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- What is the value of Laspeyres Price Index and Paasche Price Index of india quarterly from 2011 to 2020 s.o that i can estimate india gdp more accuratelyThe accompanying table shows data for real and nominal GDP for a hypothelical eoonomy uver several years. a. Calculate the GDP Deflator for 2014 2019. Enter the values in the accompanying table. Raal GIP Nominal GDP (hillions of 2013 $) GDP Deflator Year (billions of $) 2014 775.3 804.8 2015 014.1 2016 862 9 262 9 2017 901.5 8825 2018 951.3 925.7 2019 990.0 950 2 (Entar yaur raspansas ounded to one decmal piaceThe economy of country Y produces 5 commodities; rice, salted fish, sugar, salt, and oil. The following table shows the outputs and prices for year 2000, 2001 and 2002. Instructions calculate Laspeyres consumer price index for 2001 and 2002 using 2000 as base year
- The computation of GDP by the income approach requires adding the income derived from the production and sales of final goods and services. What are the 6 income items AND what does the sum of these 6 incomes equal?Year 2020 2021 2022 NUMAT GUT (Dollars) 200 400 800 % ncai gur % (Dollars) 200 From 2020 to 2021, 200 400 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. GDP Deflator Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 2022 % 100 % 200 200 % % did not change; and from 2021 to 2022, Comparing the changes in 2021 and 2022, economic well-being increased more in did not change.Year Nominal GDP Real GDP 2012 280 290 2013 315 260 2014 305 310 The increase in nominal GDP between 2012 and 2014 is: 3.5 % 19.2 % 8.93 % 6.90 % 2. The increase in real GDP between 2012 and 2014 is: 5 % 6.90 % 7.14 % 20 %
- Calculate (a) GDP using the expenditure and (b) value added (industrial origin ) approaches. Calculate GNP. Agriculture, Fishery and Forestry 2000 Exports of Goods and Services 12000 Government Consumption Expenditure 1000 Gross Domestic Capital Formation 2000 Industry 3000 Imports of Goods and Services 12000 Net Factor Income from ROW 500 Personal Consumption Expenditures 7500 Services 5000 Statistical Discrepancy -500The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Quantity of Cereal Year Price of Cereal Price of Milk Quantity of Milk 2008 $4.00 90 $1.50 150 2010 $5.00 120 $2.50 200 In 2010, this country's Select one. O a. real GDP was $780, and the GDP deflator was 1333 Ob. real GDP was $825, and the GDP deflator was 141.0 01eal GDP was $825, and the GDP deflator was 133. d.-real GDP was $780, and the GDP deflator was 141.02006 2006 2011 2011 Product Quantity Price Quantity Price Movies 20 $6.00 30 $7.00 Burgers 100 $2.00 90 $2.50 Bikes 3 $1,000.00 6 $1,100.00 Use the information to calculate (a)Nominal GDP of 2011 and (b)Real GDP in the year 2011 (Assume 2006 as the base year). (c)ls it ever possible for Real GDP to be higher than Nominal GDP of any year? when? ( 1-2 LINES ONLY)
- 10. Index numbers - An application The index of industrial production (IIP) is a measure of production across a broad range of industries. Suppose 1987 is the base period. Year Index of Industrial Production 1987 100 1992 117 The base value is The IIP in 1992 implies that industrial production Suppose you'd like to change the base year from 1987 to 1982, when the value of the IIP was 80. After changing the base year to 1982, the IIP in 1992 becomes 10. Index numbers - An application The index of industrial production (IIP) is a measure of production across a broad range of industries. Suppose 1987 is the base period. Year Index of Industrial Production 1987 100 1992 117 The base value is The IIP in 1992 implies that industrial production Suppose you'd like to change the base year from 1987 to 1982, when the value of After changing the base year to 1982, the IIP in 1992 becomes increased decreased by about by about %- %.The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk 2008 $4.00 90 $1.50 150 2011 $6.00 150 $3.50 200 In 2011, this country's Select one: O a. real GDP was $900, and the GDP deflator was 177.8 O b. real GDP was $900, and the GDP deflator was 150.2 O c. real GDP was $1065, and the GDP deflator was 177.8 O d. real GDP was $1065, and the GDP deflator was 150.2Problem 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?
