GDP calculations, GDP trends
Use the following data to answer questions 1-3 (can you please be sure to provide all calculations). Quantities Produced Price
CD'S TENNIS RACQUETS CD'S TENNIS RACQUETS
YEAR 2004 100 200 20 110
YEAR 2005 120 210 22 120
1. Calculate real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow?
2. Calculate the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
3. Now calculate real GDP for 2004 and 2005 using 2005 prices. By what percent did real GDP grow?
4. Review the GDP information for the past few years from the Bureau of Economic Analysis's Website. What were the GDP trends over that timeframe and two or three events which may have caused these trends.
The solution calculates real GDP and price index for a simple case where only CDs and tennis racquets are produced.
Also there is a review of GDP information for the past few years from the Bureau of Economic Analysis's Website.
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- Attached file(s):
- 66660-eco-GDP,tennis.xls
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