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Nominal GDP in year 2016 = Q of Wheat of 2016 * P of Wheat of 2016 + Q of Corn of 2016 * P of Corn of 2016 + Q of Rice of 2016* P of rice of 2016
Nominal GDP in year 2016 = 100 * $5 + 50 * $10 + 100 * $2 = $500 + $500 + $200 = $1200
Nominal GDP in year 2017 = Q of Wheat of 2017 * P of Wheat of 2017 + Q of Corn of 2017 * P of Corn of 2017 + Q of Rice of 2017 * P of rice of 2017
Nominal GDP in year 2017 = 200 * $6 + 70 * $10 + 90 * $3 = $1200 + $700 + $270 = $2170
Nominal GDP in year 2018 = Q of Wheat of 2018 * P of Wheat of 2018 + Q of Corn of 2018 * P of Corn of 2018 + Q of Rice of 2018 * P of rice of 2018
Nominal GDP in year 2018 = 300 * $7 + 60 * $9 + 80 * $3 = $2100 + $540 + $220 = $2860
Reasons of Rising Nominal GDP:
- Production increased.
- Price of the goods increased.
Real GDP in year 2016 = Q of Wheat of 2016 * P of Wheat of 2016 + Q of Corn of 2016 * P of Corn of 2016 + Q of Rice of 2016* P of rice of 2016
Real GDP in year 2016 = 100 * $5 + 50 * $10 + 100 * $2 = $500 + $500 + $200 = $1200
Real GDP in year 2017 = Q of Wheat of 2017 * P of Wheat of 2016 + Q of Corn of 2017 * P of Corn of 2016 + Q of Rice of 2017 * P of rice of 2016
Real GDP in year 2017 = 200 * $5 + 70 * $10 + 90 * $2 = $1000 + $700 + $180 = $1980
Real GDP in year 2018 = Q of Wheat of 2018 * P of Wheat of 2016 + Q of Corn of 2018 * P of Corn of 2016 + Q of Rice of 2018 * P of rice of 2016
Real GDP in year 2018 = 300 * $5 + 60 * $10 + 80 * $2 = $1500 + $600 + $160 = $2260
We take base year as constant in Real GDP to calculate inflation level such that we can know how much the basket of consumers goods have increased.
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only answer for question 5
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Need help, please show work 2. The table below provides the nominal and real GDP figures...
Need help, please show work
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5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period. Year Pencils Oranges Price Quantity Price Quantity (Dollars per pencil) (Number of pencils) (Dollars per orange) (Number of oranges) Year Pencils Oranges Price Quantity Price Quantity (Dollars per pencil) (Number of pencils) (Dollars per orange) (Number of oranges) 2016 2 125 3 155 2017 4 135 3 210 2018...
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only answer for question 5
4. Calculate the Nominal GDP, Real GDP using 2019 as the base year, and the GDP Deflator. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2017 $2 100 $4 200 2018 $4 100 $4 210 2019 $4 120 $6 220 4. Calculate the Nominal GDP, Real GDP using 2019 as the base year, and the GDP Deflator. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey...
Need help, please show work
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4. Calculate the Nominal GDP, Real GDP using 2019 as the base year, and the GDP Deflator. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2017 $2 100 $4 200 2018 $4 100 $4 210 2019 $4 120 $6 220
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and envelopes. The following table shows the prices and quantities of the goods over a three-year period Pens Price Quantity (Dollars per pen) (Number of pens) 1 110 Envelopes Price Quantity (Dollars per envelope) (Number of envelopes) 180 Year 2015 4 2015 140 210 2 2017 4 100 190 4 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars)...
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