Homework Answers
Answer to blank 1: $220.5 billion
Answer to blank 2: $200 billion
Explanation:
Nominal GDP in 2014 = (105 * 210) / 100 = $220.5 billion
Nominal gdG in 2013 = (210 / 105) * 100 = $200 billion
Add Answer to:
In Macroland, the GDP deflator for 2014 is 105 with 2013 as the base year. Real...
Year Nominal GDP Real Potential GDP(2005) GDP deflator – Base year 2005 2013 9.269 7730 113...
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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...
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Real vs. Nominal GDP Year Real GDP Nominal GDP GDP Deflator 1990 $1000 billion $950 billion 1995 $1200 billion $1200 billion 1998 $1500 billion 115 2000 $1750 billion 125 What is the base year? What is the value of the GDP Deflator in the base year? What is the value of the GDP Deflator in 1990? What is the value of Real GDP in 1998? What is the value of Nominal GDP in 2000?
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...
Fill in the missing data in the following table. Year Nominal GDP GDP deflator Real GDP...
Fill in the missing data in the following table. Year Nominal GDP GDP deflator Real GDP $ 2012 $220000 100.0 2013 $215,000 110.0 2014 $260,000 $220,000 2015 $290,000 $ 123.0 2016 $240,000 130.0
Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation...
Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2014 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Price of Quantity of Price of orange ($) Quantity of oranges 700 beach balls beach ball Nominal GDP ($) Real GDP ($)...
Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation...
Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2014 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number.
GDP Inflation Deflator Rate YEAR CPI GDP %GDP | Real GDP | %RGDP (%CPI) |(2015-100) 2012...
GDP Inflation Deflator Rate YEAR CPI GDP %GDP | Real GDP | %RGDP (%CPI) |(2015-100) 2012 231.2 95.43 1619 2013 234.72 97.11 16785 2014 236.27 98.94 17522 2015 237.83 100.00 18219 2016 242.7 01.09 1870 2017 247.91 103.02 19485 1. Calculate the annual inflation rate using the CPI. 2. Calculate the annual GDP growth rate using the GDP. 3. Explain how the inflation rate and the GDP growth have been moved. 4. Calculate the real GDP using GDP deflator by...
QUESTION 16 If nominal GDP in 2014 is $20,000 billion while real GDP is $16,000 billion,...
QUESTION 16 If nominal GDP in 2014 is $20,000 billion while real GDP is $16,000 billion, then the GDP deflator in 2014 is A. 125 B.80 C. 110 D. 150
Given the following information, what would the real growth be in 2015? Nominal GDP GDP Deflator...
Given the following information, what would the real growth be in 2015? Nominal GDP GDP Deflator 2014$500 billion 200 2015$575 billion 220 O 11% 4.5% O 3.2%
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...
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...
Fill in the missing data in the following table. Year Nominal GDP GDP deflator Real GDP $ 2012 $220000 100.0 2013 $215,000 110.0 2014 $260,000 $220,000 2015 $290,000 $ 123.0 2016 $240,000 130.0
Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2014 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Price of Quantity of Price of orange ($) Quantity of oranges 700 beach balls beach ball Nominal GDP ($) Real GDP ($)...
GDP Inflation Deflator Rate YEAR CPI GDP %GDP | Real GDP | %RGDP (%CPI) |(2015-100) 2012 231.2 95.43 1619 2013 234.72 97.11 16785 2014 236.27 98.94 17522 2015 237.83 100.00 18219 2016 242.7 01.09 1870 2017 247.91 103.02 19485 1. Calculate the annual inflation rate using the CPI. 2. Calculate the annual GDP growth rate using the GDP. 3. Explain how the inflation rate and the GDP growth have been moved. 4. Calculate the real GDP using GDP deflator by...
QUESTION 16 If nominal GDP in 2014 is $20,000 billion while real GDP is $16,000 billion, then the GDP deflator in 2014 is A. 125 B.80 C. 110 D. 150
Given the following information, what would the real growth be in 2015? Nominal GDP GDP Deflator 2014$500 billion 200 2015$575 billion 220 O 11% 4.5% O 3.2%
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