Consider the following data on U.S. GDP: GDP Year (Billions of current dollars) (Billions of 2012 dollars) 2014 17,521.7 16,899.8 2015 18,219.3 17,386.7 2016 18,707.2 17,659.2 2017 19,485.4 18,050.7 2018 20,494.1 18,566.4
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- Calculate GDP deflator from the following table: Year Nominal Real GDP GDP 2000 8952 8952 2001 9200 9050 2002 10,000 9500 2003 10,030 9330 2004 11,100 10,000Real GDP is a useful measurement because: it helps us to track actual variations in economic activity/production from year to year regardless of changes to average prices it accounts for deoreciation it shows us the real difference between domestic economy and foreign economiesIf a country produces the following items during the year, calculate GDP.Item Quantity Price Market Value(Quantity x Price)Cars 10 $20,000Computers 100 $1, 000Books 1,000 $10GDP =
- Question # 5 a: Calculate Nominal and Real GDP for each year. Consider the base year is 2013. YearBottles of Diet Coke (units)Price by Bottle in Rs 2013100,00010.25 2014400,00030.50 2015500,00030.75 2016800,00040.25 b: Analyze how much Pakistan’s GDP and each of its components is affected by the following transactions? Explain your answers (Maximum 200 words). i) Toyota Motors issues new shares to finance the construction of an automobile plant in Pakistan.ii) Your friend wins Rs.2 million in the lottery in Dubai iii) Rabia spends Rs.1500 to buy her husband dinner at the finest restaurant in Karachiiv) General Motors builds Rs.40 million worth of cars, but consumers only buy Rs. 38 million worth of them.v) Sadia spends 50000 on a computer to use in her editing business in Karachi. She got last year’s model on sale for a great price from a local manufacturer. (Sub parts to solved).Homework The Aggregate Economy Revenues Expenditures GDP Year (Billions of dollars) (Billions of dollars) (Billions of dollars) 2000 2,025 1,789 9,817 2001 1,991 1,863 10,128 2002 1,853 2,011 10,470 2003 1,783 2,160 10,961 2004 1,880 2,293 11,686 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for expenditures and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 EXPENDITURES AND REVENUES (Percent of GDP) 15 10 0 2003 > Expenditures 2004 2005 1999 2000 2001 2002 YEAR In which years was the government's budget in deficit? Check all that apply. 2000 2001 2002 U 2003 2004 In 2001, the national debt by 4 Revenues X A-Z हेUse the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: Show all calculations and formulae Calculate the value of the country’s GDE (Gross Domestic Expenditure).
- The following table reports 2018 transactions that occurred in the United States. Prices in 2018 and 2016 (base year) are also given. Use the worksheet to answer questions below. Please make sure to show any formulas you used, calculations and your work. i. Which of the listed transactions should not be used in U.S. GDP calculation? Please include one reason for each transaction you think should not be included in U.S. GDP calculation. ii. Based on the transactions you decided to include in U.S. GDP, calculate nominal GDP in 2018. ii. Based on the transactions you decided to include in U.S. GDP, calculate real GDP in 2018. iii. Calculate the GDP Deflator in 2018. Price per Unit in Price per Unit Quantity in Item 2016 in 2018 2018 (Base Year) Bottles Wine from France $15 $20 10 Boxes of Cereal produced in Battle Creek, MI $5 $4 20 Used Tires $12 $15 5 Shares of Twitter Stock $8 $10 15 Hours of Swimming Lessons at the Y in $4 $6 8 Kalamazoo, MI GDP deflator in 2018 was... Answer:Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2009) 2016 18,707 105.93 1996 8,073 73.18 The growth rate of nominal GDP between 1996 and 2016 was , and the growth rate of the GDP deflator between 1996 and 2016 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 1996 and billion in 2016. (Note: Select the answers closest to the values you compute.) The growth rate of real GDP between 1996 and 2016 was . The growth rate of nominal GDP between 1996 and 2016 was than the growth rate of real GDP.I Consider a country that produces only wheat and corn. Based on the data in the table, calculate the country's real GDP for year 2008 (assume 2005 as the base year) is: Price of Wheat (per bushel) $56 Quantity of Wheat (million bushels) 1.250 1,360 1,420 1,500 Price of Corn Quantity of Corn Year 2005 2006 2007 2008 (per bushel) $44 (million tons) 910 64 1,050 1,120 1,260 52 72 55 62
- The following table shows the U.S. gross domestic product (GDP) G, in trillions of dollars, as a function of the year t. t = Year 2004 2010 2014 G = GDP(trillions of dollars) 11.87 14.66 17.42 (a) Explain in practical terms what G(2010) means. The expression G(2010) is the year when the U.S. gross domestic product had a value of 11.87 trillion dollars.The expression G(2010) is the gross domestic product in trillions of dollars, multiplied by 2010. The expression G(2010) is the average of G(2004) and G(2010).The expression G(2010) is the U.S. gross domestic product in trillions of dollars in the year 2010. Find G(2010).$ trillion(b) Use functional notation to express the gross domestic product in 2012, and estimate that value. (Round the estimated value to two decimal places.) G = $ trillion(c) What is the average yearly rate of change in G from 2010 to 2014? (Round your answer to two decimal places.)$ trillion(d) Use your answer from part (c) to…Use the following table to find the missing values: GDP Chart.pdf For each of the following determine if the item is counted in GDP: (a) Eggs you buy at the supermarket to make pancakes with for your kids for breakfast. (b) Eggs the local diner buys to make pancakes with to sell to customers. (c) A motherboard that Dell buys to put in the laptops they make. (d) A used car that a salesman sells off the lot at a car dealership. (e) A tow bar that the county airport buys to move airplanes around on the ramp.Calculate GDP using the Income and Expenditure Approach.(all figures are in billions of dollars): Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world…
