Homework Answers
A) 12%
Percentage change in nominal GDP = 100* ( 224 - 200)/200= 12%
B) 5%
Percentage change in real GDP = 12 - 7 = 5%
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5. (LO3) Terana's nominal GDP rose from $200 billion in 2013 to $224 billion in 2014....
Need help, please show work 1. Between 2012 and 2013 a country's nominal GDP rose from...
Need help, please show work
1. Between 2012 and 2013 a country's nominal GDP rose from $16.30 billion to $16.789 billion. At the same time the country's price index rose from 142.00 to 144.84 and its population rose from 500,000 to 502,500 people. Based on this data: Nominal GDP increased by The inflation rate was RGDP per capita (measured in base year dollars) was $ % and the population grew by in 2012 an in 2013 Real GDP per capita...
13 A country reported a nominal GDP of $115 billion in 2015 and $125 billion in...
13 A country reported a nominal GDP of $115 billion in 2015 and $125 billion in 2014 and reported a GDP deflator of 85 in 2015 and 100 in 2014. What happened to real output and prices from 2014 to 2015? a. Real output and prices both rose. b. Real output fell and prices rose. c. Real output rose and prices fell. d. Real output and prices both fell. 14. A country reported a nominal GDP of $85 billion in...
in venezuela the nominal gdp increased from 45.3 billion in 2014 to 48.6 billion in 2015....
in venezuela the nominal gdp increased from 45.3 billion in 2014 to 48.6 billion in 2015. during the same period the cpi went from 122 to 156. given this information calculate the nominal gdp growth in 2015
From 2013 to 2014, nominal GDP ______ (Decreased or increased) , and real GDP _______ (Decreased...
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
Need help, please show work 4. Between 2012 and 2013 a country's GDP rose from $16.30...
Need help, please show work
4. Between 2012 and 2013 a country's GDP rose from $16.30 billion to $16.789 billion. At the same time the country's price index rose from 142.00 to 144.84 and its population rose from 500,000 to 502,500 people. Based on this data: Nominal GDP increased by The inflation rate was The population grew by % RGDP per capita (measured in base year dollars) was $ in 2012 and $ in 2013 % Real GDP per capita...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) , and real GDP _____ (Decreased...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
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.
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...
8. U.S. GDP in 2012 was $16,020 billion, and GDP in 2013 was $16,570 billion. Did...
8. U.S. GDP in 2012 was $16,020 billion, and GDP in 2013 was $16,570 billion. Did the economy grow from 2012 to 2013 in real terms? The CPI in 2012 was 229.5, and the CPI in 2013 was 233.0. a. Use the Babe Ruth formula to convert 2013 GDP into 2012 dollars. Show your work. b. Using your answer from part (a), calculate the real growth rate of the economy from 2012 to 2013. Show your work. c. Did the...
2002 85.0 92.0 Refer to the data below (all values are in billions): Nominal Year GDP...
2002 85.0 92.0 Refer to the data below (all values are in billions): Nominal Year GDP Deflator GDP (in Billions (Price Index, of Dollars) 2009 = 100) 2000 9,817 81.9 2001 10,128 83.8 10,469 2003 10,960 86.7 2004 11,685 89.1 2005 12,422 2006 13,178 94.8 2007 13,808 97.3 2008 14,291 99.2 2009 13,939 100.0 2010 14,524 101.2 15,518 103.3 2012 16,163 105.2 2013 16,768 106.7 2014 17,393 108.8 2015 18,037 110.0 2016 18,569 111.4 2011 2010 2011 2012 2013 2014...
Need help, please show work
1. Between 2012 and 2013 a country's nominal GDP rose from $16.30 billion to $16.789 billion. At the same time the country's price index rose from 142.00 to 144.84 and its population rose from 500,000 to 502,500 people. Based on this data: Nominal GDP increased by The inflation rate was RGDP per capita (measured in base year dollars) was $ % and the population grew by in 2012 an in 2013 Real GDP per capita...
13 A country reported a nominal GDP of $115 billion in 2015 and $125 billion in 2014 and reported a GDP deflator of 85 in 2015 and 100 in 2014. What happened to real output and prices from 2014 to 2015? a. Real output and prices both rose. b. Real output fell and prices rose. c. Real output rose and prices fell. d. Real output and prices both fell. 14. A country reported a nominal GDP of $85 billion in...
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
Need help, please show work
4. Between 2012 and 2013 a country's GDP rose from $16.30 billion to $16.789 billion. At the same time the country's price index rose from 142.00 to 144.84 and its population rose from 500,000 to 502,500 people. Based on this data: Nominal GDP increased by The inflation rate was The population grew by % RGDP per capita (measured in base year dollars) was $ in 2012 and $ in 2013 % Real GDP per capita...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
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...
2002 85.0 92.0 Refer to the data below (all values are in billions): Nominal Year GDP Deflator GDP (in Billions (Price Index, of Dollars) 2009 = 100) 2000 9,817 81.9 2001 10,128 83.8 10,469 2003 10,960 86.7 2004 11,685 89.1 2005 12,422 2006 13,178 94.8 2007 13,808 97.3 2008 14,291 99.2 2009 13,939 100.0 2010 14,524 101.2 15,518 103.3 2012 16,163 105.2 2013 16,768 106.7 2014 17,393 108.8 2015 18,037 110.0 2016 18,569 111.4 2011 2010 2011 2012 2013 2014...
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