Ans. 1
1. Consider the following table for an economy that produces only six goods 2016 2018 Goods...
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 an economy that only produces and consumes milk and cars. In table 1 are data from two different years Table 1: GDP and Prices Year 2000 S1 Number of milks produced500 $50 100 Year 2016 $2 400 $100 120 Price of a liter of milk Price of a car (a) Using the year 2000 as the base year, compute for 2000 and 2016 the following statistics: nominal GDP, real GDP, the price deflator and the CPI. [15 points b)...
Consider an economy that only produces and consumes milk and cars. In the table are data from 2 different years Year 2000 Year 2016 Price for a litre of milk $1 $2 # of milks produced 500 400 Price for a car $50 $100 # of cars produced 100 120 a) using the year 2000 as a base year, compute for 2000 and 2016 for the following statistics: nominal GDP, real GDP, price deflator and the CPI b) How much...
Consider an economy that only produces and consumes milk and cars. In table 1 are data from two different years. Table 1: GDP and Prices Year 2000 Year 2016 Number of milks produced Price of a car Number of cars produced S1$2 500 S50 100 400 $100 120 (a) Using the year 2000 as the base year, compute for 2000 and 2016 the following statistics: nominal GDP, real GDP, the price deflator and the CPI. 15 points b) How much...
Consider an economy that produces and consumes coffee, bread and auto- mobiles. In the following table, we have data for two different years. The first 2 questions refer to this table. Price of 1 Automobile Price of 1 loaf of Bread Price of 1 cup of Coffee Number of Automobiles Produced Number of Loaves of Bread Produced Number of Cups of Coffee Produced Year 2018 $30,000 $1.50 $2.00 1000 400,000 100,000 Year 2019 $31,000 $1.60 $2.20 1100 400,000 105,000 1....
Assume that an economy produces only three goods; Computers, cars, and pizza. Table 1 gives the price and quantity for each good and the number of employed and unemployed individuals for the years 2010-2013. Table 2 gives the fixed basket used for calculating the CPI. Assume that the base year is 2011 and show your work! Table 1 - Price and Quantity of Goods Sold in 2010-2013 2010 2011 2012 2013 P Q P O P Q 25 Computers Cars...
Question 9 1 pts Consider the following table: The economy in the base year 2018 produced: Item Coffee Pizza Beer Quantity 20 cups 22 pizzas 40 litres Price $3 per cup $10 per pizza $3 per litre In 2019 the same economy produced: Item Quantity Coffee 24 cups Pizza 25 pizzas Beer 42 litres Price $2 per cup $9 per pizza $3.50 per litre Which of the following is the rate of consumer price inflation and real GDP growth between...
Question 11 44 pts Assume that an economy produces only three goods; Computers, cars, and pizza. Table 1 gives the price and quantity for each good and the number of employed and unemployed individuals for the years 2017-2020. Table 2 gives the fixed basket used for calculating the CPI. Assume that the base year is 2018! Table 1 - Price and Quantity of Goods Sold in 2017-2020 2017 2018 2019 2020 Р Q 20 Q 15 Computers Р $400/unit $18,000/unit...
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...
4. Real Versus Nominal GDP Aa Aa Consider a simple economy that produces two goods: cupcakes and muffins. The following table shows the prices and quantities for the goods over a three-year period. Prices and Quantities Price of Quantity of Price of cupcakes (6) cupcakes muffins (C) 150 2 2003 200 Quantity of muffins Year 2016 2017 2018 100 150 100 Use the information from the previous table to fill in the following table. Real GDP (Base year 2016) (C)...