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440 + 432 Real GDP 424 41a \" 4m; PEEK CL 8 _| 4-00 . =( E 392 Trough 354 are 368 3m 2000 20m 2002 2003 2004 zoos 2006 2007 zoos YEAR Calculate the percentage change in real GDP in each year, and then on the folio wing graph use the orange points {square symbol) to plot the percentage change In real GDP you've calculated, rounded to the nearest percent. For example, if the percentage change {'5 4.941296. round it to 3. Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, the percentage change for 2001 can be calculated by nding the change in GDP from 2000 to 2001, dividing this change by the level of GDP in 2000r and then multiplying the result by 100%. For each year, plot the percentage change from the year before. For example, plot the growth rate from 2000 to 2001 using a horizontal coordinate of 2001. for 2001 can be calculated by nding the change in GDP from 2000 to 2001, dividing this change by the level of GDP in 2000, and then multiplying the result by 100%. For ea ch year, plot the percentage change from the year before. For example, plot the growth rate from 2000 to 2001 using a horizontal coordinate of 2001. ('3 Annual change ANNUAL CHANGE IN REAL GDP (Percent) 200] 2on2 zoos zoo-1 2005 zoos 2cm zoos YEAR This econ omitr experienced a contradion in the years V . On the rst graph (showing real GDP), this contraction is seen as a period in which the level of real GDP V . 0n the second graph (showing annual change in real GDP)r this contraction is seen as a period in which the growth rate of real GDP V . True or False: This econom'lr was experiencing a contraction in 2001. 0 True 0 False 1. Economic uctuations and growth The following table shows data on a hypothetical country's real GDP from 2000I through 2008: Real GDP Year { Billions of dollars) 20 00 326 2001 384 2|] 02 396 2|] U3 4|]S 20 04 396 2D [15 3 9 2 2|] 06 396 2|] 0? 4|]4 20 08 416 The grey:r line on the following graph shows the economy's longten'n growth trend. Use the blue points (circle symbol) to plot the real GDP in each of the years listed. Be sure to plot from lelt to light. Line segments will automatically connect the points. Next, place the green triangle on the graph to Indicate the point on the real GDP curve that denitely represents a peak. Finally, place the purple diamond on the graph to indicate the point on the real GDP curve that denitely represents a trough. Billions of Dollars Approach Fixed Investment $2,183 Resource costincome V Interest income $539 Resource cost-income V Government Consumption and Gross Investment $2,568 Expenditure V Services $5,504 Expenditure V Depreciation $1.58? Resource cost-income V Durable goods $1,090 Expenditure V Proprietor's income $1,045 Resource costincome V Employee compensation $7,528 Resource costincome V Rents $10? Resource costincome V Corporate prots $1,646 Resource cost-income V Inventories $31] Expenditure V Net income of foreigners $110 Resource costincome V Nondurable goods $2,?35 Expenditure V Imports $1,030 Expenditure V Indirect business taxes $1,035 Resource costincome V Exports $25? Expenditure V Use the previous tebie to calculate persona! consumption, gross private investment, and net exports and complete the following tabie. Make sure to specify the sign for the Net Exports values. Billions of Dollars Personal Consumption $9,329 Gross Private Investment II Net Exports 45?? The economy's GDP is 7. Real versus nominal values and correcting for inflation Consider the following hypothetical economy with the following economic data. Nominal GDP GDP Deflator Year (Dollars) ( Dollars) 2008 $315 100 2009 $1,040 320 2010 $1,100 400 Use the information from the previous table to fill in the following table. Hint: You will need to convert all the nominal values above into real 2008 dollars using the GDP deflator. Round your results to the nearest whole dollar when entering your answers. Real GDP (Dollars) Year (Base year 2008) 2008 2009 2010 From 2009 to 2010, nominal GDP 7 , and real GDP The inflation rate in 2010 was Why is real GDP a more accurate measure of an economy's production than nominal GDP?Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. Real GDP includes the value of exports, but nominal GDP does not. O Real GDP is not influenced by price changes, but nominal GDP is.10. Calculating the inflation rate The following table provides the Consumer Price Index (CPI) and GDP Deflator for the United States for selected years. Based on the data provided, complete the following table by calculating the inflation rate between 2011 and 2012 using the Consumer Price Index (CPI) and the GDP deflator. Year Consumer Price Index (CPI) GDP Deflator 2011 224.9 103.3 2012 229.6 105.2 Inflation rate, % True or False: Typically, the inflation rate as measured by the Consumer Price Index (CPI) tends to be higher than the inflation rate as measured by the GDP deflator. O True O False8. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transacljons and production for that nation. which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check sf! that appfy. C] Expenditures on federal highways C] The leisure time enjoyed by households C] The loss of enjoyment people incur when scenic land is converted to commercial use C] The value produced by doing your own laundry when a U.S. company purchases and imports electronic parts from China to use to produce MP3 players within the United States, this purchase increases the V component of GDP while also V net exports by the same amount. Therefore, the purchase of electronic parts from China causes V in US GDP. 9. Calculating real GDP and real GDP per capita The following table provides the population size, price-level index, and nominal GDP of a hypothetical economy over a four-year period. Complete the table by calculating real GDP and real GDP per capita from 2011 to 2014 using the data provided. Nominal GDP Real GDP Real GDP per Capita Year Population Size Price-Level Index (Dollars) (Dollars) (Dollars) 2011 400 80 $32,000 2012 420 90 $37,800 2013 440 100 $55,000 2014 480 110 $52,800 In 2014, nominal GDP is than real GDP. This means that the purchasing power of the currency in 2014 is than the purchasing power of the currency in the base year. Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. O Real GDP includes the value of exports, but nominal GDP does not. O Real GDP is not influenced by price changes, but nominal GDP is. The growth rate of real GDP per capita between 2011 and 2012 is Assume that real GDP per capita is a good measure of living standards. Which of the following sentences best describes what happened in this economy between 2011 and 2012? Living standards because of which of the following?Why is real GDP a more accurate measure of an economy's production than nominal GDP? O) Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. O Real GDP includes the value of exports, but nominal GDP does not. O Real GDP is not influenced by price changes, but nominal GDP is. The growth rate of real GDP per capita between 2011 and 2012 is Assume that real GDP per capita is a good measure of living standards. Which of the following sentences best describes what happened in this economy between 2011 and 2012? Living standards because of which of the following? O Population growth outpaced real GDP growth. O Real GDP growth outpaced population growth. O Real GDP grew at the same rate as the population