Complete the table. Round each number to 2 decimal places. Year Value of Market Basket Price...
Complete the table. Round each number to 2 decimal places.
|
Year |
Value of Market Basket |
Price Index 2003 =100 |
Nominal Hourly Wage |
Real |
|
2001 |
$887.00 |
$4.55 |
||
|
2002 |
$993.44 |
$5.01 |
||
|
2003 |
$1,132.52 |
$5.61 |
||
|
2004 |
$1,245.78 |
$6.40 |
||
|
2005 |
$1,320.52 |
$6.98 |
Homework Answers
Here we need to calculate both price index and Real hourly wages. Then
Price index is,
Cost of market basket in a given year divided by cost of market basket per year multiplied by 100. And, real wages is Nominal wages in a year divided CPI in a year multiplied by 100.
| Year | Value of Market Basket | Price Index 2003=100 | Nominal Hourly wage | Real Hourly wage |
| 2001 | $887.00 | 127.68 | $4.55 | $3.56 |
| 2002 | $993.44 | 114 | $5.01 | $4.39 |
| 2003 | $1,132.52 | 100 | $5.61 | $5.61 |
| 2004 | $1,245.78 | 110 | $6.40 | $5.81 |
| 2005 | $1,320.52 | 116.60 | $6.98 | $5.98 |
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Complete the table. Round each number to 2 decimal places.
Year
Value of Market Basket
Price...
1. Suppose there are only 3 different goods produced and consumed in a closed economy. The...
1. Suppose there are only 3 different goods produced and consumed in a closed economy. The following table shows the prices and quantities of each good consumed in 2002, 2003, 2004, and 2005. Price of a Quantity of Price Price of Quantity pair of a pair of of Quantity Year Apple of Apple shoes Breed of Breed 3001000 1500 shoes 2002 2003 500 600 15 100 1200 2004 80020 3501300 2005 900 25 500 Calculate nominal GDP in each of...
Year Nominal GDP (billions of $) Real GDP (billions of 2000 $) Price Index (2000 =...
Year Nominal GDP (billions of $) Real GDP (billions of 2000 $) Price Index (2000 = base year) Growth (%) in Real GDP from previous year 1977 2,030.9 4,750.5 42.8 6.4% 1978 2,294.7 45.8 1998 8,747.0 9,066.9 4.2% 1999 9,268.4 97.9 2000 9,817.0 9,817.0 2001 10,128.0 9,890.7 2002 10,487.0 10,074.8 104.1 2003 11,004.0 106.0 2004 11,735.0 108.3 6.What was the price index value for the US in the base year? 7.What was real GDP for the US in the year...
3·The table below shows the market value of a given basket of goods from year 1...
3·The table below shows the market value of a given basket of goods from year 1 to year 5: Market value of basket $1.283.44 $1.411.78 $1.581.20 $1,723.51 $1.844.16 Price index Percentage 2-term MA Percentage change pf of price chg of 2-term MA Y ear rice index index 3 4 Complete the table (let year 2 be the base year)
The following table shows nominal GDP and an appropriate price index for a group of selected year...
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Nominal GDP Year 1968 1978 1988 1998 2008 Price Index 2005 100 22.01 40.40 66.98 85.51 108.48 Real GDP, Billions Effect on Nominal GDP Billions $909.80 2293.80 5100.40 8793.50 14441.40 0.00 increase /...
Using the Consumer Price Index (CPI) detailed in the table below, Year CPI CPI Year 2003...
Using the Consumer Price Index (CPI) detailed in the table below, Year CPI CPI Year 2003 1989 1990 1991 1992 1993 1994 1995 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 2004 2005 2006 2007 2008 2009 2010 184.0 188.9 195.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6 233.0 236.7 237.0 240.0 1996 1997 1998 1999 2000 2011 2012 2013 2014 166.6 172.2 177.1 179.7 2001 2002 2015 2016 Instructions: Enter your responses rounded to one decimal place...
2002 85.0 92.0 Refer to the data below (all values are in billions): Nominal Year GDP...
2002 85.0 92.0 Refer to the data below (all values are in billions): Nominal Year GDP Deflator GDP (in Billions (Price Index, of Dollars) 2009 = 100) 2000 9,817 81.9 2001 10,128 83.8 10,469 2003 10,960 86.7 2004 11,685 89.1 2005 12,422 2006 13,178 94.8 2007 13,808 97.3 2008 14,291 99.2 2009 13,939 100.0 2010 14,524 101.2 15,518 103.3 2012 16,163 105.2 2013 16,768 106.7 2014 17,393 108.8 2015 18,037 110.0 2016 18,569 111.4 2011 2010 2011 2012 2013 2014...
Year 2019 ECON 215: Practice problems: Measurements (Round to THREE decimal places) 2. Complete the chart of percentage...
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Based on the above table answer the following questions; What year is the base year? (15) ...
Based on the above table answer the following
questions;
What year is the base
year?
(15)
__________________________________________
In which year, did we experience deflation?
(15)
______________________________
What was the rate of inflation between 1970 and 1980?
(15) ________________________
If you earned $10,000 in 1990, how much would you have
had to earn in 2016 in order to maintain the same purchasing power?
(5) ___________________________________
Table 4.3 1970 - 2018 Consumer Price Index for All Urban Consumers Price Price Price Price...
x125 lim k(x) , complete the table and use the results to find 4.9 - 4.99 4.999 5.001 5.01 5.1 k(x) Complete the table 4.9 - 4.99 5.001 4.999 5.01 5.1 k(x) (Round to three decimal places as needed.)...
x125 lim k(x) , complete the table and use the results to find 4.9 - 4.99 4.999 5.001 5.01 5.1 k(x) Complete the table 4.9 - 4.99 5.001 4.999 5.01 5.1 k(x) (Round to three decimal places as needed.) Find the limit. Select the correct choice below and, if necessary, fill in the answer box within your choice OA. x3 + 125 lim O B. The limit does not exist and is neither oo nor-00
x125 lim k(x) , complete...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004 2005 & 2007 Nominal GDP (in Billions of Dollars) 9,817 10.128 10.469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,569 2008 2009 2010 2011 2012 2013 2014 2015 2016 100.0 101.2 103.3 105.2 106.7 108.8 110.0 111.4 Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2015 using 2007 prices. $0 billion b....
1. Suppose there are only 3 different goods produced and consumed in a closed economy. The following table shows the prices and quantities of each good consumed in 2002, 2003, 2004, and 2005. Price of a Quantity of Price Price of Quantity pair of a pair of of Quantity Year Apple of Apple shoes Breed of Breed 3001000 1500 shoes 2002 2003 500 600 15 100 1200 2004 80020 3501300 2005 900 25 500 Calculate nominal GDP in each of...
3·The table below shows the market value of a given basket of goods from year 1 to year 5: Market value of basket $1.283.44 $1.411.78 $1.581.20 $1,723.51 $1.844.16 Price index Percentage 2-term MA Percentage change pf of price chg of 2-term MA Y ear rice index index 3 4 Complete the table (let year 2 be the base year)
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Nominal GDP Year 1968 1978 1988 1998 2008 Price Index 2005 100 22.01 40.40 66.98 85.51 108.48 Real GDP, Billions Effect on Nominal GDP Billions $909.80 2293.80 5100.40 8793.50 14441.40 0.00 increase /...
Using the Consumer Price Index (CPI) detailed in the table below, Year CPI CPI Year 2003 1989 1990 1991 1992 1993 1994 1995 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 2004 2005 2006 2007 2008 2009 2010 184.0 188.9 195.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6 233.0 236.7 237.0 240.0 1996 1997 1998 1999 2000 2011 2012 2013 2014 166.6 172.2 177.1 179.7 2001 2002 2015 2016 Instructions: Enter your responses rounded to one decimal place...
2002 85.0 92.0 Refer to the data below (all values are in billions): Nominal Year GDP Deflator GDP (in Billions (Price Index, of Dollars) 2009 = 100) 2000 9,817 81.9 2001 10,128 83.8 10,469 2003 10,960 86.7 2004 11,685 89.1 2005 12,422 2006 13,178 94.8 2007 13,808 97.3 2008 14,291 99.2 2009 13,939 100.0 2010 14,524 101.2 15,518 103.3 2012 16,163 105.2 2013 16,768 106.7 2014 17,393 108.8 2015 18,037 110.0 2016 18,569 111.4 2011 2010 2011 2012 2013 2014...
Year 2019 ECON 215: Practice problems: Measurements (Round to THREE decimal places) 2. Complete the chart of percentage changes: 2017 2018 Nominal GDP $3,256 $3,459 $4,011 Original Value New Value % Change СРІ 182 185 190 Minimum wage $12 $12 $12 17 nominalr 1% 1.25% Population 23 215 15 4% 206 1. Complete the chart below using the provided numbers: 1834 1856 00000 2017 2018 2019 22.15 23.76 41.87 41 XXXX Real GDP Real GDP per capita Realr Real min....
Based on the above table answer the following
questions;
What year is the base
year?
(15)
__________________________________________
In which year, did we experience deflation?
(15)
______________________________
What was the rate of inflation between 1970 and 1980?
(15) ________________________
If you earned $10,000 in 1990, how much would you have
had to earn in 2016 in order to maintain the same purchasing power?
(5) ___________________________________
Table 4.3 1970 - 2018 Consumer Price Index for All Urban Consumers Price Price Price Price...
x125 lim k(x) , complete the table and use the results to find 4.9 - 4.99 4.999 5.001 5.01 5.1 k(x) Complete the table 4.9 - 4.99 5.001 4.999 5.01 5.1 k(x) (Round to three decimal places as needed.) Find the limit. Select the correct choice below and, if necessary, fill in the answer box within your choice OA. x3 + 125 lim O B. The limit does not exist and is neither oo nor-00
x125 lim k(x) , complete...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004 2005 & 2007 Nominal GDP (in Billions of Dollars) 9,817 10.128 10.469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,569 2008 2009 2010 2011 2012 2013 2014 2015 2016 100.0 101.2 103.3 105.2 106.7 108.8 110.0 111.4 Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2015 using 2007 prices. $0 billion b....
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