Homework Answers
Ans: $24.55 million
Explanation:
In the base year (here it is last year) NGDP is equal to RGDP
The GDP Deflator in last year = (NGDP / RGDP) * 100 = (25 million / 25 million) * 100 = 100
The inflation between last year and this year was 10% means, the GDP deflator in this year was 110
So, RGDP this year = (NGDP * 100) / GDP deflator = (27 * 100) / 110 = $24.55 million
Add Answer to:
Type your answer in the box. Suppose that nominal GDP last year was $25 million and...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That is, the inflation rate this year was 10 percent This means that overall: real GDP in the economy has risen by 10 percent. output in the economy rose by 10 percent Oprices in the economy have risen by 10 percent. O real GDP and prices both rose by 10 percent This inflation rate implies that the growth rate in real GDP was 10 percent:...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That is, the inflation rate this year was 10 percent. This means that overall: Oreal GDP in the economy has risen by 10 percent. output in the economy rose by 10 percent Oprices in the economy have risen by 10 percent Oreal GDP and prices both rose by 10 percent This inflation rate implies that the growth rate in real GDP was 10 percent: less...
QUESTION 7 3 points Save Answer Suppose last year, there are 101 million people employed in...
QUESTION 7 3 points Save Answer Suppose last year, there are 101 million people employed in the economy. The total population last year was 234 and the unemployment rate was 2.596. How many millions of people are not in the labor force? Round your answer to 2 digits after the decimal point. Leave out the unit of measurement that is, if your answer is 1.23 millions, type 1.23, not "1.23 millions", not 1.230.000. QUESTION 8 3 points Save Answer Suppose...
Homework: Ch. 8.3: Real v. Nominal GDP Score: 2 of 4 pts Concept: Inflation Rate The...
Homework: Ch. 8.3: Real v. Nominal GDP Score: 2 of 4 pts Concept: Inflation Rate The following table gives nominal and real GDP for an economy for two years Nominal GOP Real GOP Year 1 1430.0 1,300 Year 2 1820.0 1560.0 Based on the table, in Year 2, the value of the GDP deflator is 116.7. (Round your answer to one decimal place.) The inflation rate between Year 1 and Year 2 is (Round your answer to one deimal place)...
3. Suppose that real GDP in 2017 was $250 million (measured in base year dollars) and...
3. Suppose that real GDP in 2017 was $250 million (measured in base year dollars) and nominal GDP in 2017 was $375 million (measured in current year dollars) in a small country. The money supply during this period was $125 million. a. Suppose that the money supply increased to $130 million in 2018. According to the Quantity Theory, what will the price level be in 2018 as a result of the money supply increase, all else equal? Also, what will...
Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation...
Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2014 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number.
Based on the table below, calculate nominal GDP real GDP, the GDP deflator, and the infation...
Based on the table below, calculate nominal GDP real GDP, the GDP deflator, and the infation rate in each year and fill in the missing parts of the table Use 2010 as the base year Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number Quantity Price of Quantity Price of Real GOP ($) GOP deflator Inflation rate (%) Year of orange of beach beach ball 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. Price of Quantity of Price of orange ($) Quantity of oranges 700 beach balls beach ball Nominal GDP ($) Real GDP ($)...
Please find in the figure (Source: The World Bank) the GDP of Italy in the last...
Please find in the figure (Source: The World Bank) the GDP of Italy in the last 17 years. The pale line represents the Nominal GDP of Italy measured at current prices (GDP in year X is computed using prices of year X), whereas the dark line shows GDP measured at 2010 prices (base year). 1. a. b. c. Provide a general comment on the picture, pointing out the most relevant economic aspects. [3p] What can we say about inflation in...
People anticipate the inflation rate to be 8%. Banks are making loans at a 12% interest...
People anticipate the inflation rate to be 8%. Banks are making loans at a 12% interest rate. Therefore, O A. the real rate of interest is 12% and the nominal rate is 4% OB. the real rate of interest is 12% and the nominal rate is 8% O C. the real rate of interest is 4% and the nominal rate is 12% O D. the real rate of interest is 8% and the nominal rate is -4% You are negotiating...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That is, the inflation rate this year was 10 percent This means that overall: real GDP in the economy has risen by 10 percent. output in the economy rose by 10 percent Oprices in the economy have risen by 10 percent. O real GDP and prices both rose by 10 percent This inflation rate implies that the growth rate in real GDP was 10 percent:...
Suppose that the GDP deflator grew by 10 percent from last year to this year. That is, the inflation rate this year was 10 percent. This means that overall: Oreal GDP in the economy has risen by 10 percent. output in the economy rose by 10 percent Oprices in the economy have risen by 10 percent Oreal GDP and prices both rose by 10 percent This inflation rate implies that the growth rate in real GDP was 10 percent: less...
QUESTION 7 3 points Save Answer Suppose last year, there are 101 million people employed in the economy. The total population last year was 234 and the unemployment rate was 2.596. How many millions of people are not in the labor force? Round your answer to 2 digits after the decimal point. Leave out the unit of measurement that is, if your answer is 1.23 millions, type 1.23, not "1.23 millions", not 1.230.000. QUESTION 8 3 points Save Answer Suppose...
Homework: Ch. 8.3: Real v. Nominal GDP Score: 2 of 4 pts Concept: Inflation Rate The following table gives nominal and real GDP for an economy for two years Nominal GOP Real GOP Year 1 1430.0 1,300 Year 2 1820.0 1560.0 Based on the table, in Year 2, the value of the GDP deflator is 116.7. (Round your answer to one decimal place.) The inflation rate between Year 1 and Year 2 is (Round your answer to one deimal place)...
3. Suppose that real GDP in 2017 was $250 million (measured in base year dollars) and nominal GDP in 2017 was $375 million (measured in current year dollars) in a small country. The money supply during this period was $125 million. a. Suppose that the money supply increased to $130 million in 2018. According to the Quantity Theory, what will the price level be in 2018 as a result of the money supply increase, all else equal? Also, what will...
Based on the table below, calculate nominal GDP real GDP, the GDP deflator, and the infation rate in each year and fill in the missing parts of the table Use 2010 as the base year Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number Quantity Price of Quantity Price of Real GOP ($) GOP deflator Inflation rate (%) Year of orange of beach beach ball GDP...
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 ($)...
Please find in the figure (Source: The World Bank) the GDP of Italy in the last 17 years. The pale line represents the Nominal GDP of Italy measured at current prices (GDP in year X is computed using prices of year X), whereas the dark line shows GDP measured at 2010 prices (base year). 1. a. b. c. Provide a general comment on the picture, pointing out the most relevant economic aspects. [3p] What can we say about inflation in...
People anticipate the inflation rate to be 8%. Banks are making loans at a 12% interest rate. Therefore, O A. the real rate of interest is 12% and the nominal rate is 4% OB. the real rate of interest is 12% and the nominal rate is 8% O C. the real rate of interest is 4% and the nominal rate is 12% O D. the real rate of interest is 8% and the nominal rate is -4% You are negotiating...
Most questions answered within 3 hours.
-
1. Add hydrochloric acid (HCl) to magnesium metal in a test
tube.
Observations: &
asked 1 minute ago -
Calculate the volume in milliliters of a 1.4 mol/L barium
acetate solution that contains 200.g of...
asked 1 minute ago -
A consumer can choose between two gambles. The “sure thing”
guaranteesadditional income (I) of $250,000. The...
asked 2 minutes ago -
There are 9 women and 6 men in a department. A committee of four
is to...
asked 4 minutes ago -
Arthur Meiners is the production manager of Wheel-Rite, a small
producer of metal parts. Wheel-Rite supplies...
asked 19 minutes ago -
Company Risk Premium A company has a beta of
4.57. If the market return is expected...
asked 18 minutes ago -
3. Which statement about nuclear fission is correct? (1
point)
A. Nuclear fission provides energy for...
asked 24 minutes ago -
If a $2,000 increase in income leads to a $1,5000 increase in
consumption expenditures, then the...
asked 23 minutes ago -
May you please put this in layman's terms?
ABSTRACT
Coagulase-negative staphylococci (CoNS) and Staphylococcus
aureus are...
asked 28 minutes ago -
If authentic leadership is really a lifelong process,
can teenagers be authentic leaders? Why or why...
asked 44 minutes ago -
Six years of quarterly data of a seasonally adjusted series are
used to estimate a linear...
asked 1 hour ago -
Which of the following is not an ecological model used
to foster behavior change?
PRECEDE-PROCEED Model...
asked 1 hour ago