Homework Answers
The real GDP of 2018 will be 1100 x 2 = $2200 + 525 x 10 = $5250.
$7450 is the answer. Option "C".
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Refer to Table below. The table provides data on the economy of Tropical Republic that produces...
a) What was the value of the GDP deflator in 1999, in 2000 (b) What was...
a) What was the value of the GDP deflator in 1999, in 2000 (b) What was the inflation rate in 2000 using the GDP deflator! 9. Tropical Republic produces only bananas and coconuts. The base year is 2010, an tables give the quantities produced and the prices. Quantities Bananas Coconuts 2010 2011 70 bunches SO bunches 40 bunches 60 bunches Prices Bananas Coconuts 2010 $3 a bunch $8 a bunch 2011 $5 a bunch $9 a bunch (a) (4 points)...
An economy produces only robots, pens, and pizza
An economy produces only robots, pens, and pizza The table gives the quantities produced and prices in 2016 and 2017 The base your is 2016 What is nominal GDP in 2016 and in 2017? Nominal GDP in 2016 is $_______ Nominal GDP in 2017 is $_______ A south sea island produces only coconuts In 2010, the price of a coconut is $2.00 and the quantity produced is 350 In 2017, the price of a coconut is $1.50 and the quantity produced is 300 2010 is the base year Real GDP...
Macroeconomic Mathematical Note 8. An island economy produces only fish and crabs. Quantities Fish Crabs Prices...
Macroeconomic
Mathematical Note 8. An island economy produces only fish and crabs. Quantities Fish Crabs Prices Fish Crabs 2016 2017 1,100 tons 525 tons 1,000 tons 500 tons 2016 $20 a ton $10 a ton Calculate the island's chained-dollar real GDP in 2017 expressed in 2016 dollars. 2017 $30 a ton $8 a ton
Consider a simple economy that produces two goods: pens and erasers. The following table shows the...
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...
4. Real Versus Nominal GDP Aa Aa Consider a simple economy that produces two goods: cupcakes...
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)...
3. Consider an economy that produces oranges and boomerangs. The prices and quantities of these goods...
3. Consider an economy that produces oranges and boomerangs. The prices and quantities of these goods in two different years are reported in the table below. Fill in the missing entries. % change 2017-18 Quantity of oranges Quantity of boomerangs Prices of oranges (dollars) Prices of boomerangs (dollars) 3 Nominal GDP Real GDP in 2017 prices 2017 100 20 2018 108 30 1.10 3.15 Real GDP in 2018 prices 4. a. Using the data in Question 3, calculate the rate...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table s...
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...
Problem1 Suppose we have an econonny that produces ony oge and coconnts. The following table gives...
Problem1 Suppose we have an econonny that produces ony oge and coconnts. The following table gives the prices and qasntities of these commoditis for 2017 and 2018 2017 2018 Oranges 13 2 of 5 Price 110 Quantity Value Coconuts Price Quantity Value Nominal GDP 100 1 Fill-in the missing values in the table. 1.2 Caleulate the gnowth rate in sominal GDP etwees 2017 and 2018 Growth rate 13 Compute the value of GDP for 2018 using 2017 peis Then compute...
Consider a simple economy that produces two goods: cupcakes and muffins. The following table shows the prices and quantities of the goods three-year period.
Consider a simple economy that produces two goods: cupcakes and muffins. The following table shows the prices and quantities of the goods three-year period. Use the information from the preceding table to fill in the following table. From 2018 to 2019, nominal GDP _______ . and real GDP _______ . The inflation rate in 2019 was _______ . Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP is not influenced by price changes, but nominal GDP is.Nominal GDP...
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the...
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over a three-year period Erasers Cupcakes Price Quantity (Dollars per cupcake) (Number of cupcakes) 1 150 Year Price (Dollars per eraser) 2 Quantity (Number of erasers) 160 2018 2019 2 135 4 230 2020 3 110 4 165 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Year Real GDP (Base...
a) What was the value of the GDP deflator in 1999, in 2000 (b) What was the inflation rate in 2000 using the GDP deflator! 9. Tropical Republic produces only bananas and coconuts. The base year is 2010, an tables give the quantities produced and the prices. Quantities Bananas Coconuts 2010 2011 70 bunches SO bunches 40 bunches 60 bunches Prices Bananas Coconuts 2010 $3 a bunch $8 a bunch 2011 $5 a bunch $9 a bunch (a) (4 points)...
Macroeconomic
Mathematical Note 8. An island economy produces only fish and crabs. Quantities Fish Crabs Prices Fish Crabs 2016 2017 1,100 tons 525 tons 1,000 tons 500 tons 2016 $20 a ton $10 a ton Calculate the island's chained-dollar real GDP in 2017 expressed in 2016 dollars. 2017 $30 a ton $8 a ton
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)...
3. Consider an economy that produces oranges and boomerangs. The prices and quantities of these goods in two different years are reported in the table below. Fill in the missing entries. % change 2017-18 Quantity of oranges Quantity of boomerangs Prices of oranges (dollars) Prices of boomerangs (dollars) 3 Nominal GDP Real GDP in 2017 prices 2017 100 20 2018 108 30 1.10 3.15 Real GDP in 2018 prices 4. a. Using the data in Question 3, calculate the rate...
Problem1 Suppose we have an econonny that produces ony oge and coconnts. The following table gives the prices and qasntities of these commoditis for 2017 and 2018 2017 2018 Oranges 13 2 of 5 Price 110 Quantity Value Coconuts Price Quantity Value Nominal GDP 100 1 Fill-in the missing values in the table. 1.2 Caleulate the gnowth rate in sominal GDP etwees 2017 and 2018 Growth rate 13 Compute the value of GDP for 2018 using 2017 peis Then compute...
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over a three-year period Erasers Cupcakes Price Quantity (Dollars per cupcake) (Number of cupcakes) 1 150 Year Price (Dollars per eraser) 2 Quantity (Number of erasers) 160 2018 2019 2 135 4 230 2020 3 110 4 165 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Year Real GDP (Base...
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