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Essay

real gdp

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Issue:

Business

 

Written by:

Robert S

 

Date added:

March 13, 2011

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 624

 

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1385 times

 

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Essay content:

Calculate the value of the price index for GDP for 2005 using 2004 as the base year. If we use 2004 as the base year we come up with the following calculations: GDP Deflator Base year 2004 2004 ($24000 Nominal 2004/ $24000 Real 2004 (base 2004)) x 100 = 100 2005 ($27840 Nominal 2005/ $25500 Real 2005 (base 2004)) x 100 = 109 By what percent did prices increase? The value of the price index for 2005 is 109...
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Because the GDP Deflator in 2005 is 109, and was 100 in the base year (2004) the increase in price is (109-100) /100 = 0.9 or 9%. 3. Now calculate the real GDP for 2004 and 2005 using 2005 prices. To calculate the real GDP we use the constant price for 2005 which was $22. Real GDP (base year 2005) 2004 ($22 per CD x 100 CD's) + ($120 per racquet x 200 racquets) = 26200 2005 ($22 per CD x 120 CD's) + ($120 per racquet x 210 racquets) = 27840 By what percentage did real GDP grow? Because the Real GDP was $26200 in 2004 and $27840 in 2005, real GDP grew by ($27840 - $26200) / $26200 = 0...
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