Homework Answers
Q17 b. Turn dollar figures into meaningful measures of purchasing power
Q18 b. Can spend fewer dollars to maintain the same standard of living
Q19 d. Percentage change in the price level from the previous period
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17. The consumer price index is used to convert nominal GDP into real GDP. turn dollar...
According to the textbook, which of the following statements is (are) correct? (x) If real GDP...
According to the textbook, which of the following statements is (are) correct? (x) If real GDP is higher in one country than in another, it is not necessarily true that the standard of living is higher in the country with the higher real GDP. (y) Real GDP per person is not a perfect measure of the well-being of individuals in society because it excludes things like leisure time, the value of goods produced at home, and environmental quality. (z) Poor...
Economists evaluate changes in the price level in order to estimate: O real GDP Othe inflation...
Economists evaluate changes in the price level in order to estimate: O real GDP Othe inflation rate. Othe labor force participation rate. nominal GDP the unemployment rate. To determine how much should be paid to employees for cost-of-living adjustments, the better measure of inflation is the: Consumer Price Index, because it is measured monthly. Producer Price Index, because it is measured quarterly Consumer Price Index, because employees spend their wages on goods and services. Producer Price Index, because employees spend...
The following table shows nominal GDP and an appropriate price index for a 5 year period. Using the values in the...
The following table shows nominal GDP and an appropriate price index for a 5 year period. Using the values in the table, calculate the value of real GDP for each year. Enter your response at whole numbers) dominal GOP Real GDP (illions Mons of dollars) Price Index of dollars) The economy above has experience OA rising price level O ring real GOP throughout the son of rang real GDP in only some of the O Click to select your answers)...
ASSIGNMENT #5 9. One way the consumer price index (CPI) differs from the GDP chain price...
ASSIGNMENT #5 9. One way the consumer price index (CPI) differs from the GDP chain price index is that the CPI: uses current year quantities of goods and services b. a. includes separate market baskets of goods and services for both base and current years. includes only goods and services bought by typical urban consumers. d. C. is bias free. 10. Suppose a market basket of goods and services costs $1,000 in the base year and the consumer price index...
14. In the US the Consumer Price Index is compiled by the Bureau of Labor Statistics...
14. In the US the Consumer Price Index is compiled by the Bureau of Labor Statistics and serves as a: A) Measure of changes in the relative prices of the most important consumer goods and services. B) Measure of changes in the price of all goods and services during one year period. C) Is referred as the cost-of-living index and measures changes in the average price of consumer goods and services. D) Measure to determine how the economy is functioning...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the same as its expenditure because every transaction has a buyer and a seller. 2) GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. [3) If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. 14) Other things equal, in countries with higher levels of real...
Real versus nominal GDP Consider a simple economy that produces two goods: pens and envelopes. The...
Real versus nominal GDP Consider a simple economy that produces two goods: pens and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Year Pens Envelopes Price Quantity Price Quantity (Dollars per pen) (Number of pens) (Dollars per envelope) (Number of envelopes) 2018 2 125 3 155 2019 4 135 3 210 2020 2 125 3 165 Use the information from the preceding table to fill in the following table. Year Nominal GDP...
21. In 2012, newspapers reported that the annual Consumer Price Index in 2011 was 120.0. From...
21. In 2012, newspapers reported that the annual Consumer Price Index in 2011 was 120.0. From this, we can conclude that a typical market basket in 2011 more than the same market would have cost basket purchased in a. 20%; the base year b. 120%; the base year c. 120%; 2010 d. 20%; 2010 22. The table below gives information on the the prices of three common school supplies in 2010 and 2011 and the quantities of each school supply...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three-year period. YearPrice (Dollars per pen)Quantity (Number of pens)Price (Dollars per muffin)Quantity (Number of muffins)201811502160201921354230202031104165Use the information from the preceding table to fill in the following table. From 2019 to 2020, nominal GDP _______ , and real GDP _______ .The inflation rate in 2020 was _______ .Why is real GDP a more accurate measure...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and erasers....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and erasers. The following table shows the prices and quantities of the goods over a three-year period. Year Pens Erasers Price Quantity Price Quantity (Dollars per pen) (Number of pens) (Dollars per eraser) (Number of erasers) 2018 2 115 5 175 2019 4 150 2 180 2020 1 100 2 160 Use the information from the preceding table to fill in the following table. Year Nominal...
Economists evaluate changes in the price level in order to estimate: O real GDP Othe inflation rate. Othe labor force participation rate. nominal GDP the unemployment rate. To determine how much should be paid to employees for cost-of-living adjustments, the better measure of inflation is the: Consumer Price Index, because it is measured monthly. Producer Price Index, because it is measured quarterly Consumer Price Index, because employees spend their wages on goods and services. Producer Price Index, because employees spend...
The following table shows nominal GDP and an appropriate price index for a 5 year period. Using the values in the table, calculate the value of real GDP for each year. Enter your response at whole numbers) dominal GOP Real GDP (illions Mons of dollars) Price Index of dollars) The economy above has experience OA rising price level O ring real GOP throughout the son of rang real GDP in only some of the O Click to select your answers)...
ASSIGNMENT #5 9. One way the consumer price index (CPI) differs from the GDP chain price index is that the CPI: uses current year quantities of goods and services b. a. includes separate market baskets of goods and services for both base and current years. includes only goods and services bought by typical urban consumers. d. C. is bias free. 10. Suppose a market basket of goods and services costs $1,000 in the base year and the consumer price index...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the same as its expenditure because every transaction has a buyer and a seller. 2) GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. [3) If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. 14) Other things equal, in countries with higher levels of real...
21. In 2012, newspapers reported that the annual Consumer Price Index in 2011 was 120.0. From this, we can conclude that a typical market basket in 2011 more than the same market would have cost basket purchased in a. 20%; the base year b. 120%; the base year c. 120%; 2010 d. 20%; 2010 22. The table below gives information on the the prices of three common school supplies in 2010 and 2011 and the quantities of each school supply...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three-year period. YearPrice (Dollars per pen)Quantity (Number of pens)Price (Dollars per muffin)Quantity (Number of muffins)201811502160201921354230202031104165Use the information from the preceding table to fill in the following table. From 2019 to 2020, nominal GDP _______ , and real GDP _______ .The inflation rate in 2020 was _______ .Why is real GDP a more accurate measure...
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