Homework Answers
ANSWER:
1) Nominal gdp in 2011 = quantity of pucks * price of pucks + quantity of root beer * price of root beer + quantity of sandals * price of sandals = 100 * 5 + 300 * 20 + 100 * 18 = 500 + 6,000 + 1,800 = 8,300
2) Real gdp in 2011 = quantity of pucks * price of pucks + quantity of root beer * price of root beer + quantity of sandals * price of sandals = 100 * 5 + 300 * 20 + 100 * 18 = 500 + 6,000 + 1,800 = 8,300
3) Nominal gdp in 2014 = quantity of pucks * price of pucks + quantity of root beer * price of root beer + quantity of sandals * price of sandals = 125 * 9 + 250 * 20 + 110 * 25 = 1,125 + 5,000 + 2,750 = 8,875
4) Real gdp in 2014 = quantity of pucks * price of pucks + quantity of root beer * price of root beer + quantity of sandals * price of sandals = 125 * 5 + 250 * 20 + 110 * 18 = 625 + 5,000 + 1,980 = 7,605
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The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table...
The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table...
The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2011 and 2014. Instructions: Enter your responses as whole numbers. T T Pucks Year Quantity Price 2011 100 $ 5 | 2014 | 125 $ 7 Root beer Quantity | Price 300 | $25 2 50 $20 Sandals Quantity Price 100 $20 110 $25 Assume that 2011 is the base year. Find...
please include detailed steps with answer 6. The table shows the production of the only three...
please include detailed steps with answer
6. The table shows the production of the only three final goods (pucks, root beer, sandals) in a hypothetical country for different years. The national statistical organization estimates that the market basket contains 10 units of pucks, 10 units of root beer and 2 units of sandals. Using 2015 as the base year, find the GDP-deflator based inflation rate and the CPI-based inflation rate between 2014 and 2015. Pucks Year Quantity 2014 | 100...
Use the following table for a hypothetical single-product economy. Assume that 2010 is the base year....
Use the following table for a hypothetical single-product economy. Assume that 2010 is the base year. YEAR Quantity Price per unit Price Index Nominal GDP Real GDP 2010 100 10 2011 120 20 2012 125 25 2013 130 30 2014 140 40 2015 150 50 2016 200 55 2017 205 60 Complete the table by calculating the Price index, Nominal GDP and Real GDP.
Consider a simple economy that produces two goods: pencils and oranges. The following table shows the...
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 Price Quantity Quantity (Number of pencils) 110 155 120 (Dollars per pencil) (Dollars per orange) (Number of oranges) Year 2012 2013 2014 150 215 180 Use the information from the preceding table to fill in the following table Real GDP (Base year 2012, dollars) Nominal GDP (Dollars) GDP Deflator Year 2012...
Consider an economy that only produces two goods: strawberries and cream. Use the table below to...
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Problem 7: Table: Remember to show all work and briefly discuss your results. Switzerland produces only...
Problem 7: Table: Remember to show all work and briefly discuss your results. Switzerland produces only chocolates and watches. Below is a table with recent information on Switzerland production and prices. The base year is 2009, Prices and Quantities Price of A Box of Boxes of Year Price of Watches Watches Price of the Quantity of Chocolates Chocolates 2008 $50 2009 90 2010 100 $60 2011 S6S 100 a. What was nominal GDP real GDP and the GDP deflator for...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:20112012QuantityPriceQuantityPriceT-Shirts90$25108$25Red Bull (cans)510$2510$3Pizza (slices)980$3900$6Nominal GDP in 2011 was $nothing and nominal GDP in 2012 was $nothing. (Enter your responses as integers.)If 2011 is the base year, real GDP in 2011 was $nothing and real GDP in 2012 was $nothing. (Enter your responses as integers.)Based on your answer above, the percentage change in real GDP between 2011...
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the...
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over a three-year period Erasers Cupcakes Price Quantity (Dollars per cupcake) (Number of cupcakes) 1 150 Year Price (Dollars per eraser) 2 Quantity (Number of erasers) 160 2018 2019 2 135 4 230 2020 3 110 4 165 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Year Real GDP (Base...
Consider a simple economy that produces two goods: pens and erasers. The following table shows the...
Consider a simple economy that produces two goods: pens and erasers. The following table shows the prices and quantities of the goods over a three-year period. Year Pens Erasers Price Quantity Price Quantity (Dollars per pen) (Number of pens) (Dollars per eraser) (Number of erasers) 2016 1 110 2 150 2017 2 155 4 215 2018 3 120 4 180 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator...
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...
The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2011 and 2014. Instructions: Enter your responses as whole numbers. T T Pucks Year Quantity Price 2011 100 $ 5 | 2014 | 125 $ 7 Root beer Quantity | Price 300 | $25 2 50 $20 Sandals Quantity Price 100 $20 110 $25 Assume that 2011 is the base year. Find...
please include detailed steps with answer
6. The table shows the production of the only three final goods (pucks, root beer, sandals) in a hypothetical country for different years. The national statistical organization estimates that the market basket contains 10 units of pucks, 10 units of root beer and 2 units of sandals. Using 2015 as the base year, find the GDP-deflator based inflation rate and the CPI-based inflation rate between 2014 and 2015. Pucks Year Quantity 2014 | 100...
Use the following table for a hypothetical single-product economy. Assume that 2010 is the base year. YEAR Quantity Price per unit Price Index Nominal GDP Real GDP 2010 100 10 2011 120 20 2012 125 25 2013 130 30 2014 140 40 2015 150 50 2016 200 55 2017 205 60 Complete the table by calculating the Price index, Nominal GDP and Real GDP.
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