Q2. Given the information in the following table, please calculate the missing d
ID: 1152841 • Letter: Q
Question
Q2. Given the information in the following table, please calculate the missing data in this economy in different years:
Year
Nominal GDP (billion)
Real GDP (billion of 1996 dollars)
GDP deflator (1996=100)
Inflation rate (GDP deflator %)
Real GDP per capita (in 1996 dollars)
Population (million)
1996
7,813
(1)
100
1.8
(2)
250
1997
(3)
8,165
101.7
1.7
(4)
252
(1) Please calculate real GDP in 1996.
(2) Please calculate real GDP per capita in 1996.
(3) Please calculate nominal GDP in 1997.
(4) Please calculate real GDP per capita in 1997.
Year
Nominal GDP (billion)
Real GDP (billion of 1996 dollars)
GDP deflator (1996=100)
Inflation rate (GDP deflator %)
Real GDP per capita (in 1996 dollars)
Population (million)
1996
7,813
(1)
100
1.8
(2)
250
1997
(3)
8,165
101.7
1.7
(4)
252
Explanation / Answer
Ans1) real GDP = (Nominal GDP / GDP Deflator)* 100 = 100* 7813/ 100= 7813
Ans2) real GDP per capita = real GDP / population = 7815/ 250 = 31.26
Ans3) nominal GDP = real GDP * GDP Deflator /100 = 8165* 101.7=. 8303.8
Ans4) real gdp per capita = 8165/ 252 = 32.40
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