Homework Answers
14) Answer: overstates the increase due to the substitution bias
15) Answer: unmeasured quality change
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Suppose the price of thes e respond by bumer e The consumer price reflects this price...
3 please Question 3 If the price of Italian shoes imported into the United States increases,...
3
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Question 3 If the price of Italian shoes imported into the United States increases, then a. the GDP deflator will increase, but the consumer price index (CPI) will not increase. b. both the GDP deflator and the consumer price index (CPI) will increase. c. the consumer price index (CPI) will increase, but the GDP deflator will not increase d. neither the GDP deflator nor the consumer price index (CPT) will increase
1). If the price of Australian-made shoes imported into the United States increase, then, at a...
1). If the price of Australian-made shoes imported into the United States increase, then, at a result, Answer: the GDP deflator increases but the consumer price index does not increase. 2). Suppose that U.S. mining companies purchase German-made ore trucks at a reduced price. By itself, what effect will this purchase have on the GDP deflator and in the CPI? Answer: the CPI and the GDP deflator will be unaffected. I juxtapose these two questions together because I don’t understand...
How does the Consumer Price Index differ from the GDP deflator? Explain what is meant by...
How does the Consumer Price Index differ from the GDP deflator? Explain what is meant by the "substitution bias" in the CPI. If food prices increase by 10%, and people always spend 25% of their total consumption expenditure on food, how much will the CPI increase (all other prices stay the same)?
Ante tolikowing Us Towy w Et Questo 39 Gradesh 1. The western component DD 2. An...
Ante tolikowing Us Towy w Et Questo 39 Gradesh 1. The western component DD 2. An increase in real GDP of the UNE output of goods and services U 3. Economists use the termino debe overall production levels rising 4. Suppose that a borrower and and then on a loan. Then nation turns out to be the one that the real interest rate on this loans lower than 6. The catch-up effect is deed the property where rich more rapidly...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The production possibilities frontier is a graph that shows the various combinations of output that an economy a. should produce. b. wants to produce. c. can produce d. demands 2 The price index was 320 in one year and 360 in the next year. What was the inflation rate? a. 9 percent ((B-A)/A)*100 b. 11.1 percent c. 12.5 percent ((360 - 320)/320)*100 d. 40 percent...
1. U.S. GDP includes estimates of the value of items that are produced and consumed at...
1. U.S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance. a. True b. False 2. If the U.S. government reports that GDP in the third quarter was $16 trillion at an annual rate, then the amount of income and expenditure during quarter three was $4 trillion. a. True b. False 3. If consumption is 57000, exports are $600. government purchases are $2000. government transfers are $900, imports...
1. (24 total points) Suppose a consumer’s utility function is given by U(X,Y) = X1/2*Y1/2. Also,...
1. (24 total points) Suppose a consumer’s utility function is given by U(X,Y) = X1/2*Y1/2. Also, the consumer has $72 to spend, and the price of Good X, PX = $4. Let Good Y be a composite good whose price is PY = $1. So on the Y-axis, we are graphing the amount of money that the consumer has available to spend on all other goods for any given value of X. a) (2 points) How much X and Y...
19. Suppose an island economy's real GDP is $10,000 in 2008 and 512,000 in 2018. The...
19. Suppose an island economy's real GDP is $10,000 in 2008 and 512,000 in 2018. The population is 100 people in 2008 and 110 people in 2018. Show work a. What is the growth rate of real GDP? b. What is the growth rate of real GDP per capita? 20. How many years would it take for real GDP to double if its growth rate is 2962 21. The quantity of goods and services that can be produced by one...
please help me to answer all quations write all the answers on the answer sheet) I...
please help me to answer all quations
write all the answers on the answer sheet) I multiple choices (10 points, 1 point for each question) 1. Which of the following is included in GDP?( A the production that you hire someone to mow your lawn B the production that you mow your own lawn C the production that you produce goods and services abroad 2. In the GDP accounting, investment the purchases of bonds B the purchases of stocks C...
Questions for 5 points each: CHOOSE 4 TO ANSWER 1. Inflation incese the price level and...
Questions for 5 points each: CHOOSE 4 TO ANSWER 1. Inflation incese the price level and dec s purchasing power of the dollar. Deflation wer of the dollar. Deflation des as the price level and blanks with increases" or "decreases.") The formula for the inflation rate is the purchasing power of the dollar. (Fill in the Why do we say that the level of prices does not matter? 2. Describe the Consumer Price Index. Describe a market basket. Write a...
3
please
Question 3 If the price of Italian shoes imported into the United States increases, then a. the GDP deflator will increase, but the consumer price index (CPI) will not increase. b. both the GDP deflator and the consumer price index (CPI) will increase. c. the consumer price index (CPI) will increase, but the GDP deflator will not increase d. neither the GDP deflator nor the consumer price index (CPT) will increase
Ante tolikowing Us Towy w Et Questo 39 Gradesh 1. The western component DD 2. An increase in real GDP of the UNE output of goods and services U 3. Economists use the termino debe overall production levels rising 4. Suppose that a borrower and and then on a loan. Then nation turns out to be the one that the real interest rate on this loans lower than 6. The catch-up effect is deed the property where rich more rapidly...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The production possibilities frontier is a graph that shows the various combinations of output that an economy a. should produce. b. wants to produce. c. can produce d. demands 2 The price index was 320 in one year and 360 in the next year. What was the inflation rate? a. 9 percent ((B-A)/A)*100 b. 11.1 percent c. 12.5 percent ((360 - 320)/320)*100 d. 40 percent...
1. U.S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance. a. True b. False 2. If the U.S. government reports that GDP in the third quarter was $16 trillion at an annual rate, then the amount of income and expenditure during quarter three was $4 trillion. a. True b. False 3. If consumption is 57000, exports are $600. government purchases are $2000. government transfers are $900, imports...
19. Suppose an island economy's real GDP is $10,000 in 2008 and 512,000 in 2018. The population is 100 people in 2008 and 110 people in 2018. Show work a. What is the growth rate of real GDP? b. What is the growth rate of real GDP per capita? 20. How many years would it take for real GDP to double if its growth rate is 2962 21. The quantity of goods and services that can be produced by one...
please help me to answer all quations
write all the answers on the answer sheet) I multiple choices (10 points, 1 point for each question) 1. Which of the following is included in GDP?( A the production that you hire someone to mow your lawn B the production that you mow your own lawn C the production that you produce goods and services abroad 2. In the GDP accounting, investment the purchases of bonds B the purchases of stocks C...
Questions for 5 points each: CHOOSE 4 TO ANSWER 1. Inflation incese the price level and dec s purchasing power of the dollar. Deflation wer of the dollar. Deflation des as the price level and blanks with increases" or "decreases.") The formula for the inflation rate is the purchasing power of the dollar. (Fill in the Why do we say that the level of prices does not matter? 2. Describe the Consumer Price Index. Describe a market basket. Write a...
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