Answered: YEAR GDP DEFLATOR NOMINAL GDP (IN…

YEAR GDP DEFLATOR NOMINAL GDP (IN BILLIONS) REAL GDP (IN BILLIONS) 2017 90.9 $7,000 2018 100 $8,000 2019 $10,000 $8,000 2020 140 $14,000 2021 150 $12,000

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 12RQ: What are the main components of measuring GDP with what is produced?

See similar textbooks

Related questions

Q: Real GDP Nominal GDP GDP Deflator 246,849 103.2 268,914 100.7 257,861 264,308 266,194 105.9 241,646…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Product Quantity Price Quantity Price Eye examinations 100 $40 150 $60 Shoes $150 $200 25 40…

A: Nominal GDP measures market value of goods and services using current prices whereas real GDP is…

Q: In an economy, Real GDP (base year = 1996) is $125 billion and the Nominal GDP is $150 billion.…

A: GDP deflator formed to estimate the inflation .In the other way it is known as the implicit price…

Q: to 1 decimal place. Nominal GDP Real GDP Year GDP Deflator (Millions of Euros) (Millions of Euros)…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: 1. Calculate the GDP by using both Income and Expenditure approaches. (Solution 8,300) Consumption…

A: Gross Domestic Product is the total value of goods and services produced within the domestic…

Q: Jse the information from the previous table to fill in the following table. Nominal GDP Real GDP…

A: Real GDP growth is the value of all goods produced in a given year; nominal GDP is value of all the…

Q: Refer to the data below and using year 1 as the base year, the real GDP in year 4 was approximately:…

A: Real GDP is the value of goods adjusted for inflation Real GDP = Nominal GDP *100 / Price index

Q: Year Nominal GDP Real GDP 2012 280 290 2013 315 260 2014 305 310 The increase in nominal GDP…

A: GDP is a macroeconomic measure of the aggregate total production of output in an economy. It can be…

Q: Gross Domestic Product If nominal GDP in 2005 was $13095.4 billion and the GDP deflator (price…

A: Nominal GDP in 2005 = $13095.4 billion GDP deflator = 100 Nominal GDP includes both the growth and…

Q: Year Nominal GDP Real GDP GDP deflator 2012 $180,000 %24 100.0 2013 24 $215,000 110.0 2014 $260,000…

A: The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of…

Q: The nominal GDP for 2016 was $17,500 and the real GDP was $13,000 Calculate GDP deflator

A: The data presented in the question is:- For 2016, Nominal GDP = $17,500 Real GDP = $13,000 We have…

Q: Year Nominal GDP Price Level Population 2011 $3,000 $100 5 2014 $8,000 $200…

A: Real GDP:2011 Real GDP can be calculated as follows:

Q: The quantity of final goods and services produced during an accounting year is 3500 and the prices…

A: As per the question Quantity of the final goods = 3500 Prices are = 2500 NOMINAL GDP = ?

Q: 2. Fill in the blanks: Real GDP Nominal GDP GDP Deflator (base year (in 2000 dollars) (in current…

A: Gross domestic product (GDP) refers to the total value of all the final goods and services that…

Q: Below is a summary of the goods produced by a small economy in 2017: Product Quantity…

A: GDP: It means the total monetary or market value of all the finished goods and services that are…

Q: If nominal GDP is $5 trillion and real GDP is $4 trillion, the GDP deflator is: 12.5. 125.

A: GDP Deflator measure of the level of prices of all new, domestically produced, final goods and…

Q: Fixed Investments include new construction and new capital goods. How do I do GDP Calculation on a…

A: GDP:GDP calulation can be shown as follows:

Q: Consider the data in the table Rank the years from hightest to lowest in terms of real GDP Year…

A: Solution -

Q: Nominal GDP Price Index Real GNP 12,223 157.00 800 155.00 14,622 165.46

A: Real GNP is the indicator of the level of real income in the economy and is being computed at the…

Q: Calculate the value of the GDP deflator in 2004. a. 113 b. 116 c. 119 d. 120 *base year is 2003

A: The formula for GDP deflator GDP deflator =Nominal GDPReal GDP×100 Base year is 2003 We have to…

Q: 2. Given are the following sets of accounts: RM (Million) Compensation to employees Proprietor's…

A: Use below formula to find the GDP:GDP=Compensation of employees+Interest + rent+profit+indirect…

Q: Fill in the missing data in the following table. Year Nominal GDP Real GDP GDP deflator 2012 $220000…

A: Nominal GDP is the market value of goods and services produced in an economy, unadjusted for…

Q: Solve this attachment.

A: The GDP Deflator has another name as well, GDP Price Deflator or Implicit Price Deflator. It…

Q: fill in thl' hl:mk~

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Fill in the missing data in the following table. Year 2012 2013 2014 $260,000 2015 $290,000 Nominal…

A: GDP Deflator The (GDP) gross domestic product price deflator estimates changes in the prices of all…

Q: 2015 2016 2017 2018 2019 2020 GDP in Current US$ 18,238.30 18,745.08 3 21,433.22 (Billion) GDP in…

A: Solution- 2015- Nominal GDP per capita=Gross Domestic Product/Population…

Q: Calculate the GDP using (1) the Income and (2) the Expenditure Approach

A: GDP: It refers to the goods and services which is produced in an economy due to during the specified…

Q: Fill in the missing data for the following data.

A: We know, GDP Deflator = Nominal GDPReal GDP*100

Q: The real GDP is $2300 million and the value of Nominal GDP is $2700 million Calculate GDP deflator

A: The given information is as follows:- Nominal GDP = $2700 million Real GDP = $2300 million We need…

Q: Nominal GDP of a country is $400 million and Real GDP $200. Calculate the GDP deflator.

A: Below are the given values: Given the Nominal GDP = $400 Real GDP = $200

Q: The Desert Republic produces only sheep and oil. The base year is 2010 and the table below gives the…

A: Nominal GDP is the value of all the goods and services produced in the economy in a specific period,…

Q: Calculate GDP, what is included...what is not? Criteria USD in Billions Personal Consumption…

A: Y = C+I+G+NX Y= GDP = Gross domestic product = National income C= Consumption expenditure I=…

Q: Compute Nominal and Real GDP in each year and find percentage changes in the GDP. (Use 2001 as base…

A: Orange Dates Year Price Quantity Price Quantity 2001 6 100 1.50 800 2002 7 150 2.00 900…

Q: Using the data below, calculate GDP by using expenditure approach: Year 2017 RM (million) 700 2500…

A: Since you posted a question with multiple sub-parts, we will solve the first three sub-parts for…

Q: It's asking to fill in the blank

A: GDP Deflator is an important concept of inflation in the study of Macroeconomics. GDP Deflator is…

Q: 18. If nominal GDP is $5 million and the real GDP is $4 million, what is the GDP deflator? a 0.80 b.…

A: GDP measures the value of all final goods and services produced in an economy over a period of time.…

Q: year real GDP Nominal GDP GDP deflator Price ($) per nutmeg Price ($) per drapes 2013 2700…

A: GDP is significant on the grounds that it gives data about the size of the economy and how an…

Q: Based on the data below, what was the Real GDP in 2C Nominal Price Year Real GDP GDP Deflator 2015…

A: GDP deflator is used to measure the change in general price level. It measures the price changes of…

Q: Based on the data in Table 2 below, calculate Indonesia's 2011- 2016 by measuring changes in the GDP…

Q: Quantity of Computers Year Price of Nominal Real GDP Nominal Real GDP (in 2015 dollars) (in 2015…

A: Nominal GDP is calculated at current year prices where as real gdp is calculated at base year…

Q: 2006 2006 2011 2011 Product Quantity Price Quantity Price Movies 20 $6.00 30 $7.00 Burgers 100 $2.00…

A: (a) Nominal GDP is the current value of all goods and services (GDP) produced in an economy…

Q: Nominal GDP Real GDP in 2011, the value of the GDP deflator is in 2012, the value of the GDP…

A: In economics, the GDP deflator is a measure of the level of prices of all new, domestically…

Q: If nominal GDP is $15000 million and real GDP is 12,000 million Find GDP deflator

A: The information being given to us is as follows:- Nominal GDP = $15,000 million Real GDP = $12,000…

Q: Calculate GDP deflator from the following table: Year Nominal Real GDP GDP 2000 8952 8952 2001 9200…

A: In an economy, GDP deflator is the measure of inflation using the current information about the…

Q: GDP Table Transfer payments 32 Government purchases 160 Personal taxes 76 Corporate Income taxes…

A: In income approach: Total national income = It is the sum of rent, profit and salary.

Q: If GDP deflator is 177 and real GDP is $16000 million Calculate the value of Nominal GDP

A: The information being given is:- GDP deflator = 177 Real GDP = $16,000 million We have to calculate…

Q: 2003 2004 2005 Nominal GDP GDP Deflator (2001 -100) Real GDP Population (in millions) Real GDP per…

A: The measure that indicates the financial status of a nation is said to be GDP. It states the total…

Q: Fill in the missing data in the following table. Year 2012 2013 Nominal GDP $220000 $ 2014 $260,000…

A: The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of…

Q: Nominal GDP $8,782 $9,274 Year 1998 1999 Real GDP $8,509 $8,859

A: Answer;

Q: GDP = $ Billion Use the data below to calculate GDP using the income approach. (I intentionally left…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Question

Fill in the missing data for the following data.

YEAR GDP DEFLATOR NOMINAL GDP (IN BILLIONS) REAL GDP (IN BILLIONS)
2017
90.9
$7,000
2018
100
$8,000
2019
$10,000
$8,000
2020
140
$14,000
2021
150
$12,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What are the main components of measuring GDP with what is produced?
Consider the data in the table Rank the years from hightest to lowest in terms of real GDP Year Nominal GDP GDP deflator Real GDP 2009 $1020 57 2010 $1250 62 2011 $1450 91
Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 100 2 50 2021 2 100 4 50 2022 2 200 4 100 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022
I. Based on the data in Table 2 below, calculate Indonesia's 2011-2016 by measuring changes in the GDP Deflator. Table 2.Indonesia's Gross Domestic Product 2011-2016 year Product Domestik Bruto (Miliar Rp.) Nominal IHK (%) Deflator 2010 6,864,133.1 6.96 100.0 2011 7,831,726.0 3.79 107.5 2012 8,615,704.5 4.30 111.5 2013 9,546,134.0 8.38 117.0 2014 10,569,705.3 8.36 123.4 2015 11,531,716.9 3.35 128.4 2016 12,406,809.8 3.02 131.5
The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 350 350 100 2021 700 350 200 2022 1,400 700 200 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % 2022 % % From 2020 to 2021, did not change; and from 2021 to 2022, did not change. Comparing the changes in 2021 and 2022, economic well-being increased more in
What is the US GDP for year end 2018? What the personal consumption expenditures for year end 2019
Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($millions)GDP Deflator201017500103.7201518222104.8202018755105.9Over each 5-year period, there were no significant changes to goverment policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5%. In 2010 employment population ratio is 64%. What is the real GDP per worker in 2010.
national income accounts for the U.S. for 2005 billions of dollars billions of chained (2000) dollars consumption expenditures 8742.4 7841.2 gross private domestic investment 2057.4 1866.3 government expenditures 2372.8 1958.0 Net exports of goods and services -716.7 -619.2 compute the nominal and real GDP in 2005 Why do these two measures differ? Why do we compute both? Compute the GDP deflator 2005. Use this also to compute the inflation rate from 2000 to 2005. Was there inflation or deflation? Please answer all part I will rate
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.
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 %
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
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***