YEAR
P of Shoes
Q of Shoes
P of Hammers
Q of Hammers
2010
$5
400
$2
50
2011
$6
400
$2
100
2012
$7
400
$3
100
a) What is the Nominal GDP for each year?
2010: $ 2100 2011: $ 2600 2012: $ 3100
b) What is Real GDP for each year using 2011 as the base year?
2010: $ 2410 2011: $2600 2012: $2700
c) What is the GDP deflator for each year?
2010: 87.136 2011:100 2012: 114.8
d) Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2010 and 2011 from the previous year.
NOMINAL: 2010 to 2011: %23.8 2011 to 2012: %19.23
REAL: 2010 to 2011: %7.88 2011 to 2012: %2.8
DEFLATOR: 2010 to 2011:% 14.7 2011 to 2012: % 14.8
this is my question :
e) Did economic well being rise more from 2010 to 2011 or from 2011 to 2012? Why?
| YEAR | P of Shoes | Q of Shoes | P of Hammers | Q of Hammers |
| 2010 | $5 | 400 | $2 | 50 |
| 2011 | $6 | 400 | $2 | 100 |
| 2012 | $7 | 400 | $3 | 100 |
a) What is the Nominal GDP for each year?
2010: $ 2100 2011: $ 2600 2012: $ 3100
b) What is Real GDP for each year using 2011 as the base year?
2010: $ 2410 2011: $2600 2012: $2700
c) What is the GDP deflator for each year?
2010: 87.136 2011:100 2012: 114.8
d) Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2010 and 2011 from the previous year.
NOMINAL: 2010 to 2011: %23.8 2011 to 2012: %19.23
REAL: 2010 to 2011: %7.88 2011 to 2012: %2.8
DEFLATOR: 2010 to 2011:% 14.7 2011 to 2012: % 14.8
this is my question :
e) Did economic well being rise more from 2010 to 2011 or from 2011 to 2012? Why?
Related textbook solutions
Related questions
Question 6: GDP
This question relates to Course Learning Objective 2 and is worth 10 points.
The table below demonstrates the U.S. Nominal GDP and Price Level, from 2006-2015.
|
Year |
Nominal GDP (billions of dollars) |
Price Level (GDP deflator) |
|---|---|---|
|
2006 |
13,855.9 |
95 |
|
2007 |
14,477.6 |
97 |
|
2008 |
14,718.6 |
99 |
|
2009 |
14,418.7 |
100 |
|
2010 |
14,964.4 |
101 |
|
2011 |
15,517.9 |
103 |
|
2012 |
16,155.3 |
105 |
|
2013 |
16,663.2 |
107 |
|
2014 |
17,348.1 |
109 |
|
2015 |
17,937.8 |
110 |
Use the information in the table to calculate the real 2015 gross domestic product in 2009 dollars. Explain how the calculation is performed and the reasoning behind it.
Consider the following table displaying annual growth rates for nations X, Y, Z, and ZZ, each of which entered 2010 with real per capital GDP equal to $20,000:
| COUNTRY | 2010 | 2011 | 2012 | 2013 |
|---|---|---|---|---|
| X | 7 | 3 | 3 | 4 |
| Y | 4 | 5 | 7 | 9 |
| Z | 5 | 4 | 3 | 2 |
| ZZ | 2 | 2 | 2 | 2 |
A)Which nation was most likely to have suffered a sizable earthquake that destroyed a significant portion of its stock of capital goods? Explain. What is the nations per capita real GDP at the end of 2013? Show your work.
b) Which nation was most likely to have adopted policies in 2010 that encouraged a gradual shift in production from capital goods to consumption goods? Explain. What is this nation's per capita real GDP at the end of 2013? Show your work.
c) Which nation was most likely to have adopted policies in 2010 that encouraged a gradual shift in production from consumption goods to capital goods? Explain. What is this nation's real per capita GDP at the end of 2013? Show your work.
d) Using the growth rates for 2013 for each country, where will real per capita GDP be at the end of 2020 if it were to grow at this rate each year after 2013? Explain. Describe the standard of living in each country as compared to 2010. Show your work.
