Homework Answers
the correct option is A
125 per cent higher than the nominal GDP at year 1
nominal GDP at year 1 is 80
nominal GDP at year 3 is 180
hence 80 + 125% = 180
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Use the following to answer questions 6-7: Assume an economy which is producing only one product....
Year Units of OutputPrice Per Unit 25 30 Assume an economy that is producing only one...
Year Units of OutputPrice Per Unit 25 30 Assume an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen as the base year, what is the real GDP for year 1. Answer:
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.
QUESTION 29 YearUnits of Outpu Price Per Unit G4 20 25 30 3 me an economy...
QUESTION 29 YearUnits of Outpu Price Per Unit G4 20 25 30 3 me an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are $120 and $100 $30 and $5. 。$180 and $120 O $180 and $30.
Assume you are studying an economy that produces only one good. In Year 1, 83 units...
Assume you are studying an economy that produces only one good. In Year 1, 83 units of output were produced and the (per-unit) price in Year 1 was $23 In Year 2, 136 units of output were produced and the (per-unit) price in Year 2 was $25 In Year 3, 186 units of output were produced and the (per-unit) price in Year 3 was $30 Assume that Year 2 is the base year. Nominal GDP in Year 3 is $_____________.
Answer the next question based on the following price and output data over a five-year period...
Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year. Year Units of Output Price per Unit In year 4, nominal GDP would be $120. O $60. O $316. $90.
B) Hoaa expands its factory in Marysville, Ohio. 7. An economy produces the following goods: cars,...
B) Hoaa expands its factory in Marysville, Ohio. 7. An economy produces the following goods: cars, textbooks, hamburgers, shirts and cotton. The quantities (Q) and prices (P) for the years of 2005 and 2010 are as follows 2 points each Q in 2005 P in 2005 Q in 2010 P in 2010 Textbooks 90 Hamburgers 75 Shirts Cotton 50 $2 $30 100 100 50 8,000 $60 $2 $25 $.6 50 10,000$.8 (a) Calculate nominal GDP for the 2 years. (b)...
Question 67 (1 point) Assume you are studying an economy that produces only one good. In...
Question 67 (1 point) Assume you are studying an economy that produces only one good. In Year 1, 83 units of output were produced and the (per-unit) price in Year 1 was $24 In Year 2, 127 units of output were produced and the (per-unit) price in Year 2 was $28 In Year 3, 171 units of output were produced and the (per-unit) price in Year 3 was $29 Assume that Year 2 is the base year. Nominal GDP in...
Question 66 (1 point) Assume you are studying an economy that produces only one good. In...
Question 66 (1 point) Assume you are studying an economy that produces only one good. In Year 1, 92 units of output were produced and the (per unit) price in Year 1 was $23 In Year 2, 101 units of output were produced and the (per-unit) price in Year 2 was $25 In Year 3, 208 units of output were produced and the (per-unit) price in Year 3 was $35 **You Assume that Year 2 is the base year. Real...
23) Suppose in current dollar terms, GDP increased by approximately 7 percent between one pet likely?...
23) Suppose in current dollar terms, GDP increased by approximately 7 percent between one pet likely? and the next, but real GDP fell by 2 percent. Which one of the following explanations is im A) Prices fell by 9 percent B) Prices increased by 9 percent C) Prices fell by 2 percent. D) Output rose by 2 percent. E) Prices increased by 7 percent. ulse the table belous to answer the foloving questions Table 20.2.5 Data From Southton Price (dollars)...
Q1 Which of the following are included and which are excluded in calculating this year's GDP....
Q1 Which of the following are included and which are excluded in calculating this year's GDP. Explain in each instance. a. A monthly scholarship cheque received by an economics student b. The purchase of an almost new tractor by farmer Kojo C. The cashing in of a savings bond d. An increase in business inventories e. Tim Horton's purchases a corner grocery store f. Fearless Qweenie Kong, a stuntwoman, purchases a life insurance policy for a billion dollars ($) g....
Year Units of OutputPrice Per Unit 25 30 Assume an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen as the base year, what is the real GDP for year 1. Answer:
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.
QUESTION 29 YearUnits of Outpu Price Per Unit G4 20 25 30 3 me an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are $120 and $100 $30 and $5. 。$180 and $120 O $180 and $30.
Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year. Year Units of Output Price per Unit In year 4, nominal GDP would be $120. O $60. O $316. $90.
B) Hoaa expands its factory in Marysville, Ohio. 7. An economy produces the following goods: cars, textbooks, hamburgers, shirts and cotton. The quantities (Q) and prices (P) for the years of 2005 and 2010 are as follows 2 points each Q in 2005 P in 2005 Q in 2010 P in 2010 Textbooks 90 Hamburgers 75 Shirts Cotton 50 $2 $30 100 100 50 8,000 $60 $2 $25 $.6 50 10,000$.8 (a) Calculate nominal GDP for the 2 years. (b)...
Question 67 (1 point) Assume you are studying an economy that produces only one good. In Year 1, 83 units of output were produced and the (per-unit) price in Year 1 was $24 In Year 2, 127 units of output were produced and the (per-unit) price in Year 2 was $28 In Year 3, 171 units of output were produced and the (per-unit) price in Year 3 was $29 Assume that Year 2 is the base year. Nominal GDP in...
Question 66 (1 point) Assume you are studying an economy that produces only one good. In Year 1, 92 units of output were produced and the (per unit) price in Year 1 was $23 In Year 2, 101 units of output were produced and the (per-unit) price in Year 2 was $25 In Year 3, 208 units of output were produced and the (per-unit) price in Year 3 was $35 **You Assume that Year 2 is the base year. Real...
23) Suppose in current dollar terms, GDP increased by approximately 7 percent between one pet likely? and the next, but real GDP fell by 2 percent. Which one of the following explanations is im A) Prices fell by 9 percent B) Prices increased by 9 percent C) Prices fell by 2 percent. D) Output rose by 2 percent. E) Prices increased by 7 percent. ulse the table belous to answer the foloving questions Table 20.2.5 Data From Southton Price (dollars)...
Q1 Which of the following are included and which are excluded in calculating this year's GDP. Explain in each instance. a. A monthly scholarship cheque received by an economics student b. The purchase of an almost new tractor by farmer Kojo C. The cashing in of a savings bond d. An increase in business inventories e. Tim Horton's purchases a corner grocery store f. Fearless Qweenie Kong, a stuntwoman, purchases a life insurance policy for a billion dollars ($) g....
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