Homework Answers
(Question 1)
(a)
Real GDP, 2015 ($ Billion) = Nominal GDP, 2015 x (GDP Deflator, 2015 / GDP Deflator, 2007)
= 18,037 x (110 / 97.3)
= 20,391
(b)
Real GDP, 2007 ($ Billion) = (Nominal GDP, 2007 / GDP Deflator, 2007) x 100 = (13,808 / 97.3) x 100 = 14,191
Increase in real GDP ($ billion) = 20,391 - 14,191
= 6,200
(c)
Increase in Nominal GDP ($ billion) = 18,037 - 13,808
= 4,229
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Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004...
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...
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...
Answer five questions given the following data (all values are in billions of dollars): Year 2006...
Answer five questions given the following data (all values are in billions of dollars): Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Nominal Consumption Private Government GDP Expenditures Investment Purchases Exports Imports (GDP) (C) (0) (G) (X) (M) $ 13,178 $ 9,207 $ 2,220 $ 2,508 $ 1,481 $ 2,238 $ 13,808 $ 9,710 $ 2,130 $ 2,675 $ 1,662 $ 2,370 $ 14,291 $ 10,035 $ 2,087 $ 2,878 $ 1,848 $ 2,557 $ 13,939...
Answer five questions given the following data (all values are in billions of dollars) Consumption Private...
Answer five questions given the following data (all values are in billions of dollars) Consumption Private Government Exports Imports Expenditures Investment P Investment Purchases Year (GDP) (C x) 2006 13,1789,207 2,220 $ 2,508 s 1481 2.238 2007 13,808 9,710 $ 2.130 2,675 S 1662 S 2.370 2008 14.291 10.035 2087 2878 S 1848 S 2,557 2009 13,939 9,866 1547 S 2918 1583 1975 2010 14,524 10.246 1,795 $ 3.000 1.840 2.357 2011 15,518 10,689 2240 S 3,169 $ 2.106 2,686...
Real GDP = Nominal GDP GDP Chain Index (Prices)*100 Population Year Nominal GDP GDP chain index...
Real GDP = Nominal GDP GDP Chain Index (Prices)*100 Population Year Nominal GDP GDP chain index CPI (2012-100) (1982- 84=100) 2007 S 14,681.5 billion 93.150 211.445 2008 S 14,559.5 billion 94.896 211.398 2009 $ 14,628.0 billion 95.269 217.347 2010 $ 15,240.8 billion 96.781 220.472 2011 $ 15,796.5 billion 98.676 227.223 2012 $ 16,358.9 billion 100.728 231.221 2013 $ 17,083.1 billion 102.551 234.719 2014 $ 17,849.9 billion 104.078 236.252 2015 $ 18,350.8 billion 104.997 237.817 2016 $ 18,991.9 billion 106.543 242.772...
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...
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...
Answer five questions given the following data (all values are in billions of dollars): Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Nominal Consumption Private Government GDP Expenditures Investment Purchases Exports Imports (GDP) (C) (0) (G) (X) (M) $ 13,178 $ 9,207 $ 2,220 $ 2,508 $ 1,481 $ 2,238 $ 13,808 $ 9,710 $ 2,130 $ 2,675 $ 1,662 $ 2,370 $ 14,291 $ 10,035 $ 2,087 $ 2,878 $ 1,848 $ 2,557 $ 13,939...
Answer five questions given the following data (all values are in billions of dollars) Consumption Private Government Exports Imports Expenditures Investment P Investment Purchases Year (GDP) (C x) 2006 13,1789,207 2,220 $ 2,508 s 1481 2.238 2007 13,808 9,710 $ 2.130 2,675 S 1662 S 2.370 2008 14.291 10.035 2087 2878 S 1848 S 2,557 2009 13,939 9,866 1547 S 2918 1583 1975 2010 14,524 10.246 1,795 $ 3.000 1.840 2.357 2011 15,518 10,689 2240 S 3,169 $ 2.106 2,686...
Real GDP = Nominal GDP GDP Chain Index (Prices)*100 Population Year Nominal GDP GDP chain index CPI (2012-100) (1982- 84=100) 2007 S 14,681.5 billion 93.150 211.445 2008 S 14,559.5 billion 94.896 211.398 2009 $ 14,628.0 billion 95.269 217.347 2010 $ 15,240.8 billion 96.781 220.472 2011 $ 15,796.5 billion 98.676 227.223 2012 $ 16,358.9 billion 100.728 231.221 2013 $ 17,083.1 billion 102.551 234.719 2014 $ 17,849.9 billion 104.078 236.252 2015 $ 18,350.8 billion 104.997 237.817 2016 $ 18,991.9 billion 106.543 242.772...
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