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Answer
FOR calculating the chain weighted Real GDP for year 2019 we need
the following
Value of goods produced in 2018 at 2018 prices = 112.4
Value of goods produced in 2019 at 2018 prices =138.2
Value of goods produced in 2018 at 2019 prices = 118.3
Value of goods produced in 2019 at 2019 prices =146.5
The growth rate with 2018 prices
= (138.2-112.4)/112.4 *!00
= 25.8/112.4 *100
=22.95 %
NOW the growth rate with 2019 prices
=(146.5-118.3)118.3 *100
= 23.83 %
The chain weighted growth rate is the average of the two growth
rates
= (22.95 +23.83 )/ 2
=23.39 %
Chain weighted real GDP for 2019
= Real GDP in 2018 + growth rate
= 112.4 + 23.39 % of 112.4
= 138.690
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Question 2 only
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The information in the table identifies the quantities of three goods produced in a simple economy...
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1. Suppose there are only 3 different goods produced and consumed in a closed economy. The following table shows the prices and quantities of each good consumed in 2002, 2003, 2004, and 2005. Price of a Quantity of Price Price of Quantity pair of a pair of of Quantity Year Apple of Apple shoes Breed of Breed 3001000 1500 shoes 2002 2003 500 600 15 100 1200 2004 80020 3501300 2005 900 25 500 Calculate nominal GDP in each of...
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DO #1 Real GDP is intended to measure the real value of goods and services produced,...
DO #1
Real GDP is intended to measure the real value of goods and
services produced, not the stock of money, or the balance in your
bank account, or whether you are in debt or not. To do this, we may
use information on total expenditures - measured in dollars - but
the purpose is always to recover an index of real output. For this
homework, you need the following information to calculate real GDP
over several periods. First, you...
DO#3 Real GDP is intended to measure the real value of goods and services produced, not...
DO#3
Real GDP is intended to measure the real value of goods and
services produced, not the stock of money, or the balance in your
bank account, or whether you are in debt or not. To do this, we may
use information on total expenditures - measured in dollars - but
the purpose is always to recover an index of real output. For this
homework, you need the following information to calculate real GDP
over several periods. First, you know...
Consider the following data, containing the quantities produced of final goods and the respective prices for Orangeland. Using the data below, fill up all the empty cells. Use 2 decimals in your calculations. Quantity of oranges Quantity of computers 2018 100 5 2019 90 10 %Chg. 10 100 Price of oranges Price of computers 10 1000 30 00 boo 0 10 Nominal GDP Constant.price GOP in 2018 prices Constant price GDP in 2019 prices Chain-weighted real GDP (benchmark 2018) Deflator...
Question 2 only
services the market value of all goods and services consumed within the count goods and services the total value-added by all producers operating within the coun b) and households on domestically produced final d) The following data is for country A, which produces only guns and bu 2013 2014 Quantity Price Price 3 $2 each. Guns Butter 2 kg 4k Using 2013 as the base year, which of the following is correct? a) Between 2013 and2014, country...
The information in the table identifies the quantities of three goods produced in a simple economy in 2018 and 2019, and the prices that the goods sold for in each of the two years. The base year is 2018. Item Quantity Price Price Quantity 2018 2018 2019 2019 2 $10 $11.53 4 Movie tickets 2 $3 $3.08 16 Bags of popcorn 16 $1 $1.45 Drinks of soda Based on the GDP deflator method, what was the rate of inflation between...
The information in the table identifies the quantities of three goods produced in a simple economy in 2018 and 2019, and the prices that the goods sold for in each of the two years. The base year is 2018. Item Quantity Price Price Quantity 2018 2018 2019 2019 2 $10 $11.86 14 Movie tickets 2 $3 $3.78 16 Bags of popcorn 16 $1 $ 1.69 16 Drinks of soda Based on the GDP deflator method, what was the rate of...
Cuestions 1 and 2 Consider the followine data containing the quantities produced of final goods an respective prices for Orangeland. Using the data below, fill up all the empty cells Use 2 decimals in your calculations. inal goods and the Quantity of oranges Quantity of computers 2018 100 2019 %Chg. 110 10.00 400 40 Price of oranges Price of computers 10 100 12 90 20 -10 Nominal GDP Constant-price GDP in 2018 prices Deflator (based on 2018 prices) Based on...
1. Suppose there are only 3 different goods produced and consumed in a closed economy. The following table shows the prices and quantities of each good consumed in 2002, 2003, 2004, and 2005. Price of a Quantity of Price Price of Quantity pair of a pair of of Quantity Year Apple of Apple shoes Breed of Breed 3001000 1500 shoes 2002 2003 500 600 15 100 1200 2004 80020 3501300 2005 900 25 500 Calculate nominal GDP in each of...
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...
DO #1
Real GDP is intended to measure the real value of goods and
services produced, not the stock of money, or the balance in your
bank account, or whether you are in debt or not. To do this, we may
use information on total expenditures - measured in dollars - but
the purpose is always to recover an index of real output. For this
homework, you need the following information to calculate real GDP
over several periods. First, you...
DO#3
Real GDP is intended to measure the real value of goods and
services produced, not the stock of money, or the balance in your
bank account, or whether you are in debt or not. To do this, we may
use information on total expenditures - measured in dollars - but
the purpose is always to recover an index of real output. For this
homework, you need the following information to calculate real GDP
over several periods. First, you know...
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