Below are nominal GDP and GDP deflators for four years. a. Calculate real GDP in each year.

Question:

Below are nominal GDP and GDP deflators for four years.

a. Calculate real GDP in each year.
b. Did the percentage change in nominal GDP exceed the percentage change in real GDP in any of the last three years listed?
c. In which year did society's welfare increase the most? L06

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Macroeconomics

ISBN: 978-0077307110

8th edition

Authors: David Colander

See More Books

Question Posted: Feb 12, 2016 04:55 AM

See More Questions

Calculate the percentage increase in real GDP in 2017. Use the table, which shows an economys total production and the prices of the final goods it produced in 2016 and 2017, GDP data for 2016...
Calculate the percentage increase in real GDP in 2017. An economy produces only fun and food. The table shows the prices and the quantities of fun and food produced in 2016 and 2017. The base year is...
The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. The data is listed per quarter, and the real GDP data was...
Jason and Mary Wells, friends of yours, were married on December 30, 2020. They know you are studying taxes and have sent you an e-mail with a question concerning their filing status. Jason and Mary...
Ace Pencil, the Web manager of the XYZ Company, was horrified when he received a call one night around midnight from Bob Drake, one of the salespersons. Our entire Web site has been replaced by...
Write a Java programthat can simulate a simple calculator, using the Java console as the exclusive input and output device. That is, each input to the calculator, be it a number, like 12.34 or 1034,...
In a recent study on risk factors for strokes, the American Heart Association (AHA) collected data on age, systolic blood pressure, diastolic blood pressure, and risk of stroke; risk is interpreted...
Croftmark Co. began operations on May 1, 2010. Its Work in Process Inventory account on May 31 appeared as follows: The company applies overhead on the basis of direct labor cost. Only one job was...
These are the pieces you must choose from to summarize and comment on in your essay: "EEOC v. Madison Community Unit School District (No. 12 818 F.2d 577 (7th Cir. 1987))" "Sandor v. Safe Horizon,...
In a circus act, an aerialist performs a handstand on a wheel while being pulled across a high wire ABC of length 8 m by another performer as shown. Knowing that the aerialist weighs 720 N and is...
What makes it difficult to compare GDP over time! How is the problem addressed?
What's the relationship between a stock concept and a flow concept? Give an example that hasn't already been given in this chapter.
At December 31, the end of Chilton Communications third quarter, the following stockholders equity accounts are reported. In the fourth quarter, the following entries related to its equity are...
True or False: If independent, indivisible investments 3 and 4 are mutually exclusive, then X 3 + X 4 < 1 is added as a constraint to the BLP formulation.
A relocation of a short stretch of rural highway feeding into Route 390 northwest of Dallas is to be made to accommodate new growth. The existing road is now unsafe, and improving it is not an...
A water distribution system using a new source of water is under consideration and found to have an unfortunately high net annual cost of $\$ 5,750,000$ and net benefits of $\$ 4,250,000$....
A county commissioner has eight projects available as summarized below. The remaining budget for the year is $\$ 243,000$ for new projects. Operating and maintenance costs are separately funded and...
The Boundary Waters Canoe Area Wilderness (BWCA) located in northeastern Minnesota has 1 million acres of wilderness, 1,000 waterways, and 1,500 miles of canoe routes. While some youth, for example...
Return to the facts of Assignment 13-10. Data From Assignment 13-10 The following partial amortization table was developed for a 5.4%, $800,000 5-year bond that pays interest each 30 September and 31...
Let X be a random variable taking on values a1, a2, . . . , pr with probabilities p1, p2, . . . , pr and with E(X) = μ. Define the spread of X as follows: This, like the standard deviation, is a...
Why are long-run costs always less than or equal to shortrun costs?
Draw a long-run average total cost curve. a. Why does it slope downward initially? b. Why does it eventually slope upward? c. How would your answers to a and b differ if you had drawn a short-run...
In the early 2000s carmakers began to design vehicles chassis, engines, and transmissions so that different models could be produced on the same assembly line. Within the first year of implementing...
Under what conditions would the National Building Code (N.B.C.) be used, as opposed to the Ontario Building Code (O.B.C.)?
Each month I have to lie on my expense report in order to get reimbursed for an honest business lunch," is example of?
Secondary Analysis: This week visit the Keizer Online Library and find a full-text article on secondary analysis in research. Find a full-text article, download it, highlight it, and upload it to the...

Below are nominal GDP and GDP deflators for four years. a. Calculate real GDP in each year.

Question:

Year 2005 2006 2007 2008 Nominal GDP in billions S12,421.9 13,178.4 13,807.5 14,264.6 GDP Deflator 113.0 116.7 119.8 122.4

Step by Step Answer:

a 2005 10993 billion 2006 11293 billion 2007 11525 billion 2008 ...View the full answer

Macroeconomics

Students also viewed these Economics questions