Nominal GDP for the Bahamas for 2020 and 2021 Year 2020 2021 Nominal GDP for the Bahamas (B$ Mil) 9,669.5 11,208.6 Using only the nominal GDP, what do you know about (1) Changes in the level of output during this period? Explain. (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain.
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- Provide a table with the nominal GDP for Belize for 2020 and 2021. Using only the nominal GDP, what do you know about (i) Changes in the level of output during this period? Explain (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain. (c) Fill in the missing values in the table of data collected in the household survey. The working-age population, employment, unemployment, and labor force are measured.Nominal GDP for the Bahamas for 2020 and 2021 Year 2020 2021 Nominal GDP for the Bahamas ($) 11,208,600.00 9,669,500.00 Using only the nominal GDP, what do you know about (1) Changes in the level of output during this period? Explain. (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain.2011 (base Year) 2011 2012 2012 2013 2013 P Q P Q P Q Good A $30 900 $31 1000 $36 1050 Good B $100 192 $102 200 $100 205 to calculate Nominal GDP in 2012 and 2013. What is the growth of such nominal GDP from 2011 to 2012, and from 2012 to 2013. Do the same for the real GDP. Which has grown more, nominal GDP or real GDP? What does this imply?
- Question # 5 a: Calculate Nominal and Real GDP for each year. Consider the base year is 2013. YearBottles of Diet Coke (units)Price by Bottle in Rs 2013100,00010.25 2014400,00030.50 2015500,00030.75 2016800,00040.25 b: Analyze how much Pakistan’s GDP and each of its components is affected by the following transactions? Explain your answers (Maximum 200 words). i) Toyota Motors issues new shares to finance the construction of an automobile plant in Pakistan.ii) Your friend wins Rs.2 million in the lottery in Dubai iii) Rabia spends Rs.1500 to buy her husband dinner at the finest restaurant in Karachiiv) General Motors builds Rs.40 million worth of cars, but consumers only buy Rs. 38 million worth of them.v) Sadia spends 50000 on a computer to use in her editing business in Karachi. She got last year’s model on sale for a great price from a local manufacturer. (Sub parts to solved).(b) Provide a table with the nominal GDP for the Barbados for 2020 and 2021. Using only the nominal GDP, what do you know about (i) Changes in the level of output during this period? Explain. (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain.Explain/demonstrate period(s), since 2010, where the Jamaican economy experienced GDP Growth. Include at least one (1) economic development that would have contributed to each of the economic situations materializing. Gross Domestic Product at Constant Prices from 2010 to 2019 (Source: STATIN, adjusted for ECN201) Item 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The Expenditure Method Gross Domestic Expenditure 942,350 980,689 963,486 965,214 966,311 953,543 953,901 973,620 987,322 1,001,400 Private Final Consumption Expenditure 644,269 668,907 662,325 657,777 652,211 651,549 650,520 658,147 664,654 671,455 Government Final Consumption Expenditure 125,095 123,275 123,494 120,046 119,514 119,336 120,911 121,768 121,482 123,616 Gross Fixed Capital Formation 170,404 184,289 175,160 185,032 190,625 181,443 181,576 190,001…
- The economy of Tuland produces only two products fish and watches. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of fish Quantity of watches Price of fish 120 126 60 75 $10.00 $30.00 Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) $11,50 Price of watches $33.00 GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices $4 GDP for 2010 in 2010's prices 2$ Using 2009 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. Using 2010 as the base year, compute the percentage change GDP deflator first. the price level, i.e. the inflation rate. hint: you need to compute the % The geometric average of the two inflation rates %Consider the following data for a hypothetical economy that produces two goods, milk and cheese. Quantity Produced Mak (litres) Cheese (kg) 110 121 Year 1 Year 2 Prices Milk (Slitro) Cheese (S/kg) 6 7 66 3 Using year 1 as the base year, the 53 35% increase in nominal GDP may be explained by a % increase in real GDP and a 1% increase in prices (Round your responses to two decimal places)The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work. Price 2017 (base year) Price 2018 Item Production Price per unit($) Production Price per unit($) Rice 50,000 1.50 55,000 2.00 Wheat 100,000 2.00 98,000 2.50 Tractors mid-size 50,000 23,000.00 45,000 24,500.00 Cotton 120,000 100.00 110,000 120.00 Used cars 5,000 5,000.00 6,000 7,000.00 Manufacture garments 150,000 50.00 145,000 70.00 Eggs 2,000 2.50 2,300 3.50 Coca Cola 6,000 0.80 6,500 1.20 Pepsi Cola 700 1.10 850 1.50 Beef 5,000 6.50 4,800 8.50 Second-hand clothes 500…
- Year 2020 2021 2022 Nominal GDP Real GDP (Dollars) (Dollars) 350 350 700 350 1,400 700 mpute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding ye GDP Deflator 100 200 200 Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % 2022 % % % om 2020 to 2021, did not change; and from 2021 to 2022, mparing the changes in 2021 and 2022, economic well-being increased more in did not change.Consider the data in the following table, which represents the total production of the country Byzantium, a country that produces only consumer goods. Table 1: Byzantium 2018 2019 2020 Quantity of Y 100 105 103 Quantity of X 5 3 1 Price of Y $5 $5 $5 Price of X $100 $105 $110 1. Calculate the nominal GDP for all three years ( 2. Calculate real GDP for all three years, using 2018 as the base year 3. Calculate the GDP deflator, using 2018 as the base year. Identify whether there was inflation from the previous year (*Q)The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to show the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work. The figure has been attached below Chapter: Marco-economics: Measuring the size of the economy