PP_Slides_Class_11_Monday_February_18

PP_Slides_Class_11_Monday_February_18 - Good Morning! Class...

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Good Morning!! Class 11 Monday, February 18
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%chg %chg %chg nom GDP real GDP GDP deflator (over 14 yr) (over 14 yr) (over 14 yr) 1972 1986 260.50% 52.59% 136.24% 2000 119.96% 51.93% 40.35%
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%chg %chg %chg nom GDP real GDP GDP deflator (yr avg) (yr avg) (yr avg) 1972 1986 18.61% 3.76% 9.73% 2000 8.57% 3.71% 2.88%
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GDP, 1930-2005 (bil 2000$)
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what was nominal GDP in 2000? what was the GDP deflator in 2000? was 2005 nominal GDP > or < 11,131? was the 2005 GDP deflator > or < 100? was 1995 nominal GDP > or < 8,032? was the 1995 GDP deflator > or < 100?
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in the base year, nom GDP = real GDP for years before the base year real GDP uses a higher price level nom GDP < real GDP for years past the base year real GDP uses a lower price level nom GDP > real GDP
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if the base year is 2000 GDP deflator 2001 > 100 2000 = 100 1999 < 100
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nominal GDP *100 real GDP GDP deflator nominal GDP *100 real GDP 50 nominal GDP *100 real GDP 100 nominal GDP *100 real GDP 200 = = = =
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Nominal GDP and Real GDP(2000$)
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bil of $ ln( ) diff in ln’s 12000 9.39 .18 10000 9.21 .22 8000 8.99 .29 6000 8.70 .41 4000 8.29 .69 2000 7.60
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1. In 1970, nominal GDP is $1,029 bil and real GDP (2000$) is $3,772 bil. The GDP deflator is a. < 100 b. = 100 c. > 100
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2. In 1970, nominal GDP is $1,029 bil and real GDP (2000$) is $3,772 bil. The GDP deflator is a. .2728 b. 27.28 c. 27.28% d. 36.66 e. 3.666
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3. In 2000 nominal GDP is $9,817 and real GDP (2000$) is $9,817. The GDP deflator is a. < 100 b. = 100 c. > 100
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4. In 2005 nominal GDP was $12,486 and real GDP (2000$) was $11,135. The GDP deflator was a. < 100 b. = 100 c. > 100
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5. In 2005 nominal GDP was $12,486 and real GDP (2000$) was $11,135. The GDP deflator was a. 112.13 b. 89.18 c. .8918 d. 1.1213
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2 approaches to calculating GDP expenditures approach flow-of-income approach
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PP_Slides_Class_11_Monday_February_18 - Good Morning! Class...

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