Homework Answers
Answer: C) $14,018
Real GDP for 2005 is $14,018
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22) Refer to the following table of Annual GDP in the US. Year Nominal GDP Price Index Real GDP 1975 1985 1990 2005...
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?
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...
Suppose that in 2005 Real GDP was $40 billion and the GDP price index was 1.20....
Suppose that in 2005 Real GDP was $40 billion and the GDP price index was 1.20. If nominal GDP increased by 40% between 2005 and 2006, what was Nominal GDP in 2006? Select one: a. $44.0 billion b. $48.4 billion O C. $62.9 billion O d. $67.2 billion e. $71.7 billion
Year Nominal GDP (billions of $) Real GDP (billions of 2000 $) Price Index (2000 =...
Year Nominal GDP (billions of $) Real GDP (billions of 2000 $) Price Index (2000 = base year) Growth (%) in Real GDP from previous year 1977 2,030.9 4,750.5 42.8 6.4% 1978 2,294.7 45.8 1998 8,747.0 9,066.9 4.2% 1999 9,268.4 97.9 2000 9,817.0 9,817.0 2001 10,128.0 9,890.7 2002 10,487.0 10,074.8 104.1 2003 11,004.0 106.0 2004 11,735.0 108.3 6.What was the price index value for the US in the base year? 7.What was real GDP for the US in the year...
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...
The following table shows nominal GDP and an appropriate price index for a group of selected year...
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. Nominal GDP Year 1968 1978 1988 1998 2008 Price Index 2005 100 22.01 40.40 66.98 85.51 108.48 Real GDP, Billions Effect on Nominal GDP Billions $909.80 2293.80 5100.40 8793.50 14441.40 0.00 increase /...
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...
Line A 1965 1970 1975 1995 2000 2005 2010 1980 1985 1990 32. Refer to Figure...
Line A 1965 1970 1975 1995 2000 2005 2010 1980 1985 1990 32. Refer to Figure 33-1. Line A is a. investment spending. b. unemployment rate. c. real GDP. arlgin d. CPI. 33. The value of money falls as the price level a. falls, because the number of dollars needed to buy a representative basket of goods rises. b. rises, because the number of dollars needed to buy a representative basket of goods falls. c. falls, because the number of...
Year 2000 2005 Nominal GDP (billions) $600 $1,100 GDP deflator 100 125 Refer to Table 7-12....
Year 2000 2005 Nominal GDP (billions) $600 $1,100 GDP deflator 100 125 Refer to Table 7-12. Measured in terms of 2000 prices, real GDP in 2005 was 900 750. 880 1,333.
Suppose that, during 2012, nominal GDP was $10,082 billion. During 2012, the value of the Consumer Price Ind...
Suppose that, during 2012, nominal GDP was $10,082 billion. During 2012, the value of the Consumer Price Index was 177.1 (using 1999 as the base year). Estimate the real GDP for 2012 4. In 2015 US Real GDP was $16,547.6 billions of dollars; in 2016, US Real GDP was $16,851.4 billions of dollars. Estimate the economic growth rate for the period 2016-2015.?
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...
Suppose that in 2005 Real GDP was $40 billion and the GDP price index was 1.20. If nominal GDP increased by 40% between 2005 and 2006, what was Nominal GDP in 2006? Select one: a. $44.0 billion b. $48.4 billion O C. $62.9 billion O d. $67.2 billion e. $71.7 billion
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. Nominal GDP Year 1968 1978 1988 1998 2008 Price Index 2005 100 22.01 40.40 66.98 85.51 108.48 Real GDP, Billions Effect on Nominal GDP Billions $909.80 2293.80 5100.40 8793.50 14441.40 0.00 increase /...
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...
Line A 1965 1970 1975 1995 2000 2005 2010 1980 1985 1990 32. Refer to Figure 33-1. Line A is a. investment spending. b. unemployment rate. c. real GDP. arlgin d. CPI. 33. The value of money falls as the price level a. falls, because the number of dollars needed to buy a representative basket of goods rises. b. rises, because the number of dollars needed to buy a representative basket of goods falls. c. falls, because the number of...
Year 2000 2005 Nominal GDP (billions) $600 $1,100 GDP deflator 100 125 Refer to Table 7-12. Measured in terms of 2000 prices, real GDP in 2005 was 900 750. 880 1,333.
Suppose that, during 2012, nominal GDP was $10,082 billion. During 2012, the value of the Consumer Price Index was 177.1 (using 1999 as the base year). Estimate the real GDP for 2012 4. In 2015 US Real GDP was $16,547.6 billions of dollars; in 2016, US Real GDP was $16,851.4 billions of dollars. Estimate the economic growth rate for the period 2016-2015.?
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