Date Due Which component includes Why are transfer payments are Name: GDP: Measuring a Nation's income Why does Total Income Total Expenditure Which component of GDP is the largest household purchases of new housing? excluded from GDP? GDP Calculation. SHOW ALL YOUR WORK O of Por of Com Pof Com Wheat Wheat 100 SS S 10 1999 200 $6 $ 10 2000 300 57 59 O of Rice Por Rice 388 100 90 80 $2 $3 $3 Calculate Nominal GDP 1998: 1999 2000 If Total Spending (Nominal GDP) rises from one year to the next, what are the 2 potential reasons! 1 2 Calculate Real GDP (Base year 1998) 1998: 1999 2000: What does real GDP measure by holding the price level constant? Calculate the GDP Dator 1998: 1999 2000: What is happening to the Price Level in this economy? Calculate the Growth Rate of the GDP Deflator 1998-1999: 1999-2000: Calculate the Growth Rate of Output (Percentage change in Real GDP). 1998-1999 1999-2000 What is a recession