Question

The country of Economica's GDP deflator and nominal GDP in three different years are shown in the table. Year Nominal GDP GDP Deflator year 1 $25746 125 year 2 $37543 123 year 3 $10998 100 The base year, i.e. the base period, is Year 3. For years 1–3, please obtain the real GDP. Round your answers to the nearest dollar. What is the real GDP for year 1? real GDP: $ What is the real GDP for year 2? real GDP: $ What is the real GDP for year 3? real GDP: $

Answer #1

GDP deflator = (Nominal GDP / Real GDP) * 100

=> Real GDP = (Nominal GDP / GDP deflator) * 100

**Year 1**.

Real GDP = (Nominal GDP / GDP deflator) * 100

Real GDP = ($25746 / 125) * 100

Real GDP = $25967.

Real GDP in year 1 is $25967

-----------------------------------------------------------------------------

**Year 2**.

Real GDP = (Nominal GDP / GDP deflator) * 100

Real GDP = ($37543 / 123) * 100

Real GDP = $30523

Real GDP in year 2 is $30523

----------------------------------------------------

**Year 3**.

Real GDP = (Nominal GDP / GDP deflator) * 100

Real GDP = ($10998 / 100) * 100

Real GDP = $10998.

Real GDP in year 3 is $10998

Using 2015 as the base year, calculate nominal GDP, real GDP,
and the GDP price deflator for each year.
Year
Quantity of Strawberries
Price of Strawberries
Quantity of Cream (pints)
Price of Cream (per pint)
Nominal GDP
Real GDP
GDP Deflator
2015
100
3.00
200
2.00
2016
125
4.00
400
2.50
2017
150
5.00
500
3.00

Part A
Suppose that country X has current GDP of $7250 billion. The
current GDP deflator is 125. In the base year, the nominal GDP for
country X was also $7250 billion.
· What is country current X’s real GDP in base year prices?
· What is the rate of economic growth between the base year and the
current year?
Part B
Let us imagine that there is a country called Smithsonia, which
displays the following statistics. C (Consumption) is...

Year
Nominal GDP
Economic Growth
Workers
GDP Deflator
Capital
Population
CPI
M1
Inflation (with GDP Deflator)
2019
$22,000,000
2.10%
100
110
20,000,000
200
300
$4,000,000
1.10%
2069
$384,000,000
2.80%
150
320
60,000,000
300
1200
$40,000,000
2.90%
As you might expect from the increase in nominal GDP compared to
the increased in the GDP deflator, real GDP grew over these
projected 50 years. Also, population growth was modest given the
span of 50 years. Will all of this in mind, by...

A.) Suppose that country X has current GDP of
$7250 billion. The current GDP deflator is 130. In the base year,
the nominal GDP for country X was also $7250 billion.
What is country current X’s real GDP in base year prices? What
is the rate of economic growth between the base year and the
current year?
B.) Let us imagine that there is a country
which displays the following statistics. C (Consumption) is
one-half of GDP, and I (Investment)...

The following table
gives information on nominal GDP (in billions of $) and the GDP
deflator (base year = 2009):
Year
NGDP
Deflator
RGDP
1950
2000
2015
300
10,252
18,219
13.064
78.069
104.757
a. Fill in the values for real
GDP.
b.
Using the growth formula that we identified in class, calculate the
average annual rates of nominal and real GDP growth from 1950 to
2000 (n = 50 years). Which do you think gives a better indicator of
true...

You have been given the following data on Pakistan GDP:
Nominal GDP GDP Deflator
Year in billions of rupees (Base Year = 2006)
2019 38,559 282
2015 27,443 245
Calculate the growth rate of nominal GDP between 2015 and 2019.
(Hint: the average annual growth for variable X for N-years can be
calculated as .) (0.5 Marks)
Calculate the growth rate of GDP deflator between 2015 and 2019.
(0.5 Marks)
Calculate real GDP in 2015 measured in 2006 prices. (0.5...

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)

Suppose a county’s national accounts
are given by the following table.
Year
Nominal GDP
Deflator
Real GDP
2017
________
104
$755,000
2018
$855,000
105
_______
2019
$950,000
______
$896,226
Complete the missing data in the following table (show formula
and calculations here)
2017 Nominal GDP =
2018 Real GDP =
2019 Deflator =
What is the rate of inflation between 2017 and 2019? (show
formula and calculations)
What is the growth rate of real GDP between 2018 and 2019 (show...

Real versus nominal GDP Consider a simple economy that produces
two goods: cupcakes and muffins. The following table shows the
prices and quantities of the goods over a three-year period.
Year
Cupcakes
Muffins
Price
Quantity
Price
Quantity
(Dollars per
cupcake)
(Number of
cupcakes)
(Dollars per
muffin)
(Number of
muffins)
2012
1
120
1
195
2013
2
130
4
195
2014
4
130
4
145
Use the information from the preceding table to fill in the
following table.
Year
Nominal
GDP...

. Suppose Nominal GDP in 2017 is $18 trillion, and nominal GDP
in 2016 is $17.6 trillion, and the GDP deflator in 2016 is 99
(=.99), and 2017 is the base year. The rate of growth in real GDP
in 2016 is about: a. -1.2% c. 1.2% b. -1.1% d. .2%

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