12.Using the Table Below, with 2010 as the base year, calculate the following: Show Your Work. Q1 P₂ Q₂ Q3 100 7 15 40 111 9 32 40 Year 2010 2011 a. Nominal GDP for 2010 = b. Real GDP for 2010 = C. P₁ 15 18 Nominal GDP for 2011 = d. Real GDP for 2011 = P3 31 32
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- RGDP RGDP Deflator Deflator Deflator Deflator 2018 2019 2018 2019 2020 2021 Base Year 2018 760 551 100 135 110 38 Base Year 2019 860 632 120 100 98 123 Base Year 2020 960 716 90 45 100 127 Base Year 2021 720 521 75 55 154 96 100 The nominal GDP for 2019 is Use 2018 as the base year. **Do not add the percent sign in your answer, just put the number. Round your answer to 2 decimal places. For example, if you get 56.6666 round to 56.67***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: $Assume an economy consumes only two goods: food and clothing. The prices and quantities produced domestically of each good for two different years are shown in the table below. Year 1 quantity Year 2 quantity Year 1 price Year 2 price Food 5000 5500 $2 $5 Clothing 1000 1200 $30 $25 What is the nominal GDP for year 2? What is the real GDP for year 2, using year 1 as the base year? What is the GDP deflator? (2 decimal places) What was the result on the overall price level? no ch increased decreased
- ASAPYou are given the following: Year Quantity of Cars Price of Cars Quantity of Buses Price of Buses 2013 5 million $20,000 1 million $100,000 2014 5.1 million $22,000 1.2 million $102,000 Base Year = 2013 2a. Calculate nominal GDP for 2013. 2b. Calculate nominal GDP for 2014. 2c. Calculate real GDP for 2014. 2d. Calculate the GDP Deflator to the nearest tenth for 2014. 2e. What does your previous number mean? 2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)You are given the following: Year Quantity of Cars Price of Cars Quantity of Buses Price of Buses 2013 5 million $20,000 1 million $100,000 2014 5.1 million $22,000 1.2 million $102,000 Base Year = 2013 2a. Calculate nominal GDP for 2013. Nominal GDP for 2013 = (5 million × $20,000) + (1 million × $100,000) = $100,000 million + $100,000 million = $200,000 million 2b. Calculate nominal GDP for 2014. Nominal GDP for 2014 = (5.1 million × $22,000) + (1.2 million × $102,000) = $112,200 million + $122,400 million = $234,600 million. 2c. Calculate real GDP for 2014. The real GDP for 2014 will be calculated as:- Real GDP for 2014 = (5.1 million × $20,000) + (1.2 million × $100,000) = $102,000 million + $120,000 million = $222,000 million. 2d. Calculate the GDP Deflator to the nearest tenth for 2014. 2e. What does your previous number mean? 2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)
- Consider the following table for the economy of a nation whose residents produce four final goods: 2023 Price $946.00 $8.00 $110.00 $1.00 a. Assume 2023 as the base year. Calculate nominal GDP for 2022. $ Calculate nominal GDP for 2023. $ 2022 Good Computers Bananas Televisions Cookies Quantity 12 3,162 535 10,880 Price $ 723.00 $9.00 $140.00 $2.00 Quantity 14 1,356 252 10,120Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Barbados. Year year 1 year 2 year 3 Real GDP $20,597 $10,557 $40,977 What is the nominal GDP for year 1? What is the nominal GDP for year 2? GDP deflator What is the nominal GDP for year 3? 122 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. 113 100 year 1: year 2: year 3: $ $ 13234 Incorrect 12457 Incorrect 40977Year Guns Produced Price of Guns Butter Produced Price of butter 2005 80 $5 40 $4 2011 90 $6 60 $10 Consider the data above for Islandia, a country that produces only two products: guns and butter. Real GDP for Islandia for 2011 using 2005 as the base year equals.
- You are given the following: Year Quantity of Apples Price of Apples Quantity of Peaches Price of Peaches 2018 400 $.60 200 $.70 2019 500 $.64 210 $.90 Base Year = 2018 1a. Calculate nominal GDP for 2018. Show your work. 1b. Calculate nominal GDP for 2019. Show your work. 1c. Does the increase in nominal GDP give an accurate indication of the increase in output? Why or why not? 1d. Calculate real GDP for 2019. Show your work. 1e. Calculate the GDP Deflator for 2019 to the nearest tenth. Show your work. 1f. What does your previous number mean? 1g. Calculate the CPI for 2019 to the nearest tenth. Show your work.Given the data table below: Year 2015 2016 2017 2018 2019 12 2020 1. 2. 3. GDP Deflator, Real GDP, 2015-100. 100.00 100.40 103.30 106.90 106.50 103.30 2015-100 423,444,10 438,712.15 458,776.09 475,673.62 480,957.65 461,185.67 Find the nominal GDP for the year 2018 The Average Annual GDP Growth from 2018-2020 is (Hint: You'll need growth rates from 2017-2018, 2018-2019, 2019-2020 to answer this) If the GDP Deflator was adjusted such that the Base Year was 2018, find the new GDP deflator value for 2020Question # 5 a: Calculate Nominal and Real GDP for each year. Consider the base year is 2013. YearBottles of Diet Coke (units)Price by Bottle in Rs 2013100,00010.25 2014400,00030.50 2015500,00030.75 2016800,00040.25 b: Analyze how much Pakistan’s GDP and each of its components is affected by the following transactions? Explain your answers (Maximum 200 words). i) Toyota Motors issues new shares to finance the construction of an automobile plant in Pakistan.ii) Your friend wins Rs.2 million in the lottery in Dubai iii) Rabia spends Rs.1500 to buy her husband dinner at the finest restaurant in Karachiiv) General Motors builds Rs.40 million worth of cars, but consumers only buy Rs. 38 million worth of them.v) Sadia spends 50000 on a computer to use in her editing business in Karachi. She got last year’s model on sale for a great price from a local manufacturer. (Sub parts to solved).
