Homework Answers
IN 2007 TO 2009 WAS THE COUNTRY X MOST LIKELY TO HAVE BEEN RECESSION
A recession is when the economy declines significantly. That means there's a drop in the following five economic indicators: real GDP, income, employment, manufacturing, and retail sales.
People often say a recession is when the GDP growth rate is negative for two consecutive quarters or more. But a recession can quietly begin before the quarterly gross domestic product reports are out.
In such a situation, economic indicators such as GDP, corporate
profits, employment, etc., fall.
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11. The table identifies annual gross domestic product (GDP) (in billions of dollars) for country X....
D Question 5 1 pts A politician proposes to increase the income tax on top earners. He claims this will increase...
D Question 5 1 pts A politician proposes to increase the income tax on top earners. He claims this will increase private sector economic output. This clairm O does not make sense: income tax does not affect economic nutput. O makes sense; more taxes will increase government spending and help the economy. O might make sense: if the tax policy is structured correctly, it can incentivize economic activity. O makes sense; more taxes on top earners will improve productivity of...
The following table reports on GDP and government budget surplus or deficit for France (measured in...
The following table reports on GDP and government budget surplus or deficit for France (measured in dollars). a) For each year, calculate the surplus or deficit as a percentage of GDP. Instructions: Enter your responses rounded to two decimal places in the table below. If you are entering a negative number, use a negative (-) sign where appropriate. Fiscal Year GDP (Billions of dollars) Surplus or Deficit (−) (Billions of dollars) Surplus or Deficit as percentage of GDP 2006 2,160...
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...
Using the following data, graph the real GDP growth rates for 2007–2016. Instructions: Use the tool...
Using the following data, graph the real GDP growth rates for
2007–2016.
Instructions: Use the tool provided 'Growth' to
plot the line point by point (plot 10 points total). When plotting
each point, round the GDP growth rate to the nearest 0.25% (e.g.,
round 1.8% to 1.75%, round 2.4% to 2.5%, etc., refer to the fourth
column in the table).
Year Real GDP in Billions) Percent Change from Prior Year 1.80 Percent Change from Prior Year to be graphed 1.75...
Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2016 using...
Instructions: Enter your
responses rounded to the nearest billion.
a. Calculate real GDP for 2016 using 2000 prices.
$ billion
b. By how much did real GDP increase between 2000 and 2016?
$ billion
c. By how much did nominal GDP increase between 2000 and
2016?
$ billion
Refer to the data below (all values are in billions): Year Nominal GDP GDP Deflator (in Billions of Dollars) (Price Index 2009 100) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009...
Answer five questions given the following data (all values are in billions of dollars): Year 2006...
Answer five questions given the following data (all values are in billions of dollars): Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Nominal Consumption Private Government GDP Expenditures Investment Purchases Exports Imports (GDP) (C) (0) (G) (X) (M) $ 13,178 $ 9,207 $ 2,220 $ 2,508 $ 1,481 $ 2,238 $ 13,808 $ 9,710 $ 2,130 $ 2,675 $ 1,662 $ 2,370 $ 14,291 $ 10,035 $ 2,087 $ 2,878 $ 1,848 $ 2,557 $ 13,939...
Given below is the the real GDP and potential GDP for the fictitious country "Alpha." a....
Given below is the the real GDP and potential GDP for the fictitious country "Alpha." a. Use the date to determine the the year-to-year growth rates of real GDP, the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or an expansionary gap. Instructions: Enter your responses as a percentage rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front...
Look at the following chart summarizing NGDP and RGDP for the U.S. in billions of dollars....
Look at the following chart summarizing NGDP and RGDP for the U.S. in billions of dollars. Year NGDP RGDP 2000 10,284.8 12,559.7 2001 10,621.8 12,682.2 2002 10,977.5 12,908.8 2003 11,510.7 13,271.1 2004 12,274.9 13,773.5 2005 13,093.7 14,234.2 2006 13,855.9 14,613.8 2007 14,477.6 14,873.7 2008 14,718.6 14,830.4 2009 14,418.7 14,418.7 2010 14,964.4 14,783.8 2011 15,517.9 15,020.6 2012 16,155.3 15,354.6 2013 16,663.2 15,583.3 2014 17,348.1 15,961.7 2015 17,942.9 16,345.0 Source: Bureau of Economic Analysis Calculate the annual growth rate of NGDP and...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004 2005 & 2007 Nominal GDP (in Billions of Dollars) 9,817 10.128 10.469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,569 2008 2009 2010 2011 2012 2013 2014 2015 2016 100.0 101.2 103.3 105.2 106.7 108.8 110.0 111.4 Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2015 using 2007 prices. $0 billion b....
3. GDP trend and cycle: See Table 2 which shows UK real GDP per capita. Suppose...
3. GDP trend and cycle: See Table 2 which shows UK real GDP per capita. Suppose that the economy was at its trend in 2003. Suppose also that trend growth is one percent per year. Calculate the cycle using the formula Cycle = log (GDP)-log (Trend) In which years was the economy below trend? In which years was the economy above trend? What units is the cycle measured in? What year was the economy furthest above trend? In what year...
D Question 5 1 pts A politician proposes to increase the income tax on top earners. He claims this will increase private sector economic output. This clairm O does not make sense: income tax does not affect economic nutput. O makes sense; more taxes will increase government spending and help the economy. O might make sense: if the tax policy is structured correctly, it can incentivize economic activity. O makes sense; more taxes on top earners will improve productivity of...
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...
Using the following data, graph the real GDP growth rates for
2007–2016.
Instructions: Use the tool provided 'Growth' to
plot the line point by point (plot 10 points total). When plotting
each point, round the GDP growth rate to the nearest 0.25% (e.g.,
round 1.8% to 1.75%, round 2.4% to 2.5%, etc., refer to the fourth
column in the table).
Year Real GDP in Billions) Percent Change from Prior Year 1.80 Percent Change from Prior Year to be graphed 1.75...
Instructions: Enter your
responses rounded to the nearest billion.
a. Calculate real GDP for 2016 using 2000 prices.
$ billion
b. By how much did real GDP increase between 2000 and 2016?
$ billion
c. By how much did nominal GDP increase between 2000 and
2016?
$ billion
Refer to the data below (all values are in billions): Year Nominal GDP GDP Deflator (in Billions of Dollars) (Price Index 2009 100) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009...
Answer five questions given the following data (all values are in billions of dollars): Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Nominal Consumption Private Government GDP Expenditures Investment Purchases Exports Imports (GDP) (C) (0) (G) (X) (M) $ 13,178 $ 9,207 $ 2,220 $ 2,508 $ 1,481 $ 2,238 $ 13,808 $ 9,710 $ 2,130 $ 2,675 $ 1,662 $ 2,370 $ 14,291 $ 10,035 $ 2,087 $ 2,878 $ 1,848 $ 2,557 $ 13,939...
Given below is the the real GDP and potential GDP for the fictitious country "Alpha." a. Use the date to determine the the year-to-year growth rates of real GDP, the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or an expansionary gap. Instructions: Enter your responses as a percentage rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004 2005 & 2007 Nominal GDP (in Billions of Dollars) 9,817 10.128 10.469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,569 2008 2009 2010 2011 2012 2013 2014 2015 2016 100.0 101.2 103.3 105.2 106.7 108.8 110.0 111.4 Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2015 using 2007 prices. $0 billion b....
3. GDP trend and cycle: See Table 2 which shows UK real GDP per capita. Suppose that the economy was at its trend in 2003. Suppose also that trend growth is one percent per year. Calculate the cycle using the formula Cycle = log (GDP)-log (Trend) In which years was the economy below trend? In which years was the economy above trend? What units is the cycle measured in? What year was the economy furthest above trend? In what year...
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