Fill in the missing data in the following table. Year Nominal GDP Real GDP GDP deflator 2012 $220000 100.0 2013 2$ $215,000 110.0 2014 $260,000 $220,000 2015 $290,000 123.0 2016 $ $240,000 130.0
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- 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 हेSuppose the data BELOW is for a given year from the annual Economic Report of the President. Calculate GDP using the expenditure approach (Amount in billions of dollars): Corporate profits: $ 305Depreciation: $ 479Gross private domestic investment: $716Personal taxes: $ 565Personal saving: $120Government spending: 924Imports: $ 547Exports: $ 427Personal consumption expenditures: $ 2,966Indirect business taxes: $ 370Contributions for Social Security (FICA): $ 394Transfer payments and other income: $ 967Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($millions)GDP Deflator201017500103.7201518222104.8202018755105.9Over each 5-year period, there were no significant changes to goverment policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5%. In 2010 employment population ratio is 64%. What is the real GDP per worker in 2010.
- 2010 2011 Nominal GDP $700.00 $1700.00 2010 GDP deflator= 2011 GDP deflator = Nominal GDP 2013 $3600.00 real GDP in 2013 = $ Real GDP $300.00 $1500.00 GDP deflator 150.00The table below includes data for a one-year period required to calculate GDP from the income side for a teeny-tiny economy. Gross investment expenditure Wages and salaries Consumption expenditure Interest and investment income Business profits Depreciation Indirect taxes less subsidies Net exports TABLE 20-4 $402.00 $1741.00 $1302.40 $99.40 $70.40 $199.20 $175.20 $94.00 Refer to Table 20-4. What is the value of GDP, as calculated from the income side? $2010.00 $1982.60 $1986.00 $2584.40 $2285.20Calculate the GDP of the country described below: Consumption = $5 trillionInvestments = $2 trillionGovernment Expenditures = $3 trillionNet Exports = $1 trillion
- ceal-Time Data Analysis Exercise Ise the data in the following table to calculate the GDP deflator for each year (values are in billions of dollars, enter your response rounded to two decimal places - remember to multiply by 100). Source: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/). Year Nominal GDP Real GDP GDP Deflator 2016 $18,745 $17,731 2017 19,543 18,144 8,688 19.092 2018 20,612 2019 21.433 2020 20,935 18,423 Source: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/). Which span of years saw the largest percentage increase in the price level, as measured by change in the GDP deflator? O A. 2019 to 2020 O B. 2018 to 2019 O C. 2016 to 2017 O D. 2017 to 2018How much (if any) does each of the following transactions raise GDP? The Jones family sells its old house to the Reynolds family for $130,000. The Jones family then buys a newly constructed house from a builder for $175,000. Type your numeric answer and submitUse the data below to calculate GDP for a given country. Consumer Spending $100,000,000 Investment Spending $50,000,000 Government Spending $75,000,000 Exports $10,000,000 Imports $100,000,000 a) $135,000,000 b) $225,000,000 c) $235,000,000 d) $100,000,000
- Use the information in the table to answer the following questions. All numbers are in billions of 2012 dollars Planned Government Net Exports Real GDP (Y) Consumption (c) Investment (I) Purchases (G) (NX) $5,000 $4,500 $500 $700 - $500 S6,000 $5,300 $500 $700 - $500 S7,000 $6,100 S500 $700 - $500 $8,000 $6,900 $500 $700 - $500 S9,000 $7,700 S500 $700 - $500 The equilibrium level GDP is $ billion. The MPC is (enter your response to two decimal places). Suppose that net exports increase by $400 billion. Using the multiplier formula, determine the new level of GDP. A $400 billion increase in net exports leads to a change in spending of $ billion, so the new level of GDP will be $ billion.Consider the following data on U.S. GDP: Year (Billions of current dollars) (Billions of 2012 dollars) 2014 17,521.7 16,899.8 18,219.3 17,386.7 18,707.2 17,659.2 19,485.4 18,050.7 20,494.1 18,566.4 2015 2016 2017 2018 GDP Source: "National Economic Accounts."U.S. Bureau of Economic Analysis. The percentage change in nominal GDP from 2015 to 2016 was The percentage change in real GDP from 2015 to 2016 was True or False: The percentage change in real GDP from 2015 to 2016 was higher than the percentage change in real GDP from 2014 to 2015. True FalseWhich of the following statements best describe how economists calculate GDP? Group of answer choices Economists at the Census bureau collect data from surveys sent to consumers, private firms and government agencies and add them up on a yearly basis. Economists at the Bureau of Economic Analysis pull together data on sales, imports, exports, government purchase and investments from various government sources every 3 months. Economists at the Bureau of Labor Statistics collect data from surveys sent to consumers, private firms and government agencies and add them up every 3 months. Economists at the Congressional Budget Office calculate GDP for a given year by adjusting the previous year’s GDP with inflation.
