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ARE100A Homework #1 Problem 2: Nominal versus Real Gasoline Price (10 points) Table 1.1 shows the...
problem 2 nominal vs real minimum wage PART II. PROBLEM: NOMINAL VS REAL (20 Marks) The...
problem 2 nominal vs real minimum wage
PART II. PROBLEM: NOMINAL VS REAL (20 Marks) The table below show the nominal minimum wage in BC for selected years and the corresponding consumer price index (CPI) for those years. Year Year Nominal Minimum Wage (5 per hour) Consumer Price Index (2014 = 100) Nominal Minimum Wage (5 per hour) Consumer Price Index (2014 - 100) 1976 1987 1990 1993 1995 1998 2000 3.00 4.00 5.00 6.00 6.50 26.2 57.8 65 9...
Question 2 The following table shows quarterly data of U.S. nominal and real GDP in 2018....
Question 2 The following table shows quarterly data of U.S. nominal and real GDP in 2018. Use the information to calculate items (a), (b), and (c): 2018 01 20,04120,411.9 02 | 03 20,658.2 18,511.6 18,665 Nominal GDP (billions of dollars Real GDP (billions of 2012 dollars)18,3241 a. (2 points) Calculate the growth rate of nominal GDP in second and third quarters of b. (2 points) Calculate the growth rate of real GDP in second and third quarters of 2018. 2018....
Question 2 The following table shows quarterly data of U.S. nominal and real GDP in 2018....
Question 2 The following table shows quarterly data of U.S. nominal and real GDP in 2018. Use the information to calculate items (a), (b), and (c): 2018 02 Nominal GDP (billions of dollars)20,041 Real GDP (billions of 2012 dollars 18,324 Q1 041 20,411.9 03 20,658.2 18,665 18,511.6 a. (2 points) Calculate the growth rate of nominal GDP in second and third quarters of 2018. b. (2 points) Calculate the growth rate of real GDP in second and third quarters of...
The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2009 dollars)
The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2009 dollars), and population (in thousands) of the United States in 1965,1975,1985,1995,2005, and 2015 . The U.S. price level rose consistently over the period 1965-2015.YearNominal GDP (billions of dollars)Real GDP (billions of 2009 dollars)Population (thousands)1965$743.7$3,976.7194,25019751,688.95,385.4215,89119854,346.77,593.8238,41619957,664.110,174.8266,458200513,093.714,234.2296,115201517,947.016,348.9321,601a. Why is real GDP greater than nominal GDP for all years until 2005 and lower for 2015 ?b. Calculate the percent change in real GDP from 1965 to...
Due Monday, January 21, 2019 1. Nominal and real GDP nying table shows data on nominal...
Due Monday, January 21, 2019 1. Nominal and real GDP nying table shows data on nominal GDP (in billions of dollars), real GDP (in bilions of 2007 dollars), and population (in thousands) of Canada in 1966, 1976, 1986, 1996, 2006, and 2016. The Canadian price level rose consistently over the period 1966-2016. Nominal GDP bitlions ofbitions of Population ollans2007 dollar) Chous $64.8 200.0 524.5 8570 $431.9 658.0 19 998 23 414 26 067 29 570 32 520 36 229 1976...
7. The following table shows nominal GDP and an appropriate price index for a group of...
7. The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data, Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. 0.74 points Real GDP, Billions Effect on Nominal GDP Year Book 1968 1978 1968 1995 2008 Nominal GDP Billions $914.80 2298.80 5105.40 8798 50 1446.40 Frice Index (2005 - 100)...
1.) $802, $902, $1,002, $1,202 2.) increases/decreases 3.) depreciates/appreciates 6. Pricing foreign goods The nominal exchange...
1.) $802, $902, $1,002, $1,202
2.) increases/decreases
3.) depreciates/appreciates
6. Pricing foreign goods The nominal exchange rate is the price of one currency in terms of another currency. A nominal exchange rate speofies how many units of one country's currency are needed to buy one unit of another country's currency. Suppose the following table presents nominal exchange rate data for November 26, 2014, in terms of U.5. dollars per unit of foreign curreno, Ue the information in the table to...
question 1: nominal GDP for 2016 question 2: real gdp for 2015 question 3: GDP deflator...
question 1: nominal GDP for 2016
question 2: real gdp for 2015
question 3: GDP deflator for 2014
question 4: calculate cost/price of the market basket for
2015
question 5: calculate CPI for 2016
question 6: use CPI to calculate the inflation rate
from 2014 to 2015
question 7: which person makes more in
inflation-adjusted terms or (real) terms? would it change if nick
made 82k a year instead?
question 8: best too look at pic.
Note: please show work...
2. Download the annual real GDP and GDP data of the United States 1950-2018 from FRED....
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...
1. Year Nominal GDP GDP Price deflator Real GDP Inflation Rate
1. Year Nominal GDP GDP Price deflator Real GDP Inflation Rate Growth Rate 2008 $14,833.60 99.23 -- -- 2009 14,417.90 100.00 2010 14,779.40 101.21 2011 15,052.40 103.20 2012 15,470.70 105.00 2013 15,759.00 106.59 2014 17,420.70 108.27 2015 18,287.20 110.01 2016 18,905.50 112.08 2017 19,738.90 114.27 a. Fill in the blanks in the table above and show your work. b. Over this time period, does inflation...
problem 2 nominal vs real minimum wage
PART II. PROBLEM: NOMINAL VS REAL (20 Marks) The table below show the nominal minimum wage in BC for selected years and the corresponding consumer price index (CPI) for those years. Year Year Nominal Minimum Wage (5 per hour) Consumer Price Index (2014 = 100) Nominal Minimum Wage (5 per hour) Consumer Price Index (2014 - 100) 1976 1987 1990 1993 1995 1998 2000 3.00 4.00 5.00 6.00 6.50 26.2 57.8 65 9...
Question 2 The following table shows quarterly data of U.S. nominal and real GDP in 2018. Use the information to calculate items (a), (b), and (c): 2018 01 20,04120,411.9 02 | 03 20,658.2 18,511.6 18,665 Nominal GDP (billions of dollars Real GDP (billions of 2012 dollars)18,3241 a. (2 points) Calculate the growth rate of nominal GDP in second and third quarters of b. (2 points) Calculate the growth rate of real GDP in second and third quarters of 2018. 2018....
Question 2 The following table shows quarterly data of U.S. nominal and real GDP in 2018. Use the information to calculate items (a), (b), and (c): 2018 02 Nominal GDP (billions of dollars)20,041 Real GDP (billions of 2012 dollars 18,324 Q1 041 20,411.9 03 20,658.2 18,665 18,511.6 a. (2 points) Calculate the growth rate of nominal GDP in second and third quarters of 2018. b. (2 points) Calculate the growth rate of real GDP in second and third quarters of...
Due Monday, January 21, 2019 1. Nominal and real GDP nying table shows data on nominal GDP (in billions of dollars), real GDP (in bilions of 2007 dollars), and population (in thousands) of Canada in 1966, 1976, 1986, 1996, 2006, and 2016. The Canadian price level rose consistently over the period 1966-2016. Nominal GDP bitlions ofbitions of Population ollans2007 dollar) Chous $64.8 200.0 524.5 8570 $431.9 658.0 19 998 23 414 26 067 29 570 32 520 36 229 1976...
7. The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data, Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. 0.74 points Real GDP, Billions Effect on Nominal GDP Year Book 1968 1978 1968 1995 2008 Nominal GDP Billions $914.80 2298.80 5105.40 8798 50 1446.40 Frice Index (2005 - 100)...
1.) $802, $902, $1,002, $1,202
2.) increases/decreases
3.) depreciates/appreciates
6. Pricing foreign goods The nominal exchange rate is the price of one currency in terms of another currency. A nominal exchange rate speofies how many units of one country's currency are needed to buy one unit of another country's currency. Suppose the following table presents nominal exchange rate data for November 26, 2014, in terms of U.5. dollars per unit of foreign curreno, Ue the information in the table to...
question 1: nominal GDP for 2016
question 2: real gdp for 2015
question 3: GDP deflator for 2014
question 4: calculate cost/price of the market basket for
2015
question 5: calculate CPI for 2016
question 6: use CPI to calculate the inflation rate
from 2014 to 2015
question 7: which person makes more in
inflation-adjusted terms or (real) terms? would it change if nick
made 82k a year instead?
question 8: best too look at pic.
Note: please show work...
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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