Lets look at GDP and foreign exchange in Iceland. We can extract the following data from the
Question:
Let’s look at GDP and foreign exchange in Iceland. We can extract the following data from the World Bank, which maintains a database of economic data for all countries:
Fill in the blanks in the table using the formulas from the assigned reading (a bit of algebra is required):
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |
Nominal GDP ($ billions) | 1627.11 | 1708.31 | 1787.68 | 1899.68 | 2020.55 | ||
GDP deflator | 100.00 | 102.97 | 106.35 | 119.57 | 122.10 | ||
Real GDP ($ billions) | 1753.35 | 1791.93 | 1869.19 | 2009.03 | |||
Population (total) | 318041 | 319014 | 320716 | 323764 | 327386 | 330815 | 335439 |
Official exchange rate (Krona per US$) | 122.24 | 115.95 | 125.08 | 122.18 | 116.77 | 131.92 | 120.81 |
Answer these questions:
What was real GDP per capita in 2015? ___________________.
What was real GDP per capita in 2016? ___________________.
Using your answers above, compute the real GDP per capita growth rate for 2016: ___________.
In 2012, your instructor went to Iceland for an academic conference. The Icelandic currency is called the Krona. While there, he spent:
62,540 krona on hotel
10,630 krona on food
15,635 krona on souvenirs
How much did he spend in US dollars? __________________.
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III