Homework Answers
Question 38) Nominal GDP in 2006 = (Shoes: Price * Quantity) + (Books: Price * Quantity)
= (50 * $35) + (40 * $32)
= $1750 + $1280
= $3030.
Question 39) Real GDP in 2007 using 2006 as the base year = (Shoes: Price in 2006 * Quantity in 2007) + (Books: Price in 2006 * Quantity in 2007)
= (50 * $30) + (40 * $40)
= $1500 + $1600
= $3100.
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Canvas → XCO D Question 38 1 pts Given the following information calculate NominaGDP in 2006,...
i need the answers to 38 and 39 Canvas → XCO Question 38 1 pts Suppose,...
i need the answers to 38 and 39
Canvas → XCO Question 38 1 pts Suppose, Congress enacts legislation to help book stores like Barnes and Noble to recover during the recession that began in late 2007. Which of the following policies is likely to have the greatest impact on the company and the economy? A corporate tax increase that allows Barnes and Noble to increase its workforce and contribute towards increasing aggregate supply. A reduction in the personal income...
Question 6 (1 point) Suppose the information in the following table is for a simple economy...
Question 6 (1 point) Suppose the information in the following table is for a simple economy that produces only four goods and services shoes, hamburgers, shirts, and cotton Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts Calculate real GDP for 2015 using 2009 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as...
a $900 ECON 250 40. In a certain economy in 2008, GDP amounted to $5,000, consumption...
a $900 ECON 250 40. In a certain economy in 2008, GDP amounted to $5,000, consumption amounted to $3.000, govem punch investment and the value of exports exceeded the value of imports by $200. It follows that investment a n d to b. SI,100 c. $1,250 d. $1,325 41. Which of the following statements about GDP is correct? a. Nominal GDP values production at market prices, whereas real GDP values production at the cost of the resources used in the...
Question 9 1 pts Consider the following table: The economy in the base year 2018 produced:...
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...
The economy of Tuland produces only two products books books and dvds dvds. The following information...
The economy of Tuland produces only two products books books and dvds dvds. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of books 50 55 Quantity of dvds 2 4 Price of books $1.00 $1.05 Price of dvds $50.00 $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $. (Enter your response rounded to two decimal places.) Real...
Use the following table to answer the next question. The base year is 2007 3 Hot...
Use the following table to answer the next question. The base year is 2007 3 Hot Dogs Year Price Quantity 2005 $2.50 100 2006 4.00 100 2007 5.00 100 2008 8.00 150 2009 110.00 200 — Baseballs Bottles of Beer Price Quantity Price Quantity $2.50 50 $1.00 100 5. 00 100 2.00 150 5.00 100 2.00 200 8.00 200 г 4.00 — 200 10.00 1200 14.00 250 Compared to the base year, the rate of inflation for the year 2007...
Suppose the information in the following table is for a simple economy that produces only four...
Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts. Calculate the GDP deflator for 2015. Use 2009 as the base year for the calculations. Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$," "=,"...
Question 3 Use the following price and quantity data for this question. For chain-weight with price...
Question 3 Use the following price and quantity data for this question. For chain-weight with price average, use the method discussed in class. Year 1 Quantity Price 10 20 10 Year 2 Quantity Price 15 10 15 40 Fill in the following chart: Year Nominal GDP real GDP real GDP (base=year 1) (base=year2) real GDP (chain-weight with price average) Year 1 Year 2 b) Fill in the follow chart, which asks you to calculate the inflation rate between years 1...
Suppose the information in the following table is for a simple economy that produces only the...
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2009 Statistics 2018 Statistics 2019 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 100 $52.00 115 $65.00 110 $70.00 Hamburgers 85 3.00 120 3.00 135 3.50 Shirts 70 40.00 60 35.00 85 35.00 Cotton 12,000 0.90 12,000 0.75 13,000 0.80 a. If...
How do I solve the following problems Given the following information, what would the real growth...
How do I solve the following problems
Given the following information, what would the real growth in 2015 be? Nominal GDPGDP Deflator 2014$120 billion 110 2015145 billion 126 5.6 (HOW) With a Real GDP of $100 billion in 2016 and of $140 billion in 2017, the real growth would be 40% (HOW) The fictional small country of Dansbert has had a robust GDP the last few years. Dansbert produces just two products: TVs and Computers. The following chart shows product...
i need the answers to 38 and 39
Canvas → XCO Question 38 1 pts Suppose, Congress enacts legislation to help book stores like Barnes and Noble to recover during the recession that began in late 2007. Which of the following policies is likely to have the greatest impact on the company and the economy? A corporate tax increase that allows Barnes and Noble to increase its workforce and contribute towards increasing aggregate supply. A reduction in the personal income...
Question 6 (1 point) Suppose the information in the following table is for a simple economy that produces only four goods and services shoes, hamburgers, shirts, and cotton Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts Calculate real GDP for 2015 using 2009 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as...
a $900 ECON 250 40. In a certain economy in 2008, GDP amounted to $5,000, consumption amounted to $3.000, govem punch investment and the value of exports exceeded the value of imports by $200. It follows that investment a n d to b. SI,100 c. $1,250 d. $1,325 41. Which of the following statements about GDP is correct? a. Nominal GDP values production at market prices, whereas real GDP values production at the cost of the resources used in the...
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...
Use the following table to answer the next question. The base year is 2007 3 Hot Dogs Year Price Quantity 2005 $2.50 100 2006 4.00 100 2007 5.00 100 2008 8.00 150 2009 110.00 200 — Baseballs Bottles of Beer Price Quantity Price Quantity $2.50 50 $1.00 100 5. 00 100 2.00 150 5.00 100 2.00 200 8.00 200 г 4.00 — 200 10.00 1200 14.00 250 Compared to the base year, the rate of inflation for the year 2007...
Question 3 Use the following price and quantity data for this question. For chain-weight with price average, use the method discussed in class. Year 1 Quantity Price 10 20 10 Year 2 Quantity Price 15 10 15 40 Fill in the following chart: Year Nominal GDP real GDP real GDP (base=year 1) (base=year2) real GDP (chain-weight with price average) Year 1 Year 2 b) Fill in the follow chart, which asks you to calculate the inflation rate between years 1...
How do I solve the following problems
Given the following information, what would the real growth in 2015 be? Nominal GDPGDP Deflator 2014$120 billion 110 2015145 billion 126 5.6 (HOW) With a Real GDP of $100 billion in 2016 and of $140 billion in 2017, the real growth would be 40% (HOW) The fictional small country of Dansbert has had a robust GDP the last few years. Dansbert produces just two products: TVs and Computers. The following chart shows product...
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