Question A.1 Consider the following data for a country called "Weightonia": Year 1 Year 2 Real GDP (year 1 prices) Real GDP (year 2 prices) $400 $460 $530 $600 Compute Real GDP in year 2 in "Weightonia" by applying the Chain-Weighting approach. Use year 1 as the reference year.
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- The GDP data collected for the current year for a number of countries are called _____. Select one: a. cross-section data b. time-series data c. panel data d. experimental dataConsider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 Year 2010Goods Quantity Price Quantity PriceAutomobiles 100 50000 120 60000Bread 5000 10 4000 20a) Using the year 2000 as the base year, compute the following statistics for each year: nominal GDP, real GDP and the GDP deflator and explain briefly about what these values indicates? (6) *Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012. Year Real GDP (2009 prices) Population 1993 $9,510,800 million 257.8 million 2012 $15,470,700 million 313.85 million
- The price and quantity data for Year 1 and Year 2 are as follows: Bread Butter 100 Year 1 Quantity 50 Year 1 Price 1 1 Year 2 Quantity 80 120 Year 2 Price 1.25 1.60 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year?The following table shows data on a hypothetical country's Real GDP from 1970 through 1978: Real GDP Year (Billions of Dollars) 1970 465 1971 470 1972 475 1973 485 1974 510 1975 505 1976 495 1977 490 1978 500 The green line on the following graph shows the economy's long-term growth trend. Lise the blue points (circle symbol) to plot the Real GDP in each of the years listed. (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the graph to indicate the point on the Real GDP curve that delinitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicate the point on the Real GDP curve that delinitely represents a trough. 550 540 Real GDP 530 520 510 Peak 500 490 Traugh Growth trend 480 470 460 450 1970 1971 1972 1973 1974 1975 1978 1977 1978 YEAR Calculate the percentage change in Real GDP in each of the years shown. (Hint: The…Dollars (trillions) 25 20 15- 10- 0 -5 11 Expenditure components of nominal GDP 1950 GDP (Y) Consumption (C) Investment (1) Government spending (G) Exports (X) Imports (M) 1960 Figure Data Notes 1970 198 1990 2000 2010 The following will refer to the data table in the chart above, to access the data table for this graph you will need to click on the data button at the bottom of the chart. In Q2 of 2008 which of the following were above 9 trillion dollars (annualized)? Select the two correct answers.
- The country of Economica's GDP deflator and nominal GDP in three different years are shown in the table. Year Nominal GDP GDP Deflator year 1 $25128 122 year 2 $54566 108 year 3 $30967 100 The base year, i.e. the base period, is Year 3. For years 1-3, please obtain the real GDP. Round your answers to the nearest dollar. What is the real GDP for year 1? real GDP: $ What is the real GDP for year 2? real GDP: $ What is the real GDP for year 3? real GDP: $Complete the following table by filling in the missing cells. Real GDP Nominal GDP Year (In 2000 dollars) (In current dollars) GDP Deflator (Base year 2000) 1970 3,000 1,200 1980 5,000 60 1990 7,000 6,000 100 2000 9000 8,000 2010 15,000 200 2020 10,000 300 2030 20,000 50,000The table below shows the annual population and nominal total GDP for New Zealand. Based on the data, which of the following options are correct? Select one correct answer. 4 Year 2015 2016 New Zealand Key Figures GDP (Current US $) $ 178,064,471,137.92 $ 188,838,342,527.98 Population 4,609,400 4,714,100 O GDP per capita in 2016 was $40,058.20 GDP per capita fell by 3.70% in 2016 compared to the previous year O New Zealand's population and GDP both rose such that the overall GDP per capita growth rate was zero O GDP per capita rose by 3.56% in 2016 compared to the previous year
- Refer to the data file to answer the following questions. 1. Calculate the Gross Domestic Product (GDP) at current prices for each quarter.Units of Price Per Unit Output 3 Year $3 4 4 6 5 7 7 Refer to the above data. Assume an economy that is producing only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the next question(s) on the basis of these data. The nominal GDP for year 4 is: 1) $49. 2) $35. 3) $55. 4) $40. 12 3 45Using the data in the table below related to nominal GDP, real GDP, and total population, answer the questions for the time period 2010-2019: Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Nominal GDP (in Millions) $9,817,000 10,128,000 10,469,000 10,960,000 11,685,000 12,422,000 13,178,000 13,808,000 14,291,000 13,939,000 14,524,000 15,518,000 16,163,000 16,768,000 17,393,000 18,037,000 18,954,000 19,543,000 20,612,000 21,433,000 For 2019: Nominal GDP per capita = $ Real GDP per capita = $ Real GDP (in Millions) (2012 Base Year) % $13,131,000 13,262,000 13,493,000 13,879,000 14,406,000 14,913,000 15,338,000 15,626,000 15,605,000 Instructions: In part a, round your responses to the nearest dollar. In parts b and c, enter your responses as a percentage rounded to one decimal place. a. Calculate nominal and real GDP per capita for 2010 and 2019. For 2010: 15,209,000 15,599,000 15,841,000 16,197,000 16,495,000 16,912,000 17,432,000…
