Using the following data, graph the real GDP growth rates for 2007–2016.
Instructions: Use the tool provided 'Growth' to plot the line point by point (plot 10 points total). When plotting each point, round the GDP growth rate to the nearest 0.25% (e.g., round 1.8% to 1.75%, round 2.4% to 2.5%, etc., refer to the fourth column in the table).
Homework Answers
| Year | Real GDP (in Billions) | Percent Change from Prior Year | Percent Change from Prior Year |
| 2007 | 14874 | 1.80 | 1.75 |
| 2008 | 14830 | -0.30 | -0.25 |
| 2009 | 14419 | -2.77 | -2.75 |
| 2010 | 14784 | 2.53 | 2.50 |
| 2011 | 15021 | 1.60 | 1.50 |
| 2012 | 15369 | 2.32 | 2.25 |
| 2013 | 15710 | 2.22 | 2.25 |
| 2014 | 15982 | 1.73 | 2.50 |
| 2015 | 16397 | 2.60 | 2.50 |
| 2016 | 16662 | 1.62 | 1.50 |
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Using the following data, graph the real GDP growth rates for
2007–2016.
Instructions: Use the tool...
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1. Economic fluctuations and growth Real GDP (Billions of dollars) 376 380 388 408 404 Year 2000 2001 2004 2005 2006 2007 2008 400 412 The grey line on the following graph shows the economy...
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Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2016 using...
Instructions: Enter your
responses rounded to the nearest billion.
a. Calculate real GDP for 2016 using 2000 prices.
$ billion
b. By how much did real GDP increase between 2000 and 2016?
$ billion
c. By how much did nominal GDP increase between 2000 and
2016?
$ billion
Refer to the data below (all values are in billions): Year Nominal GDP GDP Deflator (in Billions of Dollars) (Price Index 2009 100) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009...
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The graph shows New Zealand’s quarterly real GDP growth rate. Describe the pattern of economic growth...
The graph shows New Zealand’s quarterly real GDP growth
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Describe the pattern of economic growth in New Zealand, using
your economic vocabulary.
What do you think caused the pattern of growth in
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The graph below shows New Zealand’s quarterly real GDP growth rate. a. Describe the pattern of...
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5. Consider the data in the following table (where the values for real GDP are in billions of 2009 dollars): SRAS2009 GDP Deflator 100 101 Year 2009 2010 2011 2012 2013 2014 2015 2016 Real GDP (billions of 2009 $) 14,419 14,784 15,021 15,355 15,612 16,013 16,472 16,716 103 105 107 109 110 100 Price level (GDP deflator, 2009 = 100) e 2009 111 On the AD-AS graph, show how the economy moved from 2009 to 2016 by graphing both...
1. Economic fluctuations and growth Real GDP (Billions of dollars) 376 380 388 408 404 Year 2000 2001 2004 2005 2006 2007 2008 400 412 The grey line on the following graph shows the economy's long-term growth trend Use the blue points (circle symbol) to plot the real GDP in each of the years listed. Be sure to plot from ieft to right. Line segments will automatically connect the points. Next, place the green triangle on the graph to indicate...
Instructions: Enter your
responses rounded to the nearest billion.
a. Calculate real GDP for 2016 using 2000 prices.
$ billion
b. By how much did real GDP increase between 2000 and 2016?
$ billion
c. By how much did nominal GDP increase between 2000 and
2016?
$ billion
Refer to the data below (all values are in billions): Year Nominal GDP GDP Deflator (in Billions of Dollars) (Price Index 2009 100) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009...
4) Calculating Real GDP Growth: Using the years 2017 and 2018 compute the real GDP growth rate for the year 2018 using the real GDP calculated above, (GDP ). YY1 Growth Year Nominal GDP GDP chain index (2012 = 100) Population 2007 1461 billion 2008 15145593 hillon 2009 5 14,620 billion 2010S15940 billion 2011 15.796.5 Billion 2012 Bilion 2013 STONI NI 2014 IS19 Non 2015 S 150 on 2016 S hillon 2017190 billion 2017 in From De Feeve Bank of...
The graph shows New Zealand’s quarterly real GDP growth
rate.
Describe the pattern of economic growth in New Zealand, using
your economic vocabulary.
What do you think caused the pattern of growth in
2008/2009?
NEW ZEALAND GDP GROWTH RATE Percent Change in Gross Domestic Product 1.51.3 1.5 0.9 0.9 0.8 0.809 0.6 0.5 0.5 0.5 0.2 0.1 0.2 0.1 0.2 0.5 0.5 2007 2008 2009 2010 2011 SOURCE: www.TRADINGECONOMICS.COM İ STATISTICS NEW ZEALAND
Here is some data on the economy: 2007 2008 Real GDP $1,300,000 $1,328,000 Populatio 12,227 12,838 2009 $1,429,000 13,480 2010 $1,411,000 14,154 2) Calculate real GDP per capita 3) Calculate the growth rates for each year for real GDP and population. 4) Estimate the growth rates for each year for GDP per capita real using the growth rates from 3). Check your estimate by calculating the actual per capita growth rate. 5) Using the growth rates from 2008 to 2009,...
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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