Question I. 40 pts. Testing your interpretation of Nominal and Real GDP
I.1. 20 pts. Based on the notice in Table 1, value a deflator of GDP, 1972-2019, and explain the creation and exercises of this deflator.
Table 1. The US GDP in popular and ‘constant’ prices.
Years GDP at popular traffic prices, billions $$. GDP at ‘constant’ prices, billions $$. Deflator of GDP
1972 1,279 5,383
1982 3,343 6,805
1992 6,520 9,685
2002 10,936 13,493
2012 16,197 16,197
2019 21,433 19,092
I.2. 20 pts. Based on the notice in Table 1, delineate a graph of the dynamics of Nominal and Real GDP, 1972-2019, and elucidate it.
Question II. 50 pts. Explain the logic of disconnection of GDP into three parts: acception in output due to remarkable teachableness; acception in output due to distant urban chief; and acception in output due to expanding drudge inputs.
II.1. 10 pts. Introduce notation, transcribe down the genesis exercise (see assort notes), and elucidate its logic.
II.2. 10 pts. Write down the genesis exercise externally a ‘residual’ and explain
II.3. 10 pts. Write down the genesis exercise delay a ‘residual’ and explain its
II.4. 20 pts. Suppose that you valued contributions of remarkable teachableness,
distant urban chief, and distant drudge inputs into enlargement of GDP.
What is a illustrative class of these contributions for top industrialized common
economies and for lowest plain common economies? Explain your
Question III. 60 pts. Explain the concept of avail to lamina and its serviceable applications.
III.1. 15 pts. Define increasing, uniform, and decreasing avail to lamina.
III.2. 15 pts. Graph increasing, uniform, and decreasing avail to lamina. Explain
III.3. 30 pts Suppose that you are a top supervisor. Explain serviceable applications of
the concept of avail to lamina.
III.3.1. 15 pts. You are a top supervisor in a slight assemblage.
III.3.2. 15 pts. You are a top supervisor in a vast assemblage.
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