Name: Course Calculating values for GDP, GDP Deflators, and Growth Rates. Use th

Question

Name: Course Calculating values for GDP, GDP Deflators, and Growth Rates. Use the following information provided otn prices and quantities of production during the years 2005, 2006, and 2007 to answer the following questions. The base year is 2005 2006 Prices OuantitiesPrices 60.00 30.00 2.40 18.00 2007 uantities 2005 2005 2006 2007 uantities Prices 65.00 35.00 1.50 10.00 Item 10 50 500 250 20 75 600 350 Tanks Beds 50.00 25.00 Hamburgcrs2.00 5.00 50 500 250 DVD's 1. What is Nominal GDP in 2005? Show your calculation. 2. What is Nominal GDP in 2006? Show your calculation. 3. What is Nominal GDP in 2007? Show your calculation. 4. What is Real GDP in 2005? Show your calculation. 5. What is Real GDP in 2006? Show your calculation. 6. What is Real GDP in 2007? Show your calculation. 7. What is the value of the GDP deflator in the base year? Show your calculation. 8. What is the value of the GDP Deflator in 2006? Show vour calculation. 9. What is the value of the GDP Deflator in 2007? Show your calculation. 10. Calculate the rate of growth per year of GDP between 2005 and 2007

Explanation / Answer

2005 ( base year 2006 current year 2007current year items price quantity price quantity price quantity tanks 50 10 60 10 65 20 beds 25 50 30 50 35 75 hamburgers 2 500 2.4 500 1.5 600 DVDS 15 250 18 250 10 350 Pc*QC Pc*QC Pc*QC PB*QC Pc*QC PB*QC answer nominal gdp real gdp nominal gdp real gdp nominal gdp real gdp from 1 to 6 nominal and real gdp of each year 500 500 600 500 1300 1000 1250 1250 1500 1250 2625 1875 1000 1000 1200 1000 900 1200 3750 3750 4500 3750 3500 5250 total 6500 6500 7800 6500 8325 9325 Answer from 7 to 9 gdp deflator = Nominal gdp / real gdp 2005 1 2006 1.2 2007 0.892761 . answr 10 growth rate= gdp deflator of current year - gdp deflator of previous year / gdp deflatorof previous year *100 2005 - 2006 20 2007 -25.6032

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