YearPrPvQzPzGDP Real GDP GDP PI1105352010 Blank 1Blank 2 Blank 312352515 Blank 4Blank 5Blank 631574023012 Blank 7 Blank 8Blank 94208503512 Blank 10 Blank 11 Blank 125305054014 Blank 13 Blank 14 Blank 15Using the above table, calculate GDP (nominal) for eachyear, Real GDP for each year, using Year 1 as the baseyear, and the GDP Price Index (Deflator) for each year.S SS SS12S SS SSS SS SS

The gross domestic product (GDP) refers to the market value of all the finished goods and services…

Year Px Py Pz GDP Real GDP GDP P 10 35 1 20 10 Blank 1 Blank 2 Rlank 3 2 12 35 25 15 Blank 4 Blank 5 Blank 6 3 15 7 40 30 12 Blank 7 Blank 8 Blank 9 4 20 50 35 12 Blank 10 Blank 11 Blank 12 5 30 50 5 40 14 Blank 13 Blank 14 Blank 1: Using the above table, calculate GDP (nominal) for each SSS SS 2. 2. S SS SS 1.

Year Px Py Pz GDP Real GDP GDP P 10 35 1 20 10 Blank 1 Blank 2 Rlank 3 2 12 35 25 15 Blank 4 Blank 5 Blank 6 3 15 7 40 30 12 Blank 7 Blank 8 Blank 9 4 20 50 35 12 Blank 10 Blank 11 Blank 12 5 30 50 5 40 14 Blank 13 Blank 14 Blank 1: Using the above table, calculate GDP (nominal) for each SSS SS 2. 2. S SS SS 1.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 15RQ: What is the difference between a series of economic data over time measured in nominal terms versus...

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What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?
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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: $
Problem 1 1.1 Consider an economy that produces and consumes bread and automobiles. The following table contains data for two different years: Year 2000 $40,000 Year 2010 $50,000 Price of an automobile Price of a loaf of bread S1.50 $2.50 Number of automobiles produced Number of loaves of bread produced 100 120 5,000,000 4,000,000 Using the year 2000 as the base year, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as the CPI. 1.2 List and explain (one or two sentences each) the differences between the CPI Index and the GDP Deflator. Which do you believe is a better measure of actual inflation in the U.S? Why?
3) Fill out the missing numbers in the table below. You will need to use a calculator or Excel. Percent change Real GDP Chained (1915) quantity index, base year 1915 equals 100 in real GDP from Nominal dollar Year previous year GDP real GDP index 1914 3 121 1915 5 125 1916 -2 120
The following graph approximates business cycles in the United States from the first quarter of 1953 to the third quarter of 1957. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). (? 2700 2600 2500 2400 2300 1953 1954 1955 1956 1957 YEAR Source: "Current-dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls. Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are often referred to as True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. O True O False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1954? Check all that apply. O Car sales declined. O The unemployment rate declined. O Corporate profits increased. O Consumer spending declined. REAL GDP (Billions of dollars)
Year Cost of a basket (R) of consumer goods/services (Base year ) 2015 1850 2016 2190 2017 2380 2018 2560 Use the information in Table 3 to measure the consumer price index for 2016, 2017 and 2018 respectively. Show your calculations and round off to two decimal places. Show how gross national product (GNI) can be derived from gross domestic product (GDP). Explain, with the aid of an equation, the components of the consumption function. Explain the relationship between Investment spending and the interest rate.
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The following graph approximates business cycles in the United States from the first quarter of 1947 to the third quarter of 1951. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). 1947194819491950195121702070197018701770REAL GDP (Billions of dollars)YEAR Source: “Current-dollar and Real GDP,” Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls. Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1948, is known as . True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. True False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. Industrial production declined. Consumer spending increased.…
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Notebooks Calculators Large coffees Energy drinks Textbooks Total cost Price index Quantity in Basket 10 1 300 75 8 Price Cost (Dollars) (Dollars) 3 30 75 75 600 150 720 NN 90 Suppose the base year for this price index is 2017. Between 2017 and 2018, the CSPI increased by 2017 1,575 100 Price (Dollars) 3 80 2 4 110 2018 Cost (Dollars) In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Price (Dollars) 4 104 2 5 120 % Between 2018 and 2019, the CSPI increased by 2019 Cost (Dollars) % Which of the following, if true, would illustrate why price indexes such as the CSPI might overstate inflation in the cost of going to college? Check all that apply. A new type of personal transporter, which made it easier to get around places like university campuses, became available for purchase. Professors required each student to buy 10 notebooks, regardless of the price. As the price of energy drinks increased relative to the price of coffee between 2017…