Homework Answers
GDP =C+I+G+(X-M) which gives nominal GDP as =600+150+200+250-200=1000 millions
Nominal GDP/Real GDP= GDP deflator = Price index=1.1 hence areal GDP=1000/1.1= 909.09millions
Real GDP per Capital=Real GDP/Population=$909.09*10^6/10^5=$9090.9
Real GDP is calculated as nominal GDP/price index so as to normalise the GDP amount purely jn terms of output increase and not including the price changes
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CUI 120ValueNCS 750 Assignment 2 Winter 2020 (10%) Name: Student ID: 1) Using the information from...
Problem Set 1 EC 202, Winter 2020 University of Oregon points total) Below is a schedule...
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1 23 You are given the following information about an economy: Gross private domestic investment 50...
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You are given the following information about an economy: Gross private domestic investment 50 Government purchases of goods and services 35 Gross national product (GNP) 300 Current account balance10 Taxes 60 Government transfer payments to the domestic private sector 30 Interest payments from the government to the domestic private sector10 (Assume all interest payments by the government go to domestic households.) Factor income received from rest of world 6 Factor payments made to rest of world8 Assuming that...
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Problem Set 1 EC 202, Winter 2020 University of Oregon points total) Below is a schedule for the prices and quantities produced for food, energy, and smithore-the only three goods produced on the planet Irata-in 2018 and 2019. Prices (in $) Quantities 2019 2019 2018 2018 31 27 18 food 20 34 35 15 14 energy smithore 48 54 12 Fill in the table below, calculating the total GDP for Irata for 2018 and 2019, in both 2018 prices and...
1. 2. 3. 4.
a. When referring to GDP, which of the following is included in GDP? Money spent on services by households (haircuts, meals at restaurants, lawyer, etc.) New cars that are purchased this year, but produced last year. Social Security payments. Goods that were produced by U.S. citizens abroad. b. Which of the following transactions is not included in GDP? Sean purchases coffee produced in Guatemala. Thomas pays to have his taxes done by a national accounting company...
1
23
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2. Download the annual real GDP and GDP data of the United States 1950-2018 from FRED. For the real GDP, the data online is chain-weighted and uses 2012 as the base year. In the lecture hursday, I showed you the detailed method and calculated the new chain-weighted real GDP when 1990 is the base year. You are required to calculate a new sequence of chain- weighted real GDP given a new base-year. The base year you should use in your...
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