Answer 1
The Real GDP and Nominal GDP will be the same for year 2018 as it is the base year.
The real GDP and Nominal GDP for year 2018 is $12.
GDP Deflator for year 2018 is:
The real GDP for 2019 is $64 and the nominal GDP is $73.80.
GDP Deflator for year 2019 is:
The rate of inflation between 2018 and 2019 is:
Answer 2
The fluctions in the growth rate of GDp across times are known as business cycles.
Answer 3
The GDP increases by $19,000.
The value added by Bob is $6,000.
The value added by Jim is $6,000 (12000-6000).
The value added by Publix is $7,000 (19,000-12,000).
Answer 4
Explicit cost
Explicit cost
Implicit cost
Explicit cost
The information in the table identifies the quantities of three goods produced in a simple economy...
Bob owns a farm and grows tomatoes. He sells the tomatoes to Jim's Ketchup Factory for $6,000. Jim produces Ketchup and sells it to Publix for $12,000. Publix sells the Ketchup to consumers for $19,000. As a result of these transactions GDP increases by $ The value added by Bob is $ The value added by Jim is $ The value added by Publix is $ Enter whole numbers in each blank.
Bob owns a farm and grows tomatoes. He sells the tomatoes to Jim's Ketchup Factory for $6,000. Jim produces Ketchup and sells it to Publix for $12,000. Publix sells the Ketchup to consumers for $19,000. As a result of these transactions GDP increases by $ The value added by Bob is $ The value added by Jim is $ The value added by Publix is $ Enter whole numbers in each blank.
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The information in the table identifies the quantities of three goods produced in a simple economy in 2018 and 2019, and the prices that the goods sold for in each of the two years. The base year is 2018. Item Quantity Price Price Quantity 2018 2018 2019 2019 2 $10 $11.86 14 Movie tickets 2 $3 $3.78 16 Bags of popcorn 16 $1 $ 1.69 16 Drinks of soda Based on the GDP deflator method, what was the rate of...
The information in the table identifies the quantities of three goods produced in a simple economy in 2010 and 2011, and the prices that the goods sold for in each of the two years. The base year is 2010. Item Quantity 2010 4 Movie tickets Price 2011 $15 Quantity 2011 5 Price 2010 $11.1 $6.8 $4.1 6 00 Bags of popcorn Drinks of soda $8 $6 4 6 Real GDP in 2011 is equal to how much? Enter a number...
The information in the table identifies the quantities of three goods produced in a simple economy in 2010 and 2011, and the prices that the goods sold for in each of the two years. The base year is 2010. Item Quantity 2010 Price 2010 Price 2011 Quantity 2011 Movie tickets 4 $10.7 $15 Bags of popcorn 6 $6.4 $8 8 Drinks of soda 4 $3.2 $6 6 5 Real GDP in 2011 is equal to how much? Enter a number...
1.67 pts The information in the table identifies the quantities of three goods produced in a simple economy in 2018 and 2019, and the prices that the goods sold for in each of the two years. The base year is 2018 tem Quantity Price Price Quantity 2019 2018 2018 2019 12 $10 $11.79 14 Movie hickets 2 $3 $3.81 16 Bags of popcorn 16 $1 $163 Drinks of soda Based on the GDP deflator method, what was the rate of...
Consider a simple economy that produces two goods: cupcakes and muffins. The following table shows the prices and quantities of the goods three-year period. Use the information from the preceding table to fill in the following table. From 2018 to 2019, nominal GDP _______ . and real GDP _______ . The inflation rate in 2019 was _______ . Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP is not influenced by price changes, but nominal GDP is.Nominal GDP...
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over a three-year period Erasers Cupcakes Price Quantity (Dollars per cupcake) (Number of cupcakes) 1 150 Year Price (Dollars per eraser) 2 Quantity (Number of erasers) 160 2018 2019 2 135 4 230 2020 3 110 4 165 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Year Real GDP (Base...
1. During a given year, the following activities occur in a simple economy consisting of a miller and a baker The miller pays his workers $ 250,000 to mill 120 tons of flour. The flour is then sold to a baker for $ 530,000. The baker pays his workers 340,000 to make 750,000 loaves of bread, which she then sells directly to consumers for $ 1,000,000. a. Using the "final goods" approach, what is the GDP in this economy? b....