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Question 66 (1 point) Assume you are studying an economy that produces only one good. In...
Question 67 (1 point) Assume you are studying an economy that produces only one good. In...
Question 67 (1 point) Assume you are studying an economy that produces only one good. In Year 1, 83 units of output were produced and the (per-unit) price in Year 1 was $24 In Year 2, 127 units of output were produced and the (per-unit) price in Year 2 was $28 In Year 3, 171 units of output were produced and the (per-unit) price in Year 3 was $29 Assume that Year 2 is the base year. Nominal GDP in...
Assume you are studying an economy that produces only one good. In Year 1, 83 units...
Assume you are studying an economy that produces only one good. In Year 1, 83 units of output were produced and the (per-unit) price in Year 1 was $23 In Year 2, 136 units of output were produced and the (per-unit) price in Year 2 was $25 In Year 3, 186 units of output were produced and the (per-unit) price in Year 3 was $30 Assume that Year 2 is the base year. Nominal GDP in Year 3 is $_____________.
Question 62 (1 point) Suppose that in an economy, consumer expenditures are $2,890, government purchases are...
Question 62 (1 point) Suppose that in an economy, consumer expenditures are $2,890, government purchases are $705, and investment spending is $725, exports are 175 and imports are 230. GDP is equal to $ **You must report your answer as a whole number - do not include a decimal or a dollar sign. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as incorrect** Your Answer: Answer
Question 72 (1 point) If the Consumer Price Index was 208 in Year 1 and 255...
Question 72 (1 point) If the Consumer Price Index was 208 in Year 1 and 255 in Year 2, the inflation rate is: **You must report your answer as a whole number - do not include a decimal. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as incorrect. Note on rounding: 0.5 or higher rounds up; everything else rounds down.** Your Answer: Answer
Question 63 (1 point) in an economy, a market basket of goods cost $6,050 in year...
Question 63 (1 point) in an economy, a market basket of goods cost $6,050 in year 1. The same market basket cost $7,245 in year 2. Assuming Year 1 is the base year, the Consumer Price Index in Year 1 is equal to ** You must report your answer as a whole number - do not include a decimal. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as...
Year Units of OutputPrice Per Unit 25 30 Assume an economy that is producing only one...
Year Units of OutputPrice Per Unit 25 30 Assume an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen as the base year, what is the real GDP for year 1. Answer:
Use the following to answer questions 6-7: Assume an economy which is producing only one product....
Use the following to answer questions 6-7: Assume an economy which is producing only one product. Output and price data for a three-year period are as follows. Year 1 Units of output Price per unit 20 $4 25 30 6 6. Refer to the above data. The nominal GDP for year 3 is: A) 125 percent higher than the nominal GDP for year 1. B) 50 percent higher than the nominal GDP for year 1. C) $120. D) $30.
Consider an economy that produces only one good.
In year 1, the quantity produced is Q1 and the price is P1. In year 2, the quantity produced is Q2 and the price is P1. In year 2, the quantity produced is Q1 and theprice is P2. In year 3, the quantity produced is Q3 and the price is P3. Year 1 is the base year. Answer the following questions in terms of these variables, and besure to simplify your answer if possible.A. What is nominal GDP for each...
Question 61 (1 point) Suppose in a country Real GDP increased from $213,500 to $243,800 while...
Question 61 (1 point) Suppose in a country Real GDP increased from $213,500 to $243,800 while the population increased from 119 to 120. The change in real per-capita GDP would be: $_______ ** You must report your answer as a whole number - do not include a decimal or a dollar sign. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as incorrect. Note on rounding: 0.5 or higher...
Assume that in the Economy only two goods are produced: Computers and TV’s. Macroeconomic information for...
Assume that in the Economy only two goods are produced: Computers and TV’s. Macroeconomic information for this economy is given in Table. a. How much is Nominal GDP in 2017 and 2018? What is the percentage change? b. How much is Real GDP in 2017 and 2018, by considering 2017 as the base year? What is the percentage change? c. How much is the GDP deflator in the two years? By what percentage does the price level change from the...
Question 67 (1 point) Assume you are studying an economy that produces only one good. In Year 1, 83 units of output were produced and the (per-unit) price in Year 1 was $24 In Year 2, 127 units of output were produced and the (per-unit) price in Year 2 was $28 In Year 3, 171 units of output were produced and the (per-unit) price in Year 3 was $29 Assume that Year 2 is the base year. Nominal GDP in...
Question 62 (1 point) Suppose that in an economy, consumer expenditures are $2,890, government purchases are $705, and investment spending is $725, exports are 175 and imports are 230. GDP is equal to $ **You must report your answer as a whole number - do not include a decimal or a dollar sign. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as incorrect** Your Answer: Answer
Question 72 (1 point) If the Consumer Price Index was 208 in Year 1 and 255 in Year 2, the inflation rate is: **You must report your answer as a whole number - do not include a decimal. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as incorrect. Note on rounding: 0.5 or higher rounds up; everything else rounds down.** Your Answer: Answer
Question 63 (1 point) in an economy, a market basket of goods cost $6,050 in year 1. The same market basket cost $7,245 in year 2. Assuming Year 1 is the base year, the Consumer Price Index in Year 1 is equal to ** You must report your answer as a whole number - do not include a decimal. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as...
Year Units of OutputPrice Per Unit 25 30 Assume an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen as the base year, what is the real GDP for year 1. Answer:
Use the following to answer questions 6-7: Assume an economy which is producing only one product. Output and price data for a three-year period are as follows. Year 1 Units of output Price per unit 20 $4 25 30 6 6. Refer to the above data. The nominal GDP for year 3 is: A) 125 percent higher than the nominal GDP for year 1. B) 50 percent higher than the nominal GDP for year 1. C) $120. D) $30.
Question 61 (1 point) Suppose in a country Real GDP increased from $213,500 to $243,800 while the population increased from 119 to 120. The change in real per-capita GDP would be: $_______ ** You must report your answer as a whole number - do not include a decimal or a dollar sign. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as incorrect. Note on rounding: 0.5 or higher...
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