SHOW WORKHomework Answers
Growth rate of the GDP = (New GDP - Old GDP) / Old GDP x 100
= ($6720 - $6400) / $6400 x 100
= 320/6400 x 100
= 5%.
The answer is "C".
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SHOW WORK
31) If real GDP for 2009 is $6400 billion and nominal GDP for 2010...
(Ch 07) (Dollars) 100 $410 $1,170 2010 (Dollars) From 2009 to 2010, nominal GDP , and...
(Ch 07) (Dollars) 100 $410 $1,170 2010 (Dollars) From 2009 to 2010, nominal GDP , and real GDP The inflation rate in 2010 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP includes the value of exports, but nominal GDP does not. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP is not influenced by price changes, but nominal GDP is....
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312...
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312 2010 3,350 314 Table L: Economic Data for a Hypothetical Economy 104 107 109 119. Consider the economic data provided for a hypothetical economy in Table L above. What is the real GDP growth rate from 2008-09 for the economy depicted in Table L? (If necessary, at each stage of calculation, round to the nearest 1/100th (0.00).) A. -3.39% B. -3.28% C. -1.47% D....
The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2009 dollars)
The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2009 dollars), and population (in thousands) of the United States in 1965,1975,1985,1995,2005, and 2015 . The U.S. price level rose consistently over the period 1965-2015.YearNominal GDP (billions of dollars)Real GDP (billions of 2009 dollars)Population (thousands)1965$743.7$3,976.7194,25019751,688.95,385.4215,89119854,346.77,593.8238,41619957,664.110,174.8266,458200513,093.714,234.2296,115201517,947.016,348.9321,601a. Why is real GDP greater than nominal GDP for all years until 2005 and lower for 2015 ?b. Calculate the percent change in real GDP from 1965 to...
Year 2010 2011 2012 2013 Real GDP (Billion of 2000 dollars) $8,700 $8,875 $9,000 $9,280 Using...
Year 2010 2011 2012 2013 Real GDP (Billion of 2000 dollars) $8,700 $8,875 $9,000 $9,280 Using the table above, what is the approximate growth rate of real GDP from 2012 to 2013? A. 1% B. 3% C. 4% D. 2%
Question 2 If Nominal GDP is $12,000 billion and the GDP deflator is 80, then Real...
Question 2 If Nominal GDP is $12,000 billion and the GDP deflator is 80, then Real GDP is ________. a) $15,000 billion b) $9,600 billion c) $21,600 billion Question 3 If inflation occurs in a given year, a) the change in the real measurement (GDP) would be equal to the change in the nominal one. b) the change in the real measurement (GDP) would be greater than the change in the nominal one. c) the change in the real measurement...
Year Nominal GDP(Billions of current dollars Real GDP(Billions of dollars of 2009) 2013 16,691.50 15,612.20 2014...
Year Nominal GDP(Billions of current dollars Real GDP(Billions of dollars of 2009) 2013 16,691.50 15,612.20 2014 17,393.10 15,982.30 2015 18,036.60 16,397.20 2016 18,569.10 16,662.10 Compute the rate of growth of the economy (use real GDP), and briefly comment on your results. -Between 2013 and 2014 -Between 2014 and 2015 -Between 2015 and 2016 Which one is more important: Nominal GDP or Real GDP? Explain Why.
Fill in the missing information: Year Nominal GDP Real GDP GDP Deflator 1 $8,000 billion $8,000...
Fill in the missing information: Year Nominal GDP Real GDP GDP Deflator 1 $8,000 billion $8,000 billion 100 $ 2 $9,028.8 billion 108 billion 3 $9,806.28 $8,527.2 billion The economy's growth rate is % from year 1 to year 2 and % from year 2 to year 3.
From 2009 to 2010, per capita real GDP in the United States grew by 1.8%. Given...
From 2009 to 2010, per capita real GDP in the United States grew by 1.8%. Given that prices increased by 1% and the population grew by 1%, we know that nominal GDP grew by A) 4.8% B) 1.8% C) 2.8% D) 3.8% E) 5.8%
QUESTION 10 Real GDP Year 2009 2010 2011 12,757.9 13,063.0 13,299.1 Given the GDP data above,...
QUESTION 10 Real GDP Year 2009 2010 2011 12,757.9 13,063.0 13,299.1 Given the GDP data above, what is the Real GDP growth rate for 2011? 3 % 2.6 % 1.8 1.2 %
7 part 3 Consider the following data on US GDP The growth rate of nominal GDP...
7
part 3
Consider the following data on US GDP
The growth rate of nominal GDP between 1993 and 2013 was ____
, and the growth rate of the GDP deflator between 1993 and 2013 was
____ .(Hint: The growth rate of a variable XX over an NN-year
period is calculated as
100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1)
Measured in 2009 prices, real GDP was ___ billion in 1993 and
___ billion in 2013.
The growth rate of real GDP between 1993 and 2013 was...
(Ch 07) (Dollars) 100 $410 $1,170 2010 (Dollars) From 2009 to 2010, nominal GDP , and real GDP The inflation rate in 2010 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP includes the value of exports, but nominal GDP does not. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP is not influenced by price changes, but nominal GDP is....
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312 2010 3,350 314 Table L: Economic Data for a Hypothetical Economy 104 107 109 119. Consider the economic data provided for a hypothetical economy in Table L above. What is the real GDP growth rate from 2008-09 for the economy depicted in Table L? (If necessary, at each stage of calculation, round to the nearest 1/100th (0.00).) A. -3.39% B. -3.28% C. -1.47% D....
Year 2010 2011 2012 2013 Real GDP (Billion of 2000 dollars) $8,700 $8,875 $9,000 $9,280 Using the table above, what is the approximate growth rate of real GDP from 2012 to 2013? A. 1% B. 3% C. 4% D. 2%
Fill in the missing information: Year Nominal GDP Real GDP GDP Deflator 1 $8,000 billion $8,000 billion 100 $ 2 $9,028.8 billion 108 billion 3 $9,806.28 $8,527.2 billion The economy's growth rate is % from year 1 to year 2 and % from year 2 to year 3.
QUESTION 10 Real GDP Year 2009 2010 2011 12,757.9 13,063.0 13,299.1 Given the GDP data above, what is the Real GDP growth rate for 2011? 3 % 2.6 % 1.8 1.2 %
7
part 3
Consider the following data on US GDP
The growth rate of nominal GDP between 1993 and 2013 was ____
, and the growth rate of the GDP deflator between 1993 and 2013 was
____ .(Hint: The growth rate of a variable XX over an NN-year
period is calculated as
100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1)
Measured in 2009 prices, real GDP was ___ billion in 1993 and
___ billion in 2013.
The growth rate of real GDP between 1993 and 2013 was...
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