Homework Answers
Nominal GDP = Sum of the price of a good in the current year * Quantity of good in the current year
Real GDP = Sum of the price of a good in the base year * quantity if good in the current year
GDP Deflator = Nominal GDP/Real GDP * 100
Inflation = (GDP Deflator of the current year - GDP Deflator of the previous year)/ GDP Deflator of the previous year * 100
Growth rate = (GDP2-GDP1)/GDP1 * 100
Now for 2011 (2011 is the base year)
Nominal GDP = 400*1 + 1300*1 = 1700
Real GDP = 400*1 + 1300*1 = 1700
GDP Deflator = 1700/1700 * 100 = 100
Now for 2012 (2011 is the base year)
Nominal GDP = 500*2+2000*1 = 3000
Real GDP = 500*1+2000*1 = 2500
GDP Deflator = 3000/2500 * 100 = 120
Now for 2013 (2011 is the base year)
Nominal GDP = 900*3+3000*2 = 8700
Real GDP = 900*1+3000*1 = 3900
GDP Deflator = 8700/3900 = 223.08
(1) Now Change in Nominal GDP between 2012 & 2011 = (3000-1700)/1700 * 100 = 76.47%
Now Change in Nominal GDP between 2013 & 2012 = (8700-3000)/3000 * 100 = 190%
(2) Now Change in Real GDP between 2012 & 2011 = (2500-1700)/1700 * 100 = 47.06%
Now Change in Real GDP between 2013 & 2012 = (3900-2500)/2500 * 100 = 56%
(3) Now inflation between 2012 & 2011 = (120-100)/100 * 100 = 20%
Now inflation between 2013 & 2012 = (223.08-120)/120 * 100 = 85.9%
Add Answer to:
Question 2 The country of Old Jersey produces milk and butter, and it has published the...
show work 29) The country of Old Jersey produces milk and butter, and it has published...
show work
29) The country of Old Jersey produces milk and butter, and it has published the following roeconomic data, where quantities are in gallons and prices are dollars per gallon. Year 1 Year 2 Good Quantity Price Quantity Price Milk 500 Butter 2000 $2 900 $1 3000 $3 $2 Between Year 1 and Year 2, nominal GDP grew by A) 60.0%. B) 65.5%. C) 83.3%. D) 190.096. 3 2
In Country A, there are only 3 goods: milk, butter and cheese. The following table shows...
In Country A, there are only 3 goods: milk, butter and cheese. The following table shows the prices and quantities produced of the year 201o 2011, and 2012 2011 201 uantity Price 000 3 500 200 Price antity Price 000 4 400 1500 1000 300 600 Butter 4 Cheese 10 15 Table-11 3. Table-11: Suppose that the basket for a typical consumer is 10 units of milk, 3 units of butter and 6 units of cheese. What is the consumer...
Suppose an economy produces only two goods, cups of coffee and gallons of milk as shown...
Suppose an economy produces only two goods, cups of coffee and gallons of milk as shown in Table below: TABLE Nominal versus real GDP YEAR COFFEE (CUPS) MILK (GALLONS) GDP (NOMINAL, REAL) 2010 (The Price $1.00 Quantity 10 Price $2.00 Quantity 20 base year) Expenditure Price $1.50 Quantity 10 Price $4.00 Quantity 20 2011 (Case 1) Expenditure Price $1.00 Quantity 15 Price $2.00 Quantity 40 2011 (Case 2) Expenditure Price $1.50 Quantity 15 Price $4.00 Quantity 40 2011 (Case 3)...
3. In this economy, only bread, butter, milk, and bags are produced. Year 2015 2016 2017...
3. In this economy, only bread, butter, milk, and bags are produced. Year 2015 2016 2017 2018 Price Bread $5.00 $5.50 $6.00 $6.50 Quantity Price Bread Butter 110 $1.10 100 $1.00 105 $0.95 115 $1.00 Quantity Price Butter Milk 265 $2.25 240 $2.30 250 $2.45 275 $2.50 Quantity Milk 165 155 160 180 Price Quantity Bag Bag $1.50 1,100 $1.60 1,000 $1.70 1,150 $1.75 1,250 Calculate the following values (the compass submission link will ask you for specific values from...
Q6The country of Caspir produces only cereal and milk. Quantities and prices of these goods for...
Q6The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk 2008 $4.00 $1.50 150 2009 $4.00 100 $2.00 180 2010 $5.00 $2.50 2011 $6.00 150 $3.50 90 200 200 Refer to Table 10-4. In 2008, this country's nominal GDP was greater than real GDP, and the...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 20112012 QuantityPriceQuantityPriceT-Shirts100$25110$25Red Bull (cans)500$1500$1.50Pizza (slices)1000$2900$4a. Calculate nominal GDP for 2011 and 2012.b. Using 2011 as the base year, calculate real GDP for 2011 and 2012.c. Based on your answer from part b, by what percent age did real GDP grow between 2011 and 2012?d. Now, calculate real GDP...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2011 Quantity 90 T-Shirts Red Bull (cans) Pizza (slices) Price $24 $2 $3 2012 Quantity 108 500 940 Price $24 $3 $6 500 1020 Nominal GDP in 2011 was $ 6220 and nominal GDP in 2012 was $ 9732). (Enter your responses as integers.) If 2011 is...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:20112012QuantityPriceQuantityPriceT-Shirts90$25108$25Red Bull (cans)510$2510$3Pizza (slices)980$3900$6Nominal GDP in 2011 was $nothing and nominal GDP in 2012 was $nothing. (Enter your responses as integers.)If 2011 is the base year, real GDP in 2011 was $nothing and real GDP in 2012 was $nothing. (Enter your responses as integers.)Based on your answer above, the percentage change in real GDP between 2011...
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)...
5. The economy of Britannica produces three Year Computers DVDs Pizzas goods: computers, DVDs, and pizza....
5. The economy of Britannica produces three Year Computers DVDs Pizzas goods: computers, DVDs, and pizza. The Price Quantity Price Quantity Price Quantity accompanying table shows the prices and 2010 $900 10 $10 100 15 2 output of the three goods for the years 2011 1,000 10.5 12 105 16 2 2012 1,050 12 14 110 2010, 2011, and 2012. a. Calculate nominal GDP in Britannica for each of the three years. What is the per- cent change in nominal...
show work
29) The country of Old Jersey produces milk and butter, and it has published the following roeconomic data, where quantities are in gallons and prices are dollars per gallon. Year 1 Year 2 Good Quantity Price Quantity Price Milk 500 Butter 2000 $2 900 $1 3000 $3 $2 Between Year 1 and Year 2, nominal GDP grew by A) 60.0%. B) 65.5%. C) 83.3%. D) 190.096. 3 2
In Country A, there are only 3 goods: milk, butter and cheese. The following table shows the prices and quantities produced of the year 201o 2011, and 2012 2011 201 uantity Price 000 3 500 200 Price antity Price 000 4 400 1500 1000 300 600 Butter 4 Cheese 10 15 Table-11 3. Table-11: Suppose that the basket for a typical consumer is 10 units of milk, 3 units of butter and 6 units of cheese. What is the consumer...
Suppose an economy produces only two goods, cups of coffee and gallons of milk as shown in Table below: TABLE Nominal versus real GDP YEAR COFFEE (CUPS) MILK (GALLONS) GDP (NOMINAL, REAL) 2010 (The Price $1.00 Quantity 10 Price $2.00 Quantity 20 base year) Expenditure Price $1.50 Quantity 10 Price $4.00 Quantity 20 2011 (Case 1) Expenditure Price $1.00 Quantity 15 Price $2.00 Quantity 40 2011 (Case 2) Expenditure Price $1.50 Quantity 15 Price $4.00 Quantity 40 2011 (Case 3)...
3. In this economy, only bread, butter, milk, and bags are produced. Year 2015 2016 2017 2018 Price Bread $5.00 $5.50 $6.00 $6.50 Quantity Price Bread Butter 110 $1.10 100 $1.00 105 $0.95 115 $1.00 Quantity Price Butter Milk 265 $2.25 240 $2.30 250 $2.45 275 $2.50 Quantity Milk 165 155 160 180 Price Quantity Bag Bag $1.50 1,100 $1.60 1,000 $1.70 1,150 $1.75 1,250 Calculate the following values (the compass submission link will ask you for specific values from...
Q6The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk 2008 $4.00 $1.50 150 2009 $4.00 100 $2.00 180 2010 $5.00 $2.50 2011 $6.00 150 $3.50 90 200 200 Refer to Table 10-4. In 2008, this country's nominal GDP was greater than real GDP, and the...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2011 Quantity 90 T-Shirts Red Bull (cans) Pizza (slices) Price $24 $2 $3 2012 Quantity 108 500 940 Price $24 $3 $6 500 1020 Nominal GDP in 2011 was $ 6220 and nominal GDP in 2012 was $ 9732). (Enter your responses as integers.) If 2011 is...
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)...
5. The economy of Britannica produces three Year Computers DVDs Pizzas goods: computers, DVDs, and pizza. The Price Quantity Price Quantity Price Quantity accompanying table shows the prices and 2010 $900 10 $10 100 15 2 output of the three goods for the years 2011 1,000 10.5 12 105 16 2 2012 1,050 12 14 110 2010, 2011, and 2012. a. Calculate nominal GDP in Britannica for each of the three years. What is the per- cent change in nominal...
Most questions answered within 3 hours.
-
16.7
At t=0s a small "upward" (positive y) pulse centered at x = 5.0
m is...
asked 13 minutes ago -
Twitter Users and News: A poll conducted in 2013 found that 52%
of U.S. adult Twitter...
asked 28 minutes ago -
How
would I know whether a given amino acid has an ionizable group or
not? please...
asked 36 minutes ago -
True or false?
True False The function of the enzyme acyl CoA
synthetase is the ATP-dependent coupling...
asked 36 minutes ago -
Nadia Corporation adjusts its debt so that its interest coverage
(EBIT/Interest) remains constant at 3. Nadia’s...
asked 38 minutes ago -
In a clinical trial, 20 out of 600 patients taking a
prescription drug complained of flulike...
asked 44 minutes ago -
7. How many types of nuclear processes can produce energy? 8.
How many types of radioactive...
asked 48 minutes ago -
For both the Sn2 and Sn1 reaction
conditions:
Structure | Rxn (Y/N) at room T° Rxn...
asked 48 minutes ago -
11. In cell N2, enter a formula using the IF function and a
structured reference to...
asked 48 minutes ago -
There is X-linked mutations in flies in this example. You need
to determine the inheritence pattern...
asked 50 minutes ago -
1) There is a 5.0 μC charge at each of 3 corners of a square
(each...
asked 1 hour ago -
A study of 420,095 cell phone users found that
134 of them developed cancer of the...
asked 1 hour ago