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Given information: Year Nominal GDP (Billions) Gdp Deflator Population CPI Medium Family Income Question: Calculate and...

  1. Given information:

    Year

    Nominal GDP (Billions)

    Gdp Deflator

    Population

    CPI

    Medium Family Income
    Question: Calculate and state the following for the years shown for the XYZ economy: the rates of growth (% per year) of :nominal GDP;  real GDP;  real GDP per capita, Real Medium family income (Provide the formula to calculate the above in detail)
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Answer #2

NOMINAL GDP= PRICECURRENT YEAR QUANTITYCURRENT YEAR

REAL GDP= PRICEBASE YEAR QUANTITYCURRENT YEAR

GDP DELATOR IS THE VALUE OF CPI

REAL GDP PER CAPITA=

It would be median family income and not medium family income. Real median family income is the income that would divide the 50% of people earning more than median to the 50% of people earning less than it.

answered by: anonymous
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