Question I. 40 pts. Testing your brains of Nominal and Real GDP
I.1. 20 pts. Based on the notice in Table 1, appraise a deflator of GDP, 1972-2019, and explain the naturalness and employments of this deflator.
Table 1. The US GDP in popular and ‘constant’ prices.
Years GDP at popular communicate 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, pull a graph of the dynamics of Nominal and Real GDP, 1972-2019, and expound it.
Question II. 50 pts. Explain the logic of disconnection of GDP into three parts: extension in output due to excellent pliancy; extension in output due to extensive unwandering excellent; and extension in output due to expanding drudge inputs.
II.1. 10 pts. Introduce notation, transcribe down the product employment (see arcollocate notes), and expound its logic.
II.2. 10 pts. Write down the product employment outside a ‘residual’ and explain
II.3. 10 pts. Write down the product employment after a while a ‘residual’ and explain its
II.4. 20 pts. Suppose that you appraised contributions of excellent pliancy,
extensive unwandering excellent, and extensive drudge inputs into augmentation of GDP.
What is a usual collocate of these contributions for top industrialized social
economies and for lowest plain social economies? Explain your
Question III. 60 pts. Explain the concept of produce to flake and its useful applications.
III.1. 15 pts. Define increasing, trustworthy, and decreasing produce to flake.
III.2. 15 pts. Graph increasing, trustworthy, and decreasing produce to flake. Explain
III.3. 30 pts Suppose that you are a top director. Explain useful applications of
the concept of produce to flake.
III.3.1. 15 pts. You are a top director in a little corporation.
III.3.2. 15 pts. You are a top director in a vast corporation.
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