Homework Answers
Nominal GDP has decreased and real GDP has increased.
Inflation rate is -16.80%
Real GDP is more accurate because it is adjusted for change in price level.
Answer-Second option
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Pens Price (Dollars per pen) Year Erasers Price Quantity (Dollars per eraser) (Number of erasers) 160...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and erasers....
5. Real versus nominal GDP 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) 2018 2 115 5 175 2019 4 150 2 180 2020 1 100 2 160 Use the information from the preceding table to fill in the following table. Year Nominal...
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 erasers....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and erasers. The following table shows the prices and quantities of the goods over a three-year period. Pencils Price Quantity (Dollars per pencil (Number of pencils) 1 125 Erasers Price Quantity (Dollars per eraser (Number of erasers) 1 200 Year 2018 2019 170 4 230 2020 4 150 4 170 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars)...
Real versus nominal GDP Consider a simple economy that produces two goods: pens and envelopes. The...
Real versus nominal GDP Consider a simple economy that produces two goods: pens and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Year Pens Envelopes Price Quantity Price Quantity (Dollars per pen) (Number of pens) (Dollars per envelope) (Number of envelopes) 2018 2 125 3 155 2019 4 135 3 210 2020 2 125 3 165 Use the information from the preceding table to fill in the following table. Year Nominal GDP...
decreased/increased -12.5% or 0.1% or 12.5% or 88.9% or 112.5% 5. Real versus nominal GDP Consider...
decreased/increased
-12.5% or 0.1% or 12.5% or 88.9% or 112.5%
5. Real versus nominal GDP 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. Pens Erasers Price (Dollars per pen) Quantity (Number of pens) Price (Dollars per eraser) 150 Year 2018 2019 2020 Quantity (Number of erasers) 160 230 165 N 135 110 Use the information from the preceding table to fill...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three-year period. YearPrice (Dollars per pen)Quantity (Number of pens)Price (Dollars per muffin)Quantity (Number of muffins)201811502160201921354230202031104165Use the information from the preceding table to fill in the following table. From 2019 to 2020, nominal GDP _______ , and real GDP _______ .The inflation rate in 2020 was _______ .Why is real GDP a more accurate measure...
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...
Attempts: Average: 14 5. Real versus nominal GOP Consider a simple economy that produces two goods:...
Attempts: Average: 14 5. Real versus nominal GOP 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 Price Quantity (Number of cupcakes) 120 130 130 Price Year 2012 2013 2014 Quantity (Number of erasers) 195 195 145 (Dollars per cupcake) (Dollars per eraser) Use the information from the preceding table to fill in the following table Nominal GDP Year (Dollars)(Base year 2012,...
5. Real Versus homihal GDP Consider a simple economy that produces two goods: apples and muffins....
5. Real Versus homihal 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 Price Quantity (Dollars per apple) (Number of apples) Muffins Quantity (Dollars per muffin) (Number of muffins) Price 125 Year 2018 2019 2020 170 150 200 230 170 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year 2018,...
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins....
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 Price Quantity (Dollars per apple) (Number of apples) Year 2018 2019 115 Muffins Price Quantity (Dollars per muffin) (Number of muffins) 175 180 160 150 2020 100 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and erasers. The following table shows the prices and quantities of the goods over a three-year period. Pencils Price Quantity (Dollars per pencil (Number of pencils) 1 125 Erasers Price Quantity (Dollars per eraser (Number of erasers) 1 200 Year 2018 2019 170 4 230 2020 4 150 4 170 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars)...
decreased/increased
-12.5% or 0.1% or 12.5% or 88.9% or 112.5%
5. Real versus nominal GDP 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. Pens Erasers Price (Dollars per pen) Quantity (Number of pens) Price (Dollars per eraser) 150 Year 2018 2019 2020 Quantity (Number of erasers) 160 230 165 N 135 110 Use the information from the preceding table to fill...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three-year period. YearPrice (Dollars per pen)Quantity (Number of pens)Price (Dollars per muffin)Quantity (Number of muffins)201811502160201921354230202031104165Use the information from the preceding table to fill in the following table. From 2019 to 2020, nominal GDP _______ , and real GDP _______ .The inflation rate in 2020 was _______ .Why is real GDP a more accurate measure...
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...
Attempts: Average: 14 5. Real versus nominal GOP 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 Price Quantity (Number of cupcakes) 120 130 130 Price Year 2012 2013 2014 Quantity (Number of erasers) 195 195 145 (Dollars per cupcake) (Dollars per eraser) Use the information from the preceding table to fill in the following table Nominal GDP Year (Dollars)(Base year 2012,...
5. Real Versus homihal 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 Price Quantity (Dollars per apple) (Number of apples) Muffins Quantity (Dollars per muffin) (Number of muffins) Price 125 Year 2018 2019 2020 170 150 200 230 170 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year 2018,...
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 Price Quantity (Dollars per apple) (Number of apples) Year 2018 2019 115 Muffins Price Quantity (Dollars per muffin) (Number of muffins) 175 180 160 150 2020 100 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year...
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