Homework Answers
2016 quantities at 2016 prices = 1000 x 20 + 500 x 10 = $ 25000
2017 quantities at 2016 prices = 1100 x 20 + 525 x 10 = $ 27250
2016 quantities at 2017 prices = 1000 x 30 + 500 x 8 = $ 34000
2017 quantities at 2017 prices = 1100 x 30 + 525 x 8 = $ 37200
growth rate of GDP at 2016 prices = (27250-25000)/25000 x 100 = 9%
growth rate of GDP at 2017 prices = (37200-34000)/34000 x 100 = 9.41%
Average growth rate = 9.206%
Real GDP in 2017 = 25000 x (1 + 9.206%) = $ 27301.47
Add Answer to:
Macroeconomic
Mathematical Note 8. An island economy produces only fish and crabs. Quantities Fish Crabs Prices...
Refer to Table below. The table provides data on the economy of Tropical Republic that produces...
Refer to Table below. The table provides data on the economy of Tropical Republic that produces only bananas and coconuts. The real GDP in 2018 expressed in 2017 dollars is Quantities 2017 2018 Bananas 1,000 bunches 1,100 bunches Coconuts 500 bunches 525 bunches Prices 2017 2018 Bananas $2 a bunch $3 a bunch Coconuts $10 a bunch $8 a bunch A. $7,500 B. $7,250 C. $7,450 OD. $7,000
An economy produces only robots, pens, and pizza
An economy produces only robots, pens, and pizza The table gives the quantities produced and prices in 2016 and 2017 The base your is 2016 What is nominal GDP in 2016 and in 2017? Nominal GDP in 2016 is $_______ Nominal GDP in 2017 is $_______ A south sea island produces only coconuts In 2010, the price of a coconut is $2.00 and the quantity produced is 350 In 2017, the price of a coconut is $1.50 and the quantity produced is 300 2010 is the base year Real GDP...
3. Consider an economy that produces oranges and boomerangs. The prices and quantities of these goods...
3. Consider an economy that produces oranges and boomerangs. The prices and quantities of these goods in two different years are reported in the table below. Fill in the missing entries. % change 2017-18 Quantity of oranges Quantity of boomerangs Prices of oranges (dollars) Prices of boomerangs (dollars) 3 Nominal GDP Real GDP in 2017 prices 2017 100 20 2018 108 30 1.10 3.15 Real GDP in 2018 prices 4. a. Using the data in Question 3, calculate the rate...
An economy produces only robots, pens, and pizza. The table gives the quantities produced and prices...
An economy produces only robots, pens, and pizza. The table gives the quantities produced and prices in 2016 and 2017. The base year is 2016. What is nominal GDP in 2016 and in 2017? Nominal GDP in 2016 is $ nothing. Nominal GDP in 2017 is $ nothing In 2016 Item Quantity Price Robots 3 $3 each Pens 8 $3 each Pizza 1 $1 each In 2017 Item Quantity Price Robots 9 $9 each Pens 2 $9 each Pizza 7...
By what percentage did real GDP change in 2017? An economy produces only two final goods:...
By what percentage did real GDP change in 2017?
An economy produces only two final goods: fish and berries. The table shows the quantities produced and the prices of these final goods in 2016 and 2017. Price The base year is 2016. In 2016 Item Fish Berries Quantity 100 50 $2 $6 By what percentage did real GDP change in 2017? In 2017, real GDP changed by percent. >>> Answer to 1 decimal place. >>> If your answer is negative,...
5. National accounting over time (Il): Consider an economy that produces oranges and boomerangs The prices...
5. National accounting over time (Il): Consider an economy that produces oranges and boomerangs The prices and quantities of these goods in two different years are reported in the table below. Fill in the missing entries. Percentage change 2020-2021 2021 2020 100 20 Quantity of oranges Quantity of boomerangs Price of oranges (dollars) Price of boomerangs (dollars) Nominal GDP Real GDP in 2020 prices Real GDP in 2021 prices Real GDP in chained prices, 105 1.10 3.10 benchmarked to 2021
need help answering these questions 2016 Quantities Apples Oranges 2015 60 80 160 220 Prices Apples...
need help answering these questions
2016 Quantities Apples Oranges 2015 60 80 160 220 Prices Apples Oranges 2015 $0.50 $0.25 2016 $1.00 $2.00 4. Refer to figure above. Eland is an economy that produces only apples and oranges. The base your is 2015, and the table gives the quantities produced and the prices. Calculate nominal GDP in 2015 and 2016 5. Calculate Eland real GDP in 2015 and 2016 expressed in base-year prices. Item Wages Consumption expenditure Other factor incomes...
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...
Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities of the goods over a three-year period.
Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Use the information from the previous table to fill in the following table. From 2015 to 2016, nominal GDP _______, and real GDP _______.The inflation rate in 2016 was _______.Why is real GDP a more accurate measure of an economy's production than nominal GDP? Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP...
In 2016 Item Quantity An economy produces only robots, pens, and pizza The table gives the...
In 2016 Item Quantity An economy produces only robots, pens, and pizza The table gives the quantities produced and prices in 2016 and 2017 The base year is 2016. What is nominal GDP in 2016 and in 2017? Nominal GDP in 2016 is $0 Nominal GDP in 2017 is $ Robots Pens Price $1 each $2 each $1 each Pizza Quantity Price In 2017 Item Robots Pens Pizza $6 each $8 each $8 each
Refer to Table below. The table provides data on the economy of Tropical Republic that produces only bananas and coconuts. The real GDP in 2018 expressed in 2017 dollars is Quantities 2017 2018 Bananas 1,000 bunches 1,100 bunches Coconuts 500 bunches 525 bunches Prices 2017 2018 Bananas $2 a bunch $3 a bunch Coconuts $10 a bunch $8 a bunch A. $7,500 B. $7,250 C. $7,450 OD. $7,000
3. Consider an economy that produces oranges and boomerangs. The prices and quantities of these goods in two different years are reported in the table below. Fill in the missing entries. % change 2017-18 Quantity of oranges Quantity of boomerangs Prices of oranges (dollars) Prices of boomerangs (dollars) 3 Nominal GDP Real GDP in 2017 prices 2017 100 20 2018 108 30 1.10 3.15 Real GDP in 2018 prices 4. a. Using the data in Question 3, calculate the rate...
By what percentage did real GDP change in 2017?
An economy produces only two final goods: fish and berries. The table shows the quantities produced and the prices of these final goods in 2016 and 2017. Price The base year is 2016. In 2016 Item Fish Berries Quantity 100 50 $2 $6 By what percentage did real GDP change in 2017? In 2017, real GDP changed by percent. >>> Answer to 1 decimal place. >>> If your answer is negative,...
5. National accounting over time (Il): Consider an economy that produces oranges and boomerangs The prices and quantities of these goods in two different years are reported in the table below. Fill in the missing entries. Percentage change 2020-2021 2021 2020 100 20 Quantity of oranges Quantity of boomerangs Price of oranges (dollars) Price of boomerangs (dollars) Nominal GDP Real GDP in 2020 prices Real GDP in 2021 prices Real GDP in chained prices, 105 1.10 3.10 benchmarked to 2021
need help answering these questions
2016 Quantities Apples Oranges 2015 60 80 160 220 Prices Apples Oranges 2015 $0.50 $0.25 2016 $1.00 $2.00 4. Refer to figure above. Eland is an economy that produces only apples and oranges. The base your is 2015, and the table gives the quantities produced and the prices. Calculate nominal GDP in 2015 and 2016 5. Calculate Eland real GDP in 2015 and 2016 expressed in base-year prices. Item Wages Consumption expenditure Other factor incomes...
In 2016 Item Quantity An economy produces only robots, pens, and pizza The table gives the quantities produced and prices in 2016 and 2017 The base year is 2016. What is nominal GDP in 2016 and in 2017? Nominal GDP in 2016 is $0 Nominal GDP in 2017 is $ Robots Pens Price $1 each $2 each $1 each Pizza Quantity Price In 2017 Item Robots Pens Pizza $6 each $8 each $8 each
Most questions answered within 3 hours.
-
A
cylunder of titanium (length = 5.00cm, diameter = 1.20 cm) has a
mass of 25.5...
asked 1 hour ago -
1) Answer Each question with 1-2 Sentences:
a) How can we use the continuity and change...
asked 1 hour ago -
5. What is the decimal equivalent of the largest binary
integer that can be obtained with...
asked 58 minutes ago -
Why is the magnitude of the Type Ia supernova always the same
(-19.6)?
asked 1 hour ago -
5. You are a quality control engineer and you are
asked to analyze the lifetime (in hours)...
asked 1 hour ago -
How many ways can 2 people be chosen and arranged in a straight
line if there...
asked 2 hours ago -
(Problem 1d). Leandro has 16 hours per day that he can allocate
to work or leisure....
asked 3 hours ago -
Morganton Company
makes one product and it provided the following information to help
prepare the master...
asked 3 hours ago -
2Al + 3Cl2 --> 2AlCl3
If one mole Al is reacted w two moles Cl2, how...
asked 4 hours ago -
1. You will see some trends in the movement of each currency vs.
the US Dollar....
asked 4 hours ago -
9. (9 pts) An investor with a stock portfolio worth several
hundred thousand dollars sued his...
asked 5 hours ago -
Which statement is true?
a. Unless directed otherwise, the computer automatically
executes C. statements one before...
asked 5 hours ago