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For BUSC 1A Chapter 7
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Homework: Macroeconomic Measurements, Part II: GDP and Real GDP (Ch...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges....
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 Pencils Oranges Price (Dollars per orange) 2 4 4 Price Year 2012 2013 2014 Quantity (Number of pencils) 145 165 110 Quantity (Number of oranges) 195 225 165 (Dollars per pencil) Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars)...
From 2013 to 2014, nominal GDP ______ (Decreased or increased) , and real GDP _______ (Decreased...
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
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...
5. Real Versus homihal GDP Consider a simple economy that produces two goods: apples and muffins....
5. Real Versus homihal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period. Apples Price Quantity (Dollars per apple) (Number of apples) Muffins Quantity (Dollars per muffin) (Number of muffins) Price 125 Year 2018 2019 2020 170 150 200 230 170 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year 2018,...
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins....
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three- year period. Apples Price Quantity (Dollars per apple) (Number of apples) Year 2018 2019 115 Muffins Price Quantity (Dollars per muffin) (Number of muffins) 175 180 160 150 2020 100 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three-year period. YearPrice (Dollars per pen)Quantity (Number of pens)Price (Dollars per muffin)Quantity (Number of muffins)201811502160201921354230202031104165Use the information from the preceding table to fill in the following table. From 2019 to 2020, nominal GDP _______ , and real GDP _______ .The inflation rate in 2020 was _______ .Why is real GDP a more accurate measure...
decreased/increased -12.5% or 0.1% or 12.5% or 88.9% or 112.5% 5. Real versus nominal GDP Consider...
decreased/increased
-12.5% or 0.1% or 12.5% or 88.9% or 112.5%
5. Real versus nominal GDP 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. Pens Erasers Price (Dollars per pen) Quantity (Number of pens) Price (Dollars per eraser) 150 Year 2018 2019 2020 Quantity (Number of erasers) 160 230 165 N 135 110 Use the information from the preceding table to fill...
Consider a simple economy that produces two goods: pencils and oranges. The following table shows the...
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 Pencils Oranges Price Price Quantity Quantity (Number of pencils) 110 155 120 (Dollars per pencil) (Dollars per orange) (Number of oranges) Year 2012 2013 2014 150 215 180 Use the information from the preceding table to fill in the following table Real GDP (Base year 2012, dollars) Nominal GDP (Dollars) GDP Deflator Year 2012...
Based on the table below, calculate nominal GDP real GDP, the GDP deflator, and the infation...
Based on the table below, calculate nominal GDP real GDP, the GDP deflator, and the infation rate in each year and fill in the missing parts of the table Use 2010 as the base year Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number Quantity Price of Quantity Price of Real GOP ($) GOP deflator Inflation rate (%) Year of orange of beach beach ball GDP...
Real versus nominal GDP Consider a simple economy that produces two goods: pens and envelopes. The...
Real versus nominal GDP Consider a simple economy that produces two goods: pens and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Year Pens Envelopes Price Quantity Price Quantity (Dollars per pen) (Number of pens) (Dollars per envelope) (Number of envelopes) 2018 2 125 3 155 2019 4 135 3 210 2020 2 125 3 165 Use the information from the preceding table to fill in the following table. Year Nominal GDP...
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 Pencils Oranges Price (Dollars per orange) 2 4 4 Price Year 2012 2013 2014 Quantity (Number of pencils) 145 165 110 Quantity (Number of oranges) 195 225 165 (Dollars per pencil) Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars)...
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
5. Real Versus homihal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period. Apples Price Quantity (Dollars per apple) (Number of apples) Muffins Quantity (Dollars per muffin) (Number of muffins) Price 125 Year 2018 2019 2020 170 150 200 230 170 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year 2018,...
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three- year period. Apples Price Quantity (Dollars per apple) (Number of apples) Year 2018 2019 115 Muffins Price Quantity (Dollars per muffin) (Number of muffins) 175 180 160 150 2020 100 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three-year period. YearPrice (Dollars per pen)Quantity (Number of pens)Price (Dollars per muffin)Quantity (Number of muffins)201811502160201921354230202031104165Use the information from the preceding table to fill in the following table. From 2019 to 2020, nominal GDP _______ , and real GDP _______ .The inflation rate in 2020 was _______ .Why is real GDP a more accurate measure...
decreased/increased
-12.5% or 0.1% or 12.5% or 88.9% or 112.5%
5. Real versus nominal GDP 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. Pens Erasers Price (Dollars per pen) Quantity (Number of pens) Price (Dollars per eraser) 150 Year 2018 2019 2020 Quantity (Number of erasers) 160 230 165 N 135 110 Use the information from the preceding table to fill...
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 Pencils Oranges Price Price Quantity Quantity (Number of pencils) 110 155 120 (Dollars per pencil) (Dollars per orange) (Number of oranges) Year 2012 2013 2014 150 215 180 Use the information from the preceding table to fill in the following table Real GDP (Base year 2012, dollars) Nominal GDP (Dollars) GDP Deflator Year 2012...
Based on the table below, calculate nominal GDP real GDP, the GDP deflator, and the infation rate in each year and fill in the missing parts of the table Use 2010 as the base year Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number Quantity Price of Quantity Price of Real GOP ($) GOP deflator Inflation rate (%) Year of orange of beach beach ball GDP...
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