List three things that are not included in the GDP estimation.
| Year | Pizza | Soda | ||
| Quantity | Price | Soda | Price | |
| 2016 | 15 | $11.00 | 22 | $2.00 |
| 2017 | 18 | $12.00 | 23 | $3.00 |
| 2018 | 20 | $13.00 | 25 | $2.50 |
- Refer to Table above. Estimate Nominal GDP for 2017.
- Refer to Table above. Using 2016 as the base year, estimate real GDP for 2017.
- Refer to Table above. Estimate the GDP deflator in 2017
- Why do economists estimate nominal and real GDP?
- List three things that are not included in the GDP estimation.
- Using the GDP explain, what is economic growth?
- What do you mean by GDP per capita?
Assume that the following is the approximate estimation of GDP and population for three GCC countries. 1 bn = 1,000 mn.
| 2019 | Kuwait | Qatar | Saudi Arabia |
| Current GDP (US$ bn) | 135.7 | 163.5 | 640.3 |
| Population (mn) | 4.8 | 2.8 | 34.2 |
- Using the table above estimate Kuwait’s GDP per person?
