Homework Answers
45) the individual's real income in 2010 measured in 2005 dollars is less than his nominal income in 2010. ( = 60000 x 122/150)
the individual's real income in 2010 measured in 2015 dollars is more than his nominal income in 2010. ( = 60000 x 165/150)
46) Nominal price of gas increased and the real price of gas increased (= 1.26 x 40/124.62 = 40.4 cents)
47) the country will be able to consume at a point outside its production possibilities frontier.
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Question 45 An individual earned $60,000 per year in 2010. Consider the following values for the...
An individual earned $60,000 per year in 2010. Consider the following values for the CPI: 2005...
An individual earned $60,000 per year in 2010. Consider the following values for the CPI: 2005 122 2010 150 2015 165 The individual's real income in 2010 measured in 2005 dollars is The individual's real income in 2010 measured in 2015 dollars is his nominal income in 2010. his nominal income in 2010. more than: more than less than: more than more than: less than less than: less than
Sri Lanka 1000 rice 3000 ten Kenya 1000 rice 1000 Tea production consuming 400 rice 1800...
Sri Lanka 1000 rice 3000 ten Kenya 1000 rice 1000 Tea production consuming 400 rice 1800 tea 500 rice కాలం tee Is there any benefit if they trade with each other? teading price - I bag of rice for two bags of tea. & Kenya wishes to keep sso bags of rice after trade. Explain that the 2 countries can benefit by consuming more of both goods after trade. Supply Consumers' Surplus Producers' Surplus PRICE Demand 16 14 18 20...
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...
Assume a standard trade model. Which of the following statements is NOT true? a) At the...
Assume a standard trade model. Which of the following statements is NOT true? a) At the optimal output mix, the slope of the production possibility frontier equals the negative relative price. b) If the economy produces more of one good, it has to produce less of the other good. c) The production possibility frontier is convex. d) The optimal output mix is realized where the isovalue line is tangent to the production possibility frontier. Assume a firm faces the following...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The production possibilities frontier is a graph that shows the various combinations of output that an economy a. should produce. b. wants to produce. c. can produce d. demands 2 The price index was 320 in one year and 360 in the next year. What was the inflation rate? a. 9 percent ((B-A)/A)*100 b. 11.1 percent c. 12.5 percent ((360 - 320)/320)*100 d. 40 percent...
Question 29 2 pts Unexpected inflation harms both debtors and individuals who live on fixed incomes....
Question 29 2 pts Unexpected inflation harms both debtors and individuals who live on fixed incomes. O True O False Question 34 2.5 pts Which of the following statements is true about comparative advantage? Comparative advantage exists whenever one person, firm, or nation can do something at higher opportunity costs than some other individual, firm, or nation. Comparative advantage is interesting theoretically, but it is not relevant when evaluating real-world economic conditions. Low income countries cannot possibly have a comparative...
1. Jordan loaned Taylor $1,200 on March 15, 2009. Taylor returned $1,260 on March 14, 2010....
1. Jordan loaned Taylor $1,200 on March 15, 2009. Taylor returned $1,260 on March 14, 2010. Inflation was 2% over the 1-year period. What is the real interest rate that Taylor paid? 5% 2% 3% 7% 2. Which of the following is an example of money illusion assuming that inflation is 5%? You receive a 10% raise at your part-time job and start spending extra money on entertainment every weekend. You do not receive a raise at your part-time job...
choose the right one 5. Use the following information to answer the next question. Joanna purchases...
choose the right one
5. Use the following information to answer the next question. Joanna purchases only three products orange juice, prepared meals, and on-demand episodes of her favorite shows. Each week she purchases 2 bottles of orange juice, 14 prepared meals, and 8 on-demand episodes. The prices of bottles of orange juice, prepared meals, and on-demand episodes for four different years are shown in the table below. Based on this information, which of the following statements is true? A....
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Susan's opportunity cost of making a pizza is gallons of root beer. Becky's opportunity cost of making a pizza is gallons of root beer. Enter numbers rounded to two decimal places. Question 2 Bill and Fred bake cakes and...
10. An assistant professor of economics gets a $100-a-month raise, but then she figures that with...
10. An assistant professor of economics gets a $100-a-month raise, but then she figures that with her current monthly salary she can't buy as many goods as she could last year. What has happened to her real and nominal wage? (1 mark) er real and awaren lerroan were alle eral wa t erminal wage has eral wage has fallen bu hermal wage has 11. Which statement best defines the velocity of money? (1 mark) e the gam sem of the...
An individual earned $60,000 per year in 2010. Consider the following values for the CPI: 2005 122 2010 150 2015 165 The individual's real income in 2010 measured in 2005 dollars is The individual's real income in 2010 measured in 2015 dollars is his nominal income in 2010. his nominal income in 2010. more than: more than less than: more than more than: less than less than: less than
Sri Lanka 1000 rice 3000 ten Kenya 1000 rice 1000 Tea production consuming 400 rice 1800 tea 500 rice కాలం tee Is there any benefit if they trade with each other? teading price - I bag of rice for two bags of tea. & Kenya wishes to keep sso bags of rice after trade. Explain that the 2 countries can benefit by consuming more of both goods after trade. Supply Consumers' Surplus Producers' Surplus PRICE Demand 16 14 18 20...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The production possibilities frontier is a graph that shows the various combinations of output that an economy a. should produce. b. wants to produce. c. can produce d. demands 2 The price index was 320 in one year and 360 in the next year. What was the inflation rate? a. 9 percent ((B-A)/A)*100 b. 11.1 percent c. 12.5 percent ((360 - 320)/320)*100 d. 40 percent...
Question 29 2 pts Unexpected inflation harms both debtors and individuals who live on fixed incomes. O True O False Question 34 2.5 pts Which of the following statements is true about comparative advantage? Comparative advantage exists whenever one person, firm, or nation can do something at higher opportunity costs than some other individual, firm, or nation. Comparative advantage is interesting theoretically, but it is not relevant when evaluating real-world economic conditions. Low income countries cannot possibly have a comparative...
choose the right one
5. Use the following information to answer the next question. Joanna purchases only three products orange juice, prepared meals, and on-demand episodes of her favorite shows. Each week she purchases 2 bottles of orange juice, 14 prepared meals, and 8 on-demand episodes. The prices of bottles of orange juice, prepared meals, and on-demand episodes for four different years are shown in the table below. Based on this information, which of the following statements is true? A....
10. An assistant professor of economics gets a $100-a-month raise, but then she figures that with her current monthly salary she can't buy as many goods as she could last year. What has happened to her real and nominal wage? (1 mark) er real and awaren lerroan were alle eral wa t erminal wage has eral wage has fallen bu hermal wage has 11. Which statement best defines the velocity of money? (1 mark) e the gam sem of the...
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