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2009 2013 (base year) Price Quantity Price Quantity Cameras Legal Services Books $10 100 $15 50...
Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.00 2000 $15.00 3000 2014 $8.00 1900 $20.00 2500 The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $55,000. Use the information in the table to answer the questions. What is nominal GDP in 2014? What is real GDP in 2014? Use 2013 as the base year Real output from 2013 to 2014 has increased. stayed the same. experienced...
1 Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per bunch $5 per bag 4,000 bags 7,000 bags Current Year Fruit Quantity Apples Bananas 15.000 bunches Oranges Price $3 per bag $2 per bunch $7 per bag 5,000 bags 28,000 bags Consider an economy that produces only three types of fruit: apples bananas, and oranges. In the base year (a few years ago), the production and price data are listed in the tables to...
Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $7.50 750 $12.50 4000 2014 $12.00 600 $18.50 3500 The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $55,625. Use the information in the table to answer the questions. What is nominal GDP in 2014? $ What is real GDP in 2014? Use 2013 as the base year. $ Real output from 2013 to 2014 has stayed the same....
Year Price of Good A Quantity of Good A Price of Good B Quantity of Good B Price of Good C Quantity of Good C Base Year 2013 $35 100 $95 200 $75 150 2014 $40 125 $97 275 $78 175 2015 $42 150 $98 280 $80 200 2016 $45 250 $100 290 $85 225 Using the table above and 2013 as the base year, compute Nominal GDP, Real GDP, the GDP Deflator for each year (2013 through 2016). Compute...
From 2013 to 2014, nominal GDP ______ (Decreased or increased) , and real GDP _______ (Decreased or increased) The inflation rate in 2014 was ________ (-23.1, -0.2, 23.1, 76.9 or 130%) . 5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year Quantities produced Price ($) 2015 Laptops =50 Books =1,000 Laptops =200 Books = ? 2016 Laptops =100 Books =? Laptops =150 Books =10 Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 Quantities produced Laptops = 60 Books – see Laptops = 70 Books = ? Price ($) Laptops = 200 Books ? Laptops - 120 Books = 8 2016 Instructions: Round your answer to two decimal places a. Let's assume that the base year was 2015, so that real...
Use the following table for a hypothetical single-product economy. Assume that 2010 is the base year. YEAR Quantity Price per unit Price Index Nominal GDP Real GDP 2010 100 10 2011 120 20 2012 125 25 2013 130 30 2014 140 40 2015 150 50 2016 200 55 2017 205 60 Complete the table by calculating the Price index, Nominal GDP and Real GDP.
Year Nominal GDP(Billions of current dollars Real GDP(Billions of dollars of 2009) 2013 16,691.50 15,612.20 2014 17,393.10 15,982.30 2015 18,036.60 16,397.20 2016 18,569.10 16,662.10 Compute the rate of growth of the economy (use real GDP), and briefly comment on your results. -Between 2013 and 2014 -Between 2014 and 2015 -Between 2015 and 2016 Which one is more important: Nominal GDP or Real GDP? Explain Why.
The economy of Tuland produces only two products books books and dvds dvds. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of books 50 55 Quantity of dvds 2 4 Price of books $1.00 $1.05 Price of dvds $50.00 $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $. (Enter your response rounded to two decimal places.) Real...