP or real GDP? What does this imply?
- As you learned in the most recent chapter, GDP is the broadest measure of economic health in the U.S. Therefore, the discussion forum for the week will ask you to discuss GDP in your own words. Specifically, Business leaders, Government officials, and investors are often fixated on GDP results and economic growth. Why? What does it matter? The same level of interest is given to productivity. What is it and why does it matter in the scheme of things? What does GDP fail to tell us?In 1950 GDP in the United Kingdom (measured in year 2005 pounds) was £317 billion. In 2000 it was £1,108 billion. Calculate the growth rate of real GDP in the United Kingdom over this period. Now suppose that the United Kingdom grows at the same rate for the 50 years following 2000. What will the UK real GDP be in the year 2050?The following table gives real GDP figures for an economy for four years. Fill in the growth rate for each year, and then find the average annual growth rate for the period. Enter all answers as percentages rounded to one decimal place. The average annual growth rate for this period is Year 1999 2000 2001 2002 %. Real GDP 140 billion 151.2 billion 166.3 billion 176.3 billion Growth Rate (%) % % %
- Define GDP growth in an economy.Table 23-3 The following table reports nominal and real GDP for the U.S. from 1929 to 1932. Year 1929 1930 1931 1932 Nominal GDP (Billions of dollars) 103.6 91.2 76.5 58.7 Real GDP (Billions of dollars) 977 892.8 834.9 725.8 Refer to Table 23-3. What was the growth rate of real GDP for 1930? -9.43%. Nominal GDP is a better gauge of economic well-being than real GDP. -9.43%. Real GDP is a better gauge of economic well-being than nominal GDP. -8.62%. Nominal GDP is a better gauge of economic well-being than real GDP. -8.62%. Real GDP is a better gauge of economic well-being than nominal GDP.1. Calculate the Real GDP for 2017. Show your calculation.2. Did Suniland experience economic growth in 2017? Show your calculations