Real GDP is calculated on the basis of a base period price and nominal GDP is calculated on the basis of current period price. It means real GDP is based on a price level of a fixed period but nominal GDP is calculated on the basis of price of that period.
a) The real GDP in the table is more than the nominal GDP upto the period 2006 because the base period price of real GDP calculation has been taken on 2007 period. It means all the periods real GDP is based on the price of 2007. As the price is rising in every years so 2007 price level is higher than the price level than any other periods before 2007. Therefore any real GDP counted before 2007 will be more than the nominal GDP. For example we can say in 2006 nominal GDP has been calculated on the basis of 2006 price but real GDP of 2006 has been calculated on the basis 2007 price level. As 2007 price level is higher than 2006 price level so real GDP will be higher than nominal GDP. Every real GDP before 2007 will be more than nominal GDP. In 2007 nominal GDP and real GDP will be same and in same reason after 2007 nominal GDP will be more than real GDP.
b)
Due Monday, January 21, 2019 1. Nominal and real GDP nying table shows data on nominal...
Nominal and real GDP The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2007 dollars), and population (in thousands) of Canada in 1966, 1976, 1986, 1996, 2006, and 2016. The Canadian price level rose consistently over the period 1966–2016. Year nominal GDP ( billions of dollars) real GDPBILLIONS OF 2007 DOLLARS POPULATION thousands 1966 64.8 431.9 19998 1976 200 658 23414 1986 524.5 897 26067 1996 857 1104.3 29570 2006 1492.2 1541.7...
8. accompanying table shows data on nominal GDP in billions of dollars), real GDP (in billions of 2007 doll lars), and population (in thousands) of Canada in 1966, 1976, 1986, 1996, 2006, and 2016. The Canadian price level rose consistently over the period 1966-2016. Nominal GDP (billions of dollars) $64.8 200.0 524.5 857.0 Real GDP (billions of Population 2007 dollars) (thousands) Year 1966 1976 1986 1996 2006 2016 $431.9 19 998 23 414 26 067 29 570 32 529 658.0...
8. The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2009 dol- lars), and population (in thousands) of the United States in 1965, 1975, 1985, 1995, 2005, and 2015. The U.S. price level rose consistently over the period 1965-2015. Nominal GDP Real GDP (billions of dollars) Population (thousands) (billions of 2009 dollars) Year 1965 $743.7 $3,976.7 194,250 1975 1,688.9 215,891 5,385.4 1985 4,346.7 7,593.8 238,416 1995 7,664.1 10,174.8 266,458 2005 13,093.7 14,234.2...
The data in the table below are for the country of Eturia. Nominal GDP ($billions) Real GDP ($billions) Population (millions) a. GDP deflator b. Real GDP per capita 2015 400 380 15 2016 436 405 15.6 2017 480 427 16 1 c. Growth rate of real GDP per capita a. Calculate the GDP deflator for years 2015, 2016, and 2017 and enter the values in the table above. Enter your responses rounded to one decimal place. b. Calculate real GDP...
Question 2 The following table shows quarterly data of U.S. nominal and real GDP in 2018. Use the information to calculate items (a), (b), and (c): 2018 01 20,04120,411.9 02 | 03 20,658.2 18,511.6 18,665 Nominal GDP (billions of dollars Real GDP (billions of 2012 dollars)18,3241 a. (2 points) Calculate the growth rate of nominal GDP in second and third quarters of b. (2 points) Calculate the growth rate of real GDP in second and third quarters of 2018. 2018....
Question 2 The following table shows quarterly data of U.S. nominal and real GDP in 2018. Use the information to calculate items (a), (b), and (c): 2018 02 Nominal GDP (billions of dollars)20,041 Real GDP (billions of 2012 dollars 18,324 Q1 041 20,411.9 03 20,658.2 18,665 18,511.6 a. (2 points) Calculate the growth rate of nominal GDP in second and third quarters of 2018. b. (2 points) Calculate the growth rate of real GDP in second and third quarters of...
The following table shows data on a hypothetical country's Real GDP from 1970 through 1978: Real GDP Year (Billions of Dollars) 1970 192 1971 1972 1973 1974 1975 1976 1977 206 202 200 202 1978 210 ols The green line on the following graph shows the economy's long-term growth trend. ciples of Use the blue points (circle symbol) to plot the Real GDP in each of the years listed. (Note: Plot your points in the order in which you would...
The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Year Real GDP (Billions of Dollars) 460 1980 1981 475 1982 480 1983 490 1984 510 1985 515 1986 505 1987 500 1988 505 The green line on the following graph shows the economy's long term growth trend. Use the blue points (circle symbol) to plot the real GOP in each of the years listed. (Note: Plot your points in the order in which you...
Pls help me graph rate of change in real gdp and answer those questions Real GDP Year (Billions of Dollars) 1980 1981 1982 1983 1984 1985 1986 1987 1988 380 384 392 408 412 404 400 404 420 Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for...
1. Year Nominal GDP GDP Price deflator Real GDP Inflation Rate Growth Rate 2008 $14,833.60 99.23 -- -- 2009 14,417.90 100.00 2010 14,779.40 101.21 2011 15,052.40 103.20 2012 15,470.70 105.00 2013 15,759.00 106.59 2014 17,420.70 108.27 2015 18,287.20 110.01 2016 18,905.50 112.08 2017 19,738.90 114.27 a. Fill in the blanks in the table above and show your work. b. Over this time period, does inflation...