Homework Answers
Real gdp is calculated as production units * price per unit.
Real gdp in 2011 using 2011 prices in $ = 105*22 + 210*100 = $23,310
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Calculating Real GDP, Price Indices, and Inflation. Using the data from the table below, answer the...
From 2013 to 2014, nominal GDP ______ (Decreased or increased) , and real GDP _______ (Decreased...
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
Recall the method of calculating real GDP detailed in the chapter. As you may already have...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But what happens when relative prices change? As you know,...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) , and real GDP _____ (Decreased...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
only answer for question 5 4. Calculate the Nominal GDP, Real GDP using 2019 as the...
only answer for question 5
4. Calculate the Nominal GDP, Real GDP using 2019 as the base year, and the GDP Deflator. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2017 $2 100 $4 200 2018 $4 100 $4 210 2019 $4 120 $6 220 4. Calculate the Nominal GDP, Real GDP using 2019 as the base year, and the GDP Deflator. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey...
Real-Time Data Analysis Exercise* Calculating an Inflation Rate. The U.S. had a price index of 218.1...
Real-Time Data Analysis Exercise* Calculating an Inflation Rate. The U.S. had a price index of 218.1 in 2010 and 224.9 in 2011. What is the inflation rate between 2010 and 2011? Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. The inflation rate between 2010 and 2011 is □ percent (Enter your response rounded to one decimal place and include a minus sign if appropriate)
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period Pencils Oranges Price (Dollars per orange) 2 4 4 Price Year 2012 2013 2014 Quantity (Number of pencils) 145 165 110 Quantity (Number of oranges) 195 225 165 (Dollars per pencil) Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars)...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table s...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period. Year Pencils Oranges Price Quantity Price Quantity (Dollars per pencil) (Number of pencils) (Dollars per orange) (Number of oranges) Year Pencils Oranges Price Quantity Price Quantity (Dollars per pencil) (Number of pencils) (Dollars per orange) (Number of oranges) 2016 2 125 3 155 2017 4 135 3 210 2018...
1. Calculating inflation using a simple price index Consider a fictional price index, the College Student...
1. Calculating inflation using a simple price index Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2010, 2011, and 2012. The cost of each item in the basket and the total cost of the basket are shown for 2010. Perform these same calculations for 2011 and 2012,...
24. Use the following data to compute the real GDP for 2017 using 2010 as the...
24. Use the following data to compute the real GDP for 2017 using 2010 as the base year 2010 2017 Item Price Quantity Price Quantity Catfish Pizza Taco S25 20 $12 15 20 a. $351. b. $245 c. $265 d. $197. e. $220 25. When there is a sharp increase in oil prices, the overall inflation rate is most likely rate of inflation. a. equivalent to b. below c. above d. All of the above are equally likely the core
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
only answer for question 5
4. Calculate the Nominal GDP, Real GDP using 2019 as the base year, and the GDP Deflator. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2017 $2 100 $4 200 2018 $4 100 $4 210 2019 $4 120 $6 220 4. Calculate the Nominal GDP, Real GDP using 2019 as the base year, and the GDP Deflator. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey...
Real-Time Data Analysis Exercise* Calculating an Inflation Rate. The U.S. had a price index of 218.1 in 2010 and 224.9 in 2011. What is the inflation rate between 2010 and 2011? Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. The inflation rate between 2010 and 2011 is □ percent (Enter your response rounded to one decimal place and include a minus sign if appropriate)
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period Pencils Oranges Price (Dollars per orange) 2 4 4 Price Year 2012 2013 2014 Quantity (Number of pencils) 145 165 110 Quantity (Number of oranges) 195 225 165 (Dollars per pencil) Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars)...
1. Calculating inflation using a simple price index Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2010, 2011, and 2012. The cost of each item in the basket and the total cost of the basket are shown for 2010. Perform these same calculations for 2011 and 2012,...
24. Use the following data to compute the real GDP for 2017 using 2010 as the base year 2010 2017 Item Price Quantity Price Quantity Catfish Pizza Taco S25 20 $12 15 20 a. $351. b. $245 c. $265 d. $197. e. $220 25. When there is a sharp increase in oil prices, the overall inflation rate is most likely rate of inflation. a. equivalent to b. below c. above d. All of the above are equally likely the core
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