Homework Answers
Real GDP in Year 1 is 80 $
Base year 2
Real GDP for Year 1 = No of units produced in year 1 * Price per unit in year 2
= 20 * 4
= 80 $
Add Answer to:
Year Units of OutputPrice Per Unit 25 30 Assume an economy that is producing only one...
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.
Use the following to answer questions 6-7: Assume an economy which is producing only one product....
Use the following to answer questions 6-7: Assume an economy which is producing only one product. Output and price data for a three-year period are as follows. Year 1 Units of output Price per unit 20 $4 25 30 6 6. Refer to the above data. The nominal GDP for year 3 is: A) 125 percent higher than the nominal GDP for year 1. B) 50 percent higher than the nominal GDP for year 1. C) $120. D) $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 $_____________.
Units of Output Price Per Year Unit $2 10 15 18 20 The accompanying table gives...
Units of Output Price Per Year Unit $2 10 15 18 20 The accompanying table gives price and output data over a five-year period for an economy that produces only one good. If year 2 is the base year, then Real GDP in year 5 is
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...
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 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...
Assume that in the Economy only two goods are produced: Computers and TV’s. Macroeconomic information for...
Assume that in the Economy only two goods are produced: Computers and TV’s. Macroeconomic information for this economy is given in Table. a. How much is Nominal GDP in 2017 and 2018? What is the percentage change? b. How much is Real GDP in 2017 and 2018, by considering 2017 as the base year? What is the percentage change? c. How much is the GDP deflator in the two years? By what percentage does the price level change from the...
The table below shows production and prices for a stylized economy. Assume the base year is...
The table below shows production and prices for a stylized economy. Assume the base year is 2005. Price per unit of X(S) Production of Y Price per unit Year Production of X of Y (S) 2005 200 units 500 2010 2015 300 units 400 units Calculate nominal and real GDP for 2005, 2010 and 2015 assuming the base year is 2005 Calculate the GDP deflator for 2005, 2010, and 2015. What is the inflation rate between 2005 and 2010? Between...
1. Assume an economy that only produces pineapples, snorkels and umbrellas. With data from the table...
1. Assume an economy that only produces pineapples, snorkels and umbrellas. With data from the table below, answer the following questions: Item Pineapples Snorkels Umbrellas Current Period Quantity Price 4,240 $1.30 5,000 $10.00 1,060 $100.00 Base Period Quantity Price 4,240 $1.00 5,000 S8.00 1,060 $100.00 a. Estimate nominal GDP for both periods b. Estimate real GDP for both periods utilizing prices from the base period c. Estimate the inflation rate for the current period utilizing the growth rates in nominal...
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.
Use the following to answer questions 6-7: Assume an economy which is producing only one product. Output and price data for a three-year period are as follows. Year 1 Units of output Price per unit 20 $4 25 30 6 6. Refer to the above data. The nominal GDP for year 3 is: A) 125 percent higher than the nominal GDP for year 1. B) 50 percent higher than the nominal GDP for year 1. C) $120. D) $30.
Units of Output Price Per Year Unit $2 10 15 18 20 The accompanying table gives price and output data over a five-year period for an economy that produces only one good. If year 2 is the base year, then Real GDP in year 5 is
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...
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 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...
The table below shows production and prices for a stylized economy. Assume the base year is 2005. Price per unit of X(S) Production of Y Price per unit Year Production of X of Y (S) 2005 200 units 500 2010 2015 300 units 400 units Calculate nominal and real GDP for 2005, 2010 and 2015 assuming the base year is 2005 Calculate the GDP deflator for 2005, 2010, and 2015. What is the inflation rate between 2005 and 2010? Between...
1. Assume an economy that only produces pineapples, snorkels and umbrellas. With data from the table below, answer the following questions: Item Pineapples Snorkels Umbrellas Current Period Quantity Price 4,240 $1.30 5,000 $10.00 1,060 $100.00 Base Period Quantity Price 4,240 $1.00 5,000 S8.00 1,060 $100.00 a. Estimate nominal GDP for both periods b. Estimate real GDP for both periods utilizing prices from the base period c. Estimate the inflation rate for the current period utilizing the growth rates in nominal...
Most questions answered within 3 hours.
-
What is the net ionic equation for the reaction that would occur
when an aqueous solution...
asked 2 hours ago -
A
student bought $1000 worth of furniture. What is the equivalent
annual cost if it is...
asked 2 hours ago -
What taboo subject did Ida B. Wells suggest was consensual
between black men and white women?...
asked 3 hours ago -
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 4 hours ago -
4) A firm is hit by increases in its wage rate, w.
a) How does this...
asked 4 hours ago -
A square current loop 5.4 cm on each side carries a 510 mA
current. The loop...
asked 7 hours ago -
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 7 hours ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 7 hours ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 8 hours ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 8 hours ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 9 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 9 hours ago