Year 2011 2019 Required: (1) Nominal GNP "Sh.billion" 1,185.90 2,633.00 Real GNP "Sh.billion" 1,185.90 1,474.00 The implicit GNP price deflator for the years 2011 and 2019. Interpret your results. The inflation rate of the economy, using year 2011 as the base year.
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- Gross Domestic Product The U.S. gross domesticproduct (GDP) (in trillions of dollars) for selectedyears from 2005 and projected to 2070 can be modeled by y = 0.116x2-3.792x + 45.330, where xis the number of years after 2000. During what yearsbetween 2005 and 2070 was the gross domestic product no more than $23.03 trillion?Year 2001 2002 2003 2004 2005 Output Price Nom. GDP Real GDP 50 $23.00 $1,150.00 $1,350.00 52 $ 27.00 $1,404.00 $1,404.00 53 $ 30.00 $1,590.00 $1,431.00 51 $ 34.00 $1,734.00 $1,377.00 56 $31.00 $1,736.00 $1,512.00 Was the economy better off in 2003 or 2004? ExplainThe table below gives the price and consumption (usage/sales) for two products xand yfor four years. Using year 2000 as the base year calculate for each year, thea) Basic expenditure index b) Laspeyers price index, and c) Paasche price index
- For each of the following transactions, determine the contribution to the currentyear’s GDP. d) You are informed that you have won a lottery worth GHC 3million to be paidto you immediately.e) You are informed that you have won a lottery worth GHC 3million to be paidto you immediately. In addition, the GNL pays you GHC 5000 to appear intheir promotional advert.f) Busy internet replaces all its stock of all computers with brand new locallymanufactured computers from rLg worth GHC 100m. It sells its old computersfor GHC 40million to rLg which resells them for GHC 60million after someminor repairs work on them.Year Cost of basket (R) of consumer goods / services Base Year 2018 1850 2019 2190 2020 2380 2021 2560 Use the information in Table to measure the consumer price indexfor 2019, 2020 and 2021 respectively.Show your calculations and round off to two decimal places. Show how gross national product (GNI) can be derived from gross domesticproduct (GDP). Explain, with the aid of an equation, the components of the consumptionfunction.For each of the following transactions, determine the contribution to the currentyear’s GDP.a) On January 1, you buy 10 gallons of petrol at GHC 15 per gallon. The fillingstation purchased the petrol the previous week at wholesale price of GHC 12per gallon.b) You purchased a locally manufactured AK 47 used in the 2nd world war duringan exhibition for GHC 2million. The brokerage fee was 6% of the sale value.c) A homemaker enters the work force, taking a job that pays GHC 40,000 a year.The homemaker now hires a nanny who is paid GHC 16,000 per year.d) You are informed that you have won a lottery worth GHC 3million to be paidto you immediately.e) You are informed that you have won a lottery worth GHC 3million to be paidto you immediately. In addition, the GNL pays you GHC 5000 to appear intheir promotional advert.f) Busy internet replaces all its stock of all computers with brand new locallymanufactured computers from rLg worth GHC 100m. It sells its old computersfor GHC 40million to rLg…
- The seasonally adjusted data below depict the performance of the economy of the United States in five quarters of 1948-1949. Year/Quarter 1948/Q4 1949/Q1 1949/Q2 1949/Q3 1949/Q4 Time left 0:44:23 Select one: OA 1948/Q4. OB. 1949/Q1. OC 1949/02 OD 1949/Q3 19/04 Annual Percent Change Nominal GDP 1.7 -7.4 -5.2 2.3 -3.3 Annual Percent Change Real GDP The inflation rate in the United States was highest in which of the following quarters? 0.5 -5.4 -1.4 4.2 -3.3The 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: real GDP was $900, and the GDP deflator was 177.8 O.b. real GDP was $1065, and the GDP deflator was 150.2 Oc. real GDP was $900, and the GDP deflator was 150.2 O d. real GDP was $1065, and the GDP deflator was 177.8 Next page geFor each of the following transactions, determine the contribution to the current year's GDP a) On January 1, you buy 10 gallons of petrol at GHC 15 per gallon. The fillingstation purchased the petrol the previous week at a wholesale price of GHC 12per gallon b) You purchased a locally manufactured AK 47 used in the 2nd world war duringan exhibition for GHC 2million. The brokerage fee was 6% of the sale value. c) A homemaker enters the workforce, taking a job that pays GHC 40,000 a yearThe homemaker now hires a nanny who is paid GHC 16,000 per year. d) You are informed that you have won a lottery worth GHC 3 million to be paidto you immediately e) You are informed that you have won a lottery worth GHC 3million to be paidto you immediately. In addition, the GNL pays you GHC 5000 to appear in theirpromotional advert f) Busy internet replaces all its stock of all computers with brand new locallymanufactured computers from rLg worth GHC 100m. It sells its old computers for GHC 40million to…
- The link between gross domestic product (GDP) and national income (NI) isSelect one from the following options. A)indirect business taxes, net foreign factor income, savings B)indirect business taxes, profit, investment C)indirect business taxes, net foreign factor income, consumption of fixed capital D)indirect business taxes, net foreign factor income, investmentThe seasonally adjusted data below depict the performance of the economy of the United States in five quarters of 1953-1954. Year/Quarter 1953/Q4 1954/Q1 1954/02 1954/Q3 1954/04 Select one: OA. 1953/04. Annual Percent Change Nominal GDP OB. 1954/01 O C. 1954/02. O D. 1954/03. QE. 1954/04. -5.2 -0.6 0.8 5.1 9.2 Real GDP in the United States was lowest in which of the following quarters? Annual Percent Change Real GDP -5.9 -1.9 0.4 4.6 8.1Using Graph Is there any relationship between the monthly percentage change in rail carload traffic (RCLDPCH) and quarterly percentage change in GDP (QGDPPCH)? Relate potential relationship to disruptions witnessed the last couple of years or economic contraction and expansion in previous years?