Homework Answers
Add Answer to:
1. Suppose that a simple economy produced only three goods: wheat, automobiles, and chairs. The table...
1. Suppose that a simple economy produced only three goods: wheat, automobiles, and chairs. The table...
1. Suppose that a simple economy produced only three goods: wheat, automobiles, and chairs. The table below lists the quantity and prices for each of the goods for year 2000 and 2010. Based on table, answer the following questions (18 total points): Price in 2000 Wheat Automobiles Chairs Quantity produced in 2000 100 200 400 $5 $40,000 $10 a) Calculate nominal GDP in year 2000. (5 points) b) Suppose prices doubled by 2010 but production stayed the same. Calculate the...
3. Suppose Reuben earned a salary of $50,000 in 2015 and $55,000 in 2016. (10 points...
3. Suppose Reuben earned a salary of $50,000 in 2015 and $55,000 in 2016. (10 points total) a) The consumer price index was 120 in 2015 and 132 in 2016. What has happened to Reuben's nominal and real income from 2015 to 2016? Show your work. (5 points) b) Suppose Reuben owed student loans that had an interest rate of 3 percent. What was the real interest rate on Reuben's student loans for 2015-2016. Show your work. (5 points)
Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities of the goods over a three-year period.
Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Use the information from the previous table to fill in the following table. From 2015 to 2016, nominal GDP _______, and real GDP _______.The inflation rate in 2016 was _______.Why is real GDP a more accurate measure of an economy's production than nominal GDP? Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP...
1. Consider the following table for an economy that produces only six goods 2016 2018 Goods...
1. Consider the following table for an economy that produces only six goods 2016 2018 Goods PricelQuantity Price Quantity Pizza$410 S8 12 Shoe 12 20 36 15 T-Shirts 6 10 15 Bread2 Water1 Cola4 10 10 Assuming that 2016 is the base year, find the following; (Please show all calculations) (a) The values for nominal GDP for 2016 and 20118 (b) The values for real GDP for 2016 and 2018 (c) The GDP deflator for 2016 and 2018 (d) The...
5. Inflation and CPI Suppose in Economy A, the final goods produced in year 2015, 2016...
5. Inflation and CPI Suppose in Economy A, the final goods produced in year 2015, 2016 and 2017 are milk, beef, gasoline, cloth. The quantities (Q) produced and prices (P) are given by the following: Year 2015 Qmilk Pmilk 200 2.35 220 2.49 233 2.79 (beer Pbeer lgasolin 120 3.30 400 123 3.35 430 145 3.47 440 Pgasoline (cloth Pcloth 1.12 510 2.33 1.15 512 2.47 1.20 523 2.67 2016 2017 Let 2015 be the base year and assume the...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the...
Suppose that the British economy produces two goods: laptops and
books. The quantity produced and the prices of these items for 2015
and 2016 are shown in the table below: Year Quantities produced
Price ($) 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...
2. Consider a hypothetical economy which produces three goods: TVs, books, and hamburgers. The following table...
2. Consider a hypothetical economy which produces three goods: TVs, books, and hamburgers. The following table shows the prices and output of the three goods for the years 2015, 2016, and 2017. Hamburgers Quantity TVs Quantity Books Price ($) Hamburgers Price (S) TVs Year Price (S) 2015 Books Quantity 250 10 10 2 40 2016 300 20 12 6 3 60 2017 280 25 6 14 4 80 a. What is the percent change in production of each of the...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 Quantities produced Laptops = 60 Books – see Laptops = 70 Books = ? Price ($) 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...
2. Inflation and real interest rates (10 points total) a) Suppose that the consumer price index...
2. Inflation and real interest rates (10 points total) a) Suppose that the consumer price index was 100 on January 1st, 2000 and 105.5 on January 1st, 2001. Determine the inflation rate between the two dates. Show your work. (5 points) b) Suppose that the consumer price index was 100 on January 1st, 2000 and 98 on January 1st, 2001. Determine the inflation rate between the two dates. Show your work. (5 points)
Consider an economy that only produces and consumes milk and cars. In table 1 are data...
Consider an economy that only produces and consumes milk and cars. In table 1 are data from two different years Table 1: GDP and Prices Year 2000 S1 Number of milks produced500 $50 100 Year 2016 $2 400 $100 120 Price of a liter of milk Price of a car (a) Using the year 2000 as the base year, compute for 2000 and 2016 the following statistics: nominal GDP, real GDP, the price deflator and the CPI. [15 points b)...
1. Suppose that a simple economy produced only three goods: wheat, automobiles, and chairs. The table below lists the quantity and prices for each of the goods for year 2000 and 2010. Based on table, answer the following questions (18 total points): Price in 2000 Wheat Automobiles Chairs Quantity produced in 2000 100 200 400 $5 $40,000 $10 a) Calculate nominal GDP in year 2000. (5 points) b) Suppose prices doubled by 2010 but production stayed the same. Calculate the...
3. Suppose Reuben earned a salary of $50,000 in 2015 and $55,000 in 2016. (10 points total) a) The consumer price index was 120 in 2015 and 132 in 2016. What has happened to Reuben's nominal and real income from 2015 to 2016? Show your work. (5 points) b) Suppose Reuben owed student loans that had an interest rate of 3 percent. What was the real interest rate on Reuben's student loans for 2015-2016. Show your work. (5 points)
1. Consider the following table for an economy that produces only six goods 2016 2018 Goods PricelQuantity Price Quantity Pizza$410 S8 12 Shoe 12 20 36 15 T-Shirts 6 10 15 Bread2 Water1 Cola4 10 10 Assuming that 2016 is the base year, find the following; (Please show all calculations) (a) The values for nominal GDP for 2016 and 20118 (b) The values for real GDP for 2016 and 2018 (c) The GDP deflator for 2016 and 2018 (d) The...
5. Inflation and CPI Suppose in Economy A, the final goods produced in year 2015, 2016 and 2017 are milk, beef, gasoline, cloth. The quantities (Q) produced and prices (P) are given by the following: Year 2015 Qmilk Pmilk 200 2.35 220 2.49 233 2.79 (beer Pbeer lgasolin 120 3.30 400 123 3.35 430 145 3.47 440 Pgasoline (cloth Pcloth 1.12 510 2.33 1.15 512 2.47 1.20 523 2.67 2016 2017 Let 2015 be the base year and assume the...
Suppose that the British economy produces two goods: laptops and
books. The quantity produced and the prices of these items for 2015
and 2016 are shown in the table below: Year Quantities produced
Price ($) 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...
2. Consider a hypothetical economy which produces three goods: TVs, books, and hamburgers. The following table shows the prices and output of the three goods for the years 2015, 2016, and 2017. Hamburgers Quantity TVs Quantity Books Price ($) Hamburgers Price (S) TVs Year Price (S) 2015 Books Quantity 250 10 10 2 40 2016 300 20 12 6 3 60 2017 280 25 6 14 4 80 a. What is the percent change in production of each of the...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 Quantities produced Laptops = 60 Books – see Laptops = 70 Books = ? Price ($) 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...
2. Inflation and real interest rates (10 points total) a) Suppose that the consumer price index was 100 on January 1st, 2000 and 105.5 on January 1st, 2001. Determine the inflation rate between the two dates. Show your work. (5 points) b) Suppose that the consumer price index was 100 on January 1st, 2000 and 98 on January 1st, 2001. Determine the inflation rate between the two dates. Show your work. (5 points)
Consider an economy that only produces and consumes milk and cars. In table 1 are data from two different years Table 1: GDP and Prices Year 2000 S1 Number of milks produced500 $50 100 Year 2016 $2 400 $100 120 Price of a liter of milk Price of a car (a) Using the year 2000 as the base year, compute for 2000 and 2016 the following statistics: nominal GDP, real GDP, the price deflator and the CPI. [15 points b)...
Most questions answered within 3 hours.
-
which of the following is capital?
the barn a farmer uses to hold the chickens he...
asked 10 minutes ago -
Attribute
Sample Value
Sample Value
Sample Value
Sample Value
pirate_num
11
22
43
54
pirate_lname
James...
asked 4 minutes ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 9 minutes ago -
10. Two forces act on a 3 kg object, the gravitational force and
a second, constant...
asked 21 minutes ago -
Dividing Partnership Net Loss
Leigh Meadows and Byron Leef formed a partnership in which the
partnership...
asked 17 minutes ago -
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 43 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 41 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 45 minutes ago -
Which of the following statements is not a characteristic of the
Internal Revenue Code?
A) The...
asked 52 minutes ago -
Say true or false and explain it.
A heap is represented using an array. The array...
asked 1 hour ago -
Explain how the DNA replication enzyme complex is organized and
functions, please don't copy paste from...
asked 1 hour ago -
how
can personality contribute to one scoring high on the need to
evaluate measurement by Jarvis?
asked 1 hour ago