Question

Year Coffee For each of the following questions, use the following table of items produced by a nation for the years 2018, 20
Question 9 Not yet answered Calculate the nominal GDP growth rate from 2018 to 2019. Type in your answer solely as a number.
Question 12 Not yet answered Calculate real GDP in 2019, using 2018 as the base year. Type in your answer solely as a number.
Question 15 Not yet answered Calculate the real GDP growth rate as a percentage from 2019 to 2020. Type in your answer solely
Question 18 Not yet answered Calculate the GDP deflator in 2020, using 2018 as the base year. Type in your answer solely as a
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Answer #1

Answer 9:

Nominal GDP growth rate from year 2018 to 2019 is 95 percent.

Explanation: GDP is the value of total production in a given year, i.e, price× quantity of all goods added together.

For 2018 Nominal GDP= $1×100+$100×10+$50×18=$2000.

For 2019 Nominal GDP =$1.50×300+$150×13+$75×20=$3900

Growth rate =Change in GDP/GDP in 2018 ×100 =$3900-$2000/$2000×100=95%

Answer 10:

Nominal GDP growth rate from year 2019 to 2020 is 200 percent.

Explanation: GDP is the value of total production in a given year, i.e, price× quantity of all goods added together.

For 2020 Nominal GDP= $3×800+$300×20+$150×22=$11700

For 2019 Nominal GDP =$1.50×300+$150×13+$75×20=$3900

Growth rate =Change in GDP/GDP in 2018 ×100 =$11700-$3900/$3900×100=200%.

Answer 11:

Real GDP in 2018 using 2018 as base year is same as nominal GDP in 2018,i.e., $2000.

Explanation: GDP for 2018 using 2018 as base year will use both prices and quantity for year 2018 and therefore it will be equal to Nominal GDP.

Answer 12: Real GDP for 2019 using 2018 as base year is $2600.

Explanation: Real GDP for 2019 using 2018 as base year will be calculated using quantity of year 2019 and prices for year 2018 as follows:

Real GDP= $1×300+$100×13+$50×20=$2600.

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