1. Consider the data below: Date Nominal GDP (billions) GDP Deflator Population Growth Rate 2010 $16,015.40...
1. Consider the data below:
|
Date |
Nominal GDP (billions) |
GDP Deflator |
Population Growth Rate |
|
2010 |
$16,015.40 |
104.62 |
|
|
2011 |
$16,670.20 |
106.12 |
1.8% |
|
2012 |
$16,324.50 |
107.44 |
1.7% |
|
2013 |
$16,680.60 |
108.98 |
.98% |
Compute economic growth rates for the US for 2010-11, 2011-12, and 2012-13.
Homework Answers
Answer : Real GDP of 2010 = (Nominal GDP / GDP deflator) *100
=> Real GDP of 2010 = (16,015.40 / 104.62) * 100 = $15,308.16
Real GDP of 2011 = (Nominal GDP / GDP deflator) *100
=> Real GDP of 2011 = (16,670.20 / 106.12) * 100 = $15,708.82
Real GDP of 2012 = (Nominal GDP / GDP deflator) *100
=> Real GDP of 2012 = (16,324.50 / 107.44) * 100 = $15,194.06
Real GDP of 2013 = (Nominal GDP / GDP deflator) *100
=> Real GDP of 2013 = (16,680.60 / 108.98) * 100 = $15,306.11
Economic growth rate 2010-11 = [(Real GDP of 2011 - Real GDP of 2010) / Real GDP of 2010] * 100
=> Economic growth rate 2010-11 = [(15,708.82 - 15,308.16) / 15,308.16] * 100
=> Economic growth rate 2010-11 = 2.62%
Economic growth rate 2011-12 = [(Real GDP of 2012 - Real GDP of 2011) / Real GDP of 2011] * 100
=> Economic growth rate 2011-12 = [(15,194.06 - 15,708.82) / 15,708.82] * 100
=> Economic growth rate 2011-12 = - 3.28%
Economic growth rate 2012-13 = [(Real GDP of 2013 - Real GDP of 2012) / Real GDP of 2012] * 100
=> Economic growth rate 2012-13 = [(15,306.11 - 15,194.06) / 15,194.06] * 100
=> Economic growth rate 2012-13 = 0.74%
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1. Consider the data below:
Date
Nominal GDP (billions)
GDP Deflator
Population Growth Rate
2010
$16,015.40...
1. Consider the data below: Date GDP Deflator Population Growth Rate Nominal GDP (billions) $16,015.40 $16,670.20...
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Consider the following data on US GDP
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