Homework Answers
Real GDP = Nominal GDP/deflator x 100
The growth rate of nominal GDP between 1995 and 2015 was: 100 x ((17947/7664)1/20 -1) = 4.346%
The growth rate of GDP deflator between 1995 and 2015 was: 100 x ((109.8/75.3)1/20 -1) = 1.904%
Measured in 2009 prices:
Real GDP was : (7664/75.3) x 100 = $ 10177.95 bn in 1995
Real GDP was : (17947/109.8) x 100 = $ 16345.17 bn in 2015
The growth rate of real GDP between 1995 and 2015 was: 100 x ((16345.17/10177.95)1/20 -1) = 2.397%
The growth rate of nominal GDP between 1995 and 2015 was more than the growth rate of real GDP
Add Answer to:
Consider the following data on U.S. GDP: The growth rate of nominal GDP between 1995 and...
7 part 3 Consider the following data on US GDP The growth rate of nominal GDP...
7
part 3
Consider the following data on US GDP
The growth rate of nominal GDP between 1993 and 2013 was ____
, and the growth rate of the GDP deflator between 1993 and 2013 was
____ .(Hint: The growth rate of a variable XX over an NN-year
period is calculated as
100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1)
Measured in 2009 prices, real GDP was ___ billion in 1993 and
___ billion in 2013.
The growth rate of real GDP between 1993 and 2013 was...
Reference equation: Real GDP per capita growth rate = Nominal GDP per capita growth rate -...
Reference equation: Real GDP per capita growth rate = Nominal GDP per capita growth rate - Inflation rate - Population growth rateThis equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating this rate. However, the simplified equation both is easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The...
Reference equation: Real GDP per capita growth rate Nominal GDP per capita growth rate - Inflation...
Reference equation: Real GDP per capita growth rate Nominal GDP per capita growth rate - Inflation rate - Population growth rate This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating this rate. However, the simplified equation both is easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The...
I need help with GDP calculations
Consider the following data on U.S. GDP:Year Nominal GDP GDP Deflator(in billions of dollars) (base year 1996)_____________________________________________________________________________2000 9,873 1181999 9, 269 113a. What was the growth rate of nominal GDP between 1999 and 2000? (Note: The growth rate is the percentage change from one period to the next.)b. What was the growth rate of the GDP deflator between 1999 and 2000?c. What was the real GDP in 1999 measured in 1996 prices?d. What was real GDP in 2000measured in 1996...
Given the following information, what would the real growth be in 2015? Nominal GDP GDP Deflator...
Given the following information, what would the real growth be in 2015? Nominal GDP GDP Deflator 2014$500 billion 200 2015$575 billion 220 O 11% 4.5% O 3.2%
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...
Real vs. Nominal GDP Year Real GDP Nominal GDP GDP Deflator 1990 $1000 billion $950 billion...
Real vs. Nominal GDP Year Real GDP Nominal GDP GDP Deflator 1990 $1000 billion $950 billion 1995 $1200 billion $1200 billion 1998 $1500 billion 115 2000 $1750 billion 125 What is the base year? What is the value of the GDP Deflator in the base year? What is the value of the GDP Deflator in 1990? What is the value of Real GDP in 1998? What is the value of Nominal GDP in 2000?
13 A country reported a nominal GDP of $115 billion in 2015 and $125 billion in...
13 A country reported a nominal GDP of $115 billion in 2015 and $125 billion in 2014 and reported a GDP deflator of 85 in 2015 and 100 in 2014. What happened to real output and prices from 2014 to 2015? a. Real output and prices both rose. b. Real output fell and prices rose. c. Real output rose and prices fell. d. Real output and prices both fell. 14. A country reported a nominal GDP of $85 billion in...
2002 85.0 92.0 Refer to the data below (all values are in billions): Nominal Year GDP...
2002 85.0 92.0 Refer to the data below (all values are in billions): Nominal Year GDP Deflator GDP (in Billions (Price Index, of Dollars) 2009 = 100) 2000 9,817 81.9 2001 10,128 83.8 10,469 2003 10,960 86.7 2004 11,685 89.1 2005 12,422 2006 13,178 94.8 2007 13,808 97.3 2008 14,291 99.2 2009 13,939 100.0 2010 14,524 101.2 15,518 103.3 2012 16,163 105.2 2013 16,768 106.7 2014 17,393 108.8 2015 18,037 110.0 2016 18,569 111.4 2011 2010 2011 2012 2013 2014...
Reference equation: Real GDP per capita growth rate = Nominal GDP per capita growth rate-inflation rate-Population...
Reference equation: Real GDP per capita growth rate = Nominal GDP per capita growth rate-inflation rate-Population growth rate This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when caloulating this rate. However, the smplified equation is both easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The table below lists...
7
part 3
Consider the following data on US GDP
The growth rate of nominal GDP between 1993 and 2013 was ____
, and the growth rate of the GDP deflator between 1993 and 2013 was
____ .(Hint: The growth rate of a variable XX over an NN-year
period is calculated as
100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1)
Measured in 2009 prices, real GDP was ___ billion in 1993 and
___ billion in 2013.
The growth rate of real GDP between 1993 and 2013 was...
Reference equation: Real GDP per capita growth rate Nominal GDP per capita growth rate - Inflation rate - Population growth rate This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating this rate. However, the simplified equation both is easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The...
Given the following information, what would the real growth be in 2015? Nominal GDP GDP Deflator 2014$500 billion 200 2015$575 billion 220 O 11% 4.5% O 3.2%
13 A country reported a nominal GDP of $115 billion in 2015 and $125 billion in 2014 and reported a GDP deflator of 85 in 2015 and 100 in 2014. What happened to real output and prices from 2014 to 2015? a. Real output and prices both rose. b. Real output fell and prices rose. c. Real output rose and prices fell. d. Real output and prices both fell. 14. A country reported a nominal GDP of $85 billion in...
2002 85.0 92.0 Refer to the data below (all values are in billions): Nominal Year GDP Deflator GDP (in Billions (Price Index, of Dollars) 2009 = 100) 2000 9,817 81.9 2001 10,128 83.8 10,469 2003 10,960 86.7 2004 11,685 89.1 2005 12,422 2006 13,178 94.8 2007 13,808 97.3 2008 14,291 99.2 2009 13,939 100.0 2010 14,524 101.2 15,518 103.3 2012 16,163 105.2 2013 16,768 106.7 2014 17,393 108.8 2015 18,037 110.0 2016 18,569 111.4 2011 2010 2011 2012 2013 2014...
Reference equation: Real GDP per capita growth rate = Nominal GDP per capita growth rate-inflation rate-Population growth rate This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when caloulating this rate. However, the smplified equation is both easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The table below lists...
Most questions answered within 3 hours.
-
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 1 hour ago -
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 3 hours ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 3 hours ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 4 hours ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 4 hours ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 4 hours ago -
(14.2) A block of mass m = 10 kg riding on a frictionless
horizontal plane is...
asked 4 hours ago -
Use any search engine to search for articles about Starbucks
partnership with Tata Companies in India...
asked 4 hours ago -
Let’s say that for some reason Bank Excess Reserves suddenly
increase sharply. What effect would this...
asked 4 hours ago -
Given:
Curent Assets: $600,000
Total Assets: $2,600,000
Current Liabilities: $500,000
Total Liabilities: $1,700,000
What is the...
asked 4 hours ago -
1. What is a “Bankster”? What is insider trading? Why is it
illegal?
2. What is...
asked 4 hours ago -
A transverse wave on a cord is given by
D(x,t)=0.18sin(2.7x−61.0t), where Dand x are in m...
asked 4 hours ago