Homework Answers
Answer
Option C
1/8 times
=========
Increase in times of consumption in x year from y years = consumption in x y year /consumption in y year =6000/48000=1/8 times
Add Answer to:
If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in...
If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2018, we would say that in 2018, the...
If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2018, we would say that in 2018, the average American could buy as many goods and services as the average American in 1950. times O A. 8 times O B. 4 times O C. 1/8 times O D. 12 times
The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2009 dollars)
The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2009 dollars), and population (in thousands) of the United States in 1965,1975,1985,1995,2005, and 2015 . The U.S. price level rose consistently over the period 1965-2015.YearNominal GDP (billions of dollars)Real GDP (billions of 2009 dollars)Population (thousands)1965$743.7$3,976.7194,25019751,688.95,385.4215,89119854,346.77,593.8238,41619957,664.110,174.8266,458200513,093.714,234.2296,115201517,947.016,348.9321,601a. Why is real GDP greater than nominal GDP for all years until 2005 and lower for 2015 ?b. Calculate the percent change in real GDP from 1965 to...
Which of the following suggest that real per capita GDP is not a perfect measure of...
Which of the following suggest that real per capita GDP is not a perfect measure of economic well-being? a. population varies across counties b. GDP does not measure the value-added created during home production c. GDP does not take into account the income distribution d. GDP underestimates the value of goods and services produced in the economy because of inflation e. GDP inaccurately measures the value of goods and services produced by the government When do we say that the...
From 2009 to 2010, per capita real GDP in the United States grew by 1.8%. Given...
From 2009 to 2010, per capita real GDP in the United States grew by 1.8%. Given that prices increased by 1% and the population grew by 1%, we know that nominal GDP grew by A) 4.8% B) 1.8% C) 2.8% D) 3.8% E) 5.8%
Question 3 3. As discussed in Chapter 10, real GDP per capita in the United States...
Question 3
3. As discussed in Chapter 10, real GDP per capita in the United States grew from about $6,000 in 1900 to $50,010 in 2014, which represents an average annual growth rate of 1.9%. If the US economy continues to grow at this rate, how many years will it take for real GDP per capita to double from the 2014 number? If the economic growth rate was 2.2 rather than the historic 1.99 how many years will it take...
(Ch 07) (Dollars) 100 $410 $1,170 2010 (Dollars) From 2009 to 2010, nominal GDP , and...
(Ch 07) (Dollars) 100 $410 $1,170 2010 (Dollars) From 2009 to 2010, nominal GDP , and real GDP The inflation rate in 2010 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP includes the value of exports, but nominal GDP does not. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP is not influenced by price changes, but nominal GDP is....
1) A good measure of the standard of living is A) real GDP per capita B)...
1) A good measure of the standard of living is A) real GDP per capita B) the real interest rate C) total nominal GDP D) total real GDP. E) nominal GDP per capita 2) If you invest $10,000 in a bond that earns 8% interest per year, how many years will it take to double your money? A) 1 year and 3 months B) 2 years and 6 months C) 5 years and 6 months D) 8 years E) 8...
3. GDP trend and cycle: See Table 2 which shows UK real GDP per capita. Suppose...
3. GDP trend and cycle: See Table 2 which shows UK real GDP per capita. Suppose that the economy was at its trend in 2003. Suppose also that trend growth is one percent per year. Calculate the cycle using the formula Cycle = log (GDP)-log (Trend) In which years was the economy below trend? In which years was the economy above trend? What units is the cycle measured in? What year was the economy furthest above trend? In what year...
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...
2. Download the annual real GDP and GDP data of the United States 1950-2018 from FRED....
2. Download the annual real GDP and GDP data of the United States 1950-2018 from FRED. For the real GDP, the data online is chain-weighted and uses 2012 as the base year. In the lecture hursday, I showed you the detailed method and calculated the new chain-weighted real GDP when 1990 is the base year. You are required to calculate a new sequence of chain- weighted real GDP given a new base-year. The base year you should use in your...
If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2018, we would say that in 2018, the average American could buy as many goods and services as the average American in 1950. times O A. 8 times O B. 4 times O C. 1/8 times O D. 12 times
Question 3
3. As discussed in Chapter 10, real GDP per capita in the United States grew from about $6,000 in 1900 to $50,010 in 2014, which represents an average annual growth rate of 1.9%. If the US economy continues to grow at this rate, how many years will it take for real GDP per capita to double from the 2014 number? If the economic growth rate was 2.2 rather than the historic 1.99 how many years will it take...
(Ch 07) (Dollars) 100 $410 $1,170 2010 (Dollars) From 2009 to 2010, nominal GDP , and real GDP The inflation rate in 2010 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP includes the value of exports, but nominal GDP does not. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP is not influenced by price changes, but nominal GDP is....
1) A good measure of the standard of living is A) real GDP per capita B) the real interest rate C) total nominal GDP D) total real GDP. E) nominal GDP per capita 2) If you invest $10,000 in a bond that earns 8% interest per year, how many years will it take to double your money? A) 1 year and 3 months B) 2 years and 6 months C) 5 years and 6 months D) 8 years E) 8...
3. GDP trend and cycle: See Table 2 which shows UK real GDP per capita. Suppose that the economy was at its trend in 2003. Suppose also that trend growth is one percent per year. Calculate the cycle using the formula Cycle = log (GDP)-log (Trend) In which years was the economy below trend? In which years was the economy above trend? What units is the cycle measured in? What year was the economy furthest above trend? In what year...
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...
2. Download the annual real GDP and GDP data of the United States 1950-2018 from FRED. For the real GDP, the data online is chain-weighted and uses 2012 as the base year. In the lecture hursday, I showed you the detailed method and calculated the new chain-weighted real GDP when 1990 is the base year. You are required to calculate a new sequence of chain- weighted real GDP given a new base-year. The base year you should use in your...
Most questions answered within 3 hours.
-
Let X be a continuous random variable whose PDF is Let X be a
continuous random...
asked 1 minute from now -
A football with a mass of 1.2 kg is kicked from ground level to
a height...
asked 2 minutes ago -
Remember: Changes in supply determinants shift supply, and
changes in demand determinants shift demand. We say...
asked 59 seconds ago -
Why is the answer b), for this question? I came up with C) for
my incorrect...
asked 7 minutes ago -
Suppose that you know that in the population of full-time
employees in the United States, the...
asked 29 minutes ago -
This experiment was designed originally to sample various meat and carcass quality
aspects of Ontario pigs...
asked 29 minutes ago -
Dopamine Hydrochloride: draw the structure And Show the
functional groups in different colors and label the...
asked 21 minutes ago -
A rope supports a 10 kg dumbbell hanging from it. What is the
tension in the...
asked 21 minutes ago -
) Raw materials are studied for contamination. Suppose that
the number of particles of contamination per...
asked 43 minutes ago -
After running a regression analysis we calculated an F test and
the significance level was 0.15....
asked 39 minutes ago -
----Can someone please help me solve this one using JAVA
----I thank you in advance
Create...
asked 44 minutes ago -
1. What force primarily attracts the potassium ion to
the nitrate ion?
a. London forces...
asked 45 minutes ago