teractive Book: Measuring a Nation's Income (Ch 10)g. California hires workers to repave Highway 66.h. The federal government sends your grandmother a Social Securityi. Your parents buy a bottle of French wine.j. Honda expands its factory in Ohio.2. Fill in the blanks:Nominal GDPGDP deflatorReal GDP (in2000 dollars)Year(base year(in currentdollars)(0001,2001970000's091980000's<>066000201000020202030000'0000'03. The government purchases component of GDP does not include spending on trsuch as Social Security Thinking about the definition of GDP, explain why trans59rch五。Prt Scn F8Home,F5F4$V#66

GDP delfator=Nominal GDPReal GDP×100We can re-write the formula as:Nominal GDP=GDP deflator×Real…

Answered: teractive Book: Measuring a Nation's…

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter10: Measuring A Nation's Income

Section: Chapter Questions

Problem 9PA

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teractive Book: Measuring a Nation's Income (Ch 10)
g. California hires workers to repave Highway 66.
h. The federal government sends your grandmother a Social Security
i. Your parents buy a bottle of French wine.
j. Honda expands its factory in Ohio.
2. Fill in the blanks:
Nominal GDP
GDP deflator
Real GDP (in
2000 dollars)
Year
(base year
(in current
dollars)
(000
1,200
1970
000's
09
1980
000's
<>
066
000
2010
000
2020
2030
000'0
000'0
3. The government purchases component of GDP does not include spending on tr
such as Social Security Thinking about the definition of GDP, explain why trans
59
rch
五。
Prt Scn F8
Home,
F5
F4
$
V
#
6
6

Expert Solution

Step 1

$G D P d e l f a t o r = \frac{N o m i n a l G D P}{R e a l G D P} \times 100 W e c a n r e - w r i t e t h e f o r m u l a a s : N o m i n a l G D P = \frac{G D P d e f l a t o r \times R e a l G D P}{100} R e a l G D P = \frac{N o m i n a l G D P}{G D P d e f l a t o r} \times 100$

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