Use the table below for the following 2 questions Nominal GDP Year Year 3 YEAR 4 $5000 $6,600 A. What is REAL GDP in Year 3? B. What is REAL GDP in Year 4? GDP Deflator 125 150
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- Visit the website of the statistics Canada Pick a province of Alberta and provide a summary statistics of the economic data for that province. In your summary provide answer for the following questions:Did GDP in 2019 compare to 2018 increase or decrease?Since 1980, is there a year in which GDP of the province decreased? What is the biggest component of GDP? Does the GDP of the province show the same pattern as the GDP of the whole Canada?How do you compare GDP per capita of the selected province with GDP per capita of entire Canada? How do you interpret this information?Download the USA GDP data in the last 70 years from FRED. Make a table showing the average growth rates in the last 70, 60, 50, 40, 30, 20 years and using these figures interpret the course of USA potential GDP growth through time. Do you think this is a good way to assess the development of potential GDP? Why/why not? Can you drive graph?1) Please answer the questions related to graph below: 30,000 Britain Japan Italy 25,000 China India 20,000 15,000 10,000 5,000 1000 1200 1400 1600 1800 2000 Year a) What economist call the shape of the line above and why? b) What does it mean Gross Domestic Product (GDP) per capita? c) How do we calculate GDP per Capita? d) What is the difference between GDP per capita and disposable income? e) We observe a sustained growth in average living standards since 1700 in above graph. How did this happen? GDP per capita
- Practice 2 Sovyl Consider the following data on the X-product: 50 GDP deflator year price of X quantity of X Nominal GDP (base year 2005) 2010 $11.50 105,000 125 2011 $11.96 106,000 130 a) What was the growth rate of nominal GDP between 2010 and 2011? b) What was the growth rate of the GDP deflator between 2010 and 2011? c) What was real GDP in 2010 measured in 2005 price? d) What was real GDP in 2011 measured in 2005 price?The following table shows some data for an economy that produces only two goods: milk and honey. Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 150 100 2021 150 4 100 2022 300 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022 IIThe 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 piace
- The annual output and prices of a 3-good economy are shown in the table below. Quantity of Goods Year 1 Quantity of Goods Year 2 Good Price Year 1 Price Year 2 Quarts of ice cream $6 $6 Bottles of shampoo 4 1 4 2 Jars of peanut butter 3 3 Instructions: Enter your answers as whole numbers. a. What was GDP in year 1? b. What was GDP in year 2? 2.The following table shows some data for an economy that produces only two goods: milk and honey. Year Milk Honey Price Quantity Price Quantity (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 200 2 100 2021 1 400 2 200 2022 2 400 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Dollars) 2020 2021 2022The following table shows some data for an economy that produces only two goods: milk and honey. Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 200 100 2021 400 200 2022 400 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022
- cmillan Learning Consider the table of GDP and population for several imaginary countries. $ Country Wrigleyville Longhornland Dinkytown $ Using this information, please answer the questions. If there is not enough information to answer a question, please enter -11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. 20.6 Incorrect GDP in millions of U.S. dollars Population in millions GDP per capita in U.S. dollars 145.0 125 221.00 128.7 559.0 2913 B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place. Incorrect 1.900Consider an economy that produces and consumes Bread and Automobile. Data for two different years 2005 and 2010 is given in the following table. Year 2005 2010Price of Automobiles $ 5000 $ 6000Price of a loaf of bread $10 $20Number of automobiles produced 100 120Number of loaves of bread produced 500,000 400,000 Using the year 2005 as a base year,a. Calculate the nominal and real GDP of 2010.b. Find the value of GDP Deflator for the year 2010 and interpret.c. Calculate the inflation rate in 2010.GDP is the total market value of goods and services produced ina country in a year. Google the GDP’s of three countries. Everyoneshould use different countries. Use one advanced economy, onedeveloping country, and then a country on a different continentthan the first two countries you found. What I want to know and youneed to share is current (1) total gdp, (2) gdp per capita and (3)gdp growth rate for the last year. Explain what has been happeningin the countries you chose. If you have heritage from anothercountry, share the gdp numbers from your country.