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  • Module 2 Task

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    Taha Ansari
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    1) The document shows production quantities and prices for three products (dollar pen, math copy, dollar ink) in 2018, 2019, and 2020 to calculate nominal GDP, real GDP, economic growth rate, and the GDP deflator. 2) Nominal GDP is the total value of goods and services produced using current prices, while real GDP uses a base year's prices to remove inflation. 3) The economic growth rate is calculated as the percentage change in real GDP from one year to the next. 4) The GDP deflator measures inflation and is calculated as the ratio of nominal GDP to real GDP multiplied by 100.

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    Module 2 task

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    1) The document shows production quantities and prices for three products (dollar pen, math copy, dollar ink) in 2018, 2019, and 2020 to calculate nominal GDP, real GDP, economic growth rate, and the GDP deflator. 2) Nominal GDP is the total value of goods and services produced using current prices, while real GDP uses a base year's prices to remove inflation. 3) The economic growth rate is calculated as the percentage change in real GDP from one year to the next. 4) The GDP deflator measures inflation and is calculated as the ratio of nominal GDP to real GDP multiplied by 100.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    22 views10 pages

    Module 2 Task

    Uploaded by

    Taha Ansari
    1) The document shows production quantities and prices for three products (dollar pen, math copy, dollar ink) in 2018, 2019, and 2020 to calculate nominal GDP, real GDP, economic growth rate, and the GDP deflator. 2) Nominal GDP is the total value of goods and services produced using current prices, while real GDP uses a base year's prices to remove inflation. 3) The economic growth rate is calculated as the percentage change in real GDP from one year to the next. 4) The GDP deflator measures inflation and is calculated as the ratio of nominal GDP to real GDP multiplied by 100.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 10

    Task 01

    Real GDP VS Nominal


    GDP and Price Change
    Calculating Nominal GDP

    Production and Price Quantity 2018  


    Product Quantity Price per unit $ Value $
    Dollar Pen 10 5
    Math Copy 12 10
    Dollar Ink 5 12
    Total (GDP)(Nominal) ???
    Calculating Nominal GDP

    Production and Price Quantity 2019  


    Product Quantity Price per unit $ Value $
    Dollar Pen 15 7 ?
    Math Copy 18 15 ?
    Dollar Ink 12 15 ?
    Total (GDP)(Nominal) ??
    Calculating Nominal GDP

    Production and Price Quantity 2020  


    Product Quantity Price per unit $ Value $
    Dollar Pen 18 10 ??
    Math Copy 20 20 ??
    Dollar Ink 15 18 ??
    Total (GDP)(Nominal) ???
    Calculating Real GDP
    Production and Price Quantity 2019  
    Price per unit
    Product Quantity $ Value $
    Dollar Pen 15 5 ??
    Math Copy 18 10 ??
    Dollar Ink 12 12 ??
    Real GDP ???
    Calculating Real GDP

    Production and Price Quantity 2020  


    Product Quantity Price per unit $ Value $
    Dollar Pen 18 ??
    Math Copy 20 ??
    Dollar Ink 15 ??
    Real GDP ???
    Calculating the economic growth rate????

    Economic growth rate: The rate of change in real GDP


    from one year to the next.

    Real GDP Current - Real GDP Previous


    Economic Growth  x 100
    Real GDP Previous
    The GDP deflator 2020????
    The formula:
    Nominal GDP
    GDP deflator  x 100
    Real GDP
    The GDP deflator
    Production and Price Quantity 2020  
    Product Quantity Price per unit $ Value $
    Dollar Pen 18 10
    Math Copy 20 20
    Dollar Ink 15 18
    Total (GDP)(Nominal)
    Production and Price Quantity 2020  
    Product Quantity Price per unit $ Value $
    Dollar Pen 18 7
    Math Copy 20 15
    Dollar Ink 15 15
    Real GDP
    Calculate Price Change?
    • Price change = GDP Deflator-100 X 100
    100

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