Gross Domestic Product The U.S. gross domesticproduct (GDP) (in trillions of dollars) for selectedyears from 2005 and projected to 2070 can be modeled by y = 0.116x2-3.792x + 45.330, where xis the number of years after 2000. During what yearsbetween 2005 and 2070 was the gross domestic product no more than $23.03 trillion?
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product (GDP) (in trillions of dollars) for selected
years from 2005 and projected to 2070 can be modeled by y = 0.116x2-3.792x + 45.330, where x
is the number of years after 2000. During what years
between 2005 and 2070 was the gross domestic product no more than $23.03 trillion?
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- Assume you have the following data for a hypothetical country for a specific year (in billions of ZAR): Wages and Salaries: R2,500 Interest: R300 Rent: R200 Profits: R1,000 Taxes (Indirect Taxes Minus Subsidies): R400 Depreciation: R500 Given the data above, which of the following methods of calculating Gross Domestic Product (GDP) may be used? A. Expenditure approach B. Income approach C. Product approach D. Trade approachAssume an economy consumes only two goods: food and clothing. The prices and quantities produced domestically of each good for two different years are shown in the table below. Year 1 quantity Year 2 quantity Year 1 price Year 2 price Food 5000 5500 $2 $5 Clothing 1000 1200 $30 $25 What is the nominal GDP for year 2? What is the real GDP for year 2, using year 1 as the base year? What is the GDP deflator? (2 decimal places) What was the result on the overall price level? no ch increased decreasedyear Good A Good B Litres of water Kilos of apples PA X QA Pa X Qu 2018 2t X 100 3t X 400 2019 36X 200 4E X 500 2020 46 X 300 6t X 600 Let P = the per-unit market price: Q- the number of units produced and sold of each of the final goods produced within the nation, in a given year (le. GDP). Let 2018 be the base year. The percentage (%) change in nominal GDP from 2019 to 2020 (regardless of base year) is: OA) 0.85 (= 85%) B) 0.66 (- 66%) O9 0.56 (- 56%) D) 0.76 (- 76%) E) 0.46 (- 46%)
- 1. Referring to the figures below, 1.0 gdp-gth 80 BPERMITS-YOY 0.8 60 0.6 - 0.4 40 0.2 20 0.0 -0.2 -20- -0.4 -0.6 -40 rel. vol. = 9.4 --0.8 -60 -1.0 1970 2000 2010 1960 1980 1990 2020 -8 -6 -4 -2 2 4 6. 8. TIME (year) LAG (quarters) Source: FRED/BEA characterize the relationship between the growth rate of GDP and the growth rate of building permits (BPERMITS-YoY) in terms of the following items: • Timing. • Direction. • Volatility. Include a brief description of each item in this list in your characterization. RATE (%/year) CROSS CORRELATIONThe following table shows the U.S. gross domestic product (GDP) G, in trillions of dollars, as a function of the year t. t = Year 2004 2010 2014 G = GDP(trillions of dollars) 11.87 14.66 17.42 (a) Explain in practical terms what G(2010) means. The expression G(2010) is the year when the U.S. gross domestic product had a value of 11.87 trillion dollars.The expression G(2010) is the gross domestic product in trillions of dollars, multiplied by 2010. The expression G(2010) is the average of G(2004) and G(2010).The expression G(2010) is the U.S. gross domestic product in trillions of dollars in the year 2010. Find G(2010).$ trillion(b) Use functional notation to express the gross domestic product in 2012, and estimate that value. (Round the estimated value to two decimal places.) G = $ trillion(c) What is the average yearly rate of change in G from 2010 to 2014? (Round your answer to two decimal places.)$ trillion(d) Use your answer from part (c) to…The country of Economica's GDP deflator and nominal GDP in three different years are shown in the table. Year Nominal GDP GDP Deflator year 1 $25128 122 year 2 $54566 108 year 3 $30967 100 The base year, i.e. the base period, is Year 3. For years 1-3, please obtain the real GDP. Round your answers to the nearest dollar. What is the real GDP for year 1? real GDP: $ What is the real GDP for year 2? real GDP: $ What is the real GDP for year 3? real GDP: $
- In 2020 consumption (Ci) for selected countries was as follows Jordan 2.5 billion $, USA 100.12 $ billion $, Canada 50 billion $, France 40 billion $ Qatar 10 billion $. and Russia 70 billion for the same year Income (Yi) was: Jordan 12 billion $, USA 900 billion $. Canada 700 billion $. $ France 500 billion $ Qatar 60 billion $. and Russia 100 billion * This data is (ähäs 2) Fixed in time but change over countries O Variable in time but fixed in countries O none of the choices are true O fixed in time and fixed in countries O Variable in time but change over countries OThe country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk 2008 $4.00 90 $1.50 150 2011 $6.00 150 $3.50 200 In 2011, this country's Select one: real GDP was $900, and the GDP deflator was 177.8 O.b. real GDP was $1065, and the GDP deflator was 150.2 Oc. real GDP was $900, and the GDP deflator was 150.2 O d. real GDP was $1065, and the GDP deflator was 177.8 Next page geAssume you have the following data for a hypothetical country for a specific year (in billions of ZAR):Wages and Salaries: R2,500Interest: R300Rent: R200Profits: R1,000Taxes (Indirect Taxes Minus Subsidies): R400Depreciation: R500Given the data above, which of the following methods of calculating Gross Domestic Product (GDP) may beused?A. Expenditure approachB. Income approachC. Product approachD. Trade approach
- Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2009) 2016 18,707 105.93 1996 8,073 73.18 The growth rate of nominal GDP between 1996 and 2016 was , and the growth rate of the GDP deflator between 1996 and 2016 was . (Hint: The growth rate of a variable XX over an NN-year period is calculated as 100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1) Measured in 2009 prices, real GDP was billion in 1996 and billion in 2016. (Note: Select the answers closest to the values you compute.) The growth rate of real GDP between 1996 and 2016 was . The growth rate of nominal GDP between 1996 and 2016 was than the growth rate of real GDP.Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is: A- = 1000 B- =2500 C- = 4500 D- = 6000 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is: A- = 1000 B- =2000 C- = 3000 D- =3700C I G NX Price Yr1 1000 156 560 52 4 Yr2 1300 159 600 52 5 Yr3 2000 169 690 53 6 Yr4 2900 180 880 53 7 -What will the percent rate of change in real GDP be from year 1 to year 2, from year 2 to year 3, and from year 3 to year 4. (round to the whole number for all calculations and final answers) -State how long it will take for real GDP to double in size.