Consider 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?

Consider 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?

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

See similar textbooks

Similar questions

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.
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
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?
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.
Calculate GDP deflator from the following table: Year Nominal GDP Real GDP 2000 8952 8952 2001 9200 9050 2002 10,000 9500 2003 10,030 9330 2004 11,100 10,000
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 50,000
Compute the nominal GDP Year: 2021 Value added of agriculture, fishery and forestry sector Value added of industry sector Government Final Consumption Expenditure Household Final Consumption Expenditure Imports Exports Statistical Discrepancy Growth Rate, Gross Domestic Product at current prices Gross National Product at current prices CPI(base year: 2012) GDP Deflator(base 2018) Population, 15years old and over Population, below 15 years old Population, 15 years old and over not included in labor Labor force employed #1,953,076.00 $5,595,046.00 #2,838,033.00 #14,609,470.00 #7,322,830.00 #4,983,040.00 90.00 8.07% #20,103,207.00 128.8 #104.75 75701 27064 27064 93.50%
Year Nominal GDP Price Level Population 2011 $3,000 $100 5 2014 $8,000 $200 10 35. (Table: Per Capita GDP) Examine the table Per Capita GDP. If 2011 is the base year, per capita real GDP in 2011 is: A) $300 B) $600. C) $30. D) $400.
1. The following prices and quantities produced were recorded in computer land during the years shown and Calculate the following and show your work. a) What was the percentage change in nominal GDP from 1993 to 1994? b) What was the percentage change in nominal GDP from 1992 to 1993?
Homework The Aggregate Economy Revenues Expenditures GDP Year (Billions of dollars) (Billions of dollars) (Billions of dollars) 2000 2,025 1,789 9,817 2001 1,991 1,863 10,128 2002 1,853 2,011 10,470 2003 1,783 2,160 10,961 2004 1,880 2,293 11,686 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for expenditures and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 EXPENDITURES AND REVENUES (Percent of GDP) 15 10 0 2003 > Expenditures 2004 2005 1999 2000 2001 2002 YEAR In which years was the government's budget in deficit? Check all that apply. 2000 2001 2002 U 2003 2004 In 2001, the national debt by 4 Revenues X A-Z हे
Year Stickers Paper plates Price Quantity Price Quantity (Dollars per sticker) (Number of stickers) (Dollars per paper plate) (Number of paper plates) 2018 2 215 3 155 2019 4 135 3 210 2020 2 150 3 190 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2018, dollars) 2018 2019 2020 From 2019 to 2020, nominal GDP , and real GDP .
The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 350 350 100 2021 700 350 200 2022 1,400 700 200 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % 2022 % % From 2020 to 2021, did not change; and from 2021 to 2022, did not change. Comparing the changes in 2021 and 2022, economic well-being increased more in