Homework Answers
14. The measure of GDP which is adjusted for price changes and is expressed in constant dollars is called as real GDP
Annual GDP is the GDP calculated on an annual basis; Nominal GDP is the GDP at current price and hence is not adjusted for price changes; Aggregate GDP is the total GDP of the economy.
Ans: c. real GDP
15. Nominal GDP in 2009 = Price of Computer in 2009 x Quantity of computers in 2009 + Price of Pizzas in 2009 x Quantity of Pizzas in 2009 + Price of Burgers in 2009 x Quantity of Burgers in 2009 = 30 x $1000 + 100 x $10 + 200 x $2 = $30,000 + $1,000 + $400 = $31,400
Ans: d. $31,400
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14. The measure of GDP that has been adjusted for changes in prices is called: a....
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in
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GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312...
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Recall the method of calculating real GDP detailed in the chapter. As you may already have...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But...
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From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) , and real GDP _____ (Decreased...
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Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities of the goods over a three-year period.
Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Use the information from the previous table to fill in the following table. From 2015 to 2016, nominal GDP _______, and real GDP _______.The inflation rate in 2016 was _______.Why is real GDP a more accurate measure of an economy's production than nominal GDP? Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP...
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An economy produces three goods: trucks, DVD players, and apples. Quantities and prices per unit for years 2008 and 2009 are shown in the table below 2008 2009 Quantit 13 Price $4,800 $56 $1.00 Quantit Trucks DVD Players Apples Price $7,200 $76 $1.00 1,000 1,000 2008 2009 Nominal GDP $64,184.00 $139,472.00 Average Prices 2008-2009 Trucks DVD Players Apples $6,000.00 S66.00 $1.00 Using the average prices for all three goods, real GDP in 2008 is (Round your response to two decimal...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But...
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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
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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...
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