Homework Answers
43 Nominal GDP2013 =
Price2013*Qty2013 = $1*50 (crackers)+ $3 *100
(chocolate bars) = 50+300 = $350
nominal GDP2014 =
Price2014*Qty2014 = $2 * 75 + $4 * 130 =
$670
nominal GDP2015 =
Price2015*Qty2015 = $4*100 + $5*200 =
$1400
For the base year, nominal GDP is equal to real GDP. This means
for 2013, Real GDP2013 will be $350.
Real GDP2014 = Price2013*Qty2014 =
$1*75 + $3*130 = $465
Real GDP2015 =
Price2013*Qty2014 = $1*100 + $3*200 =
$700
Add Answer to:
(20 pts) A certain country only produces Graham Crackers and Chocolate Bars. Its production for the...
The country of Aruba produces only cakes and coffee. Quantities and prices of these goods for...
The country of Aruba produces only cakes and coffee. Quantities and prices of these goods for the last couple of years are shown below. The base year is 2012 count Year Price of Cake Quantity of Cake Price of Coffee Quantity of Coffee mboard 2012 $4 100 $1.50 120 $2.00 ourses 2013 2014 $4 $5 $ 2.50 2015 $6 $ 3.50 lendar E Inbox Refer to the above table: In 2014 country's real GDP was $ 670 and GDP deflator...
Q6The country of Caspir produces only cereal and milk. Quantities and prices of these goods for...
Q6The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk 2008 $4.00 $1.50 150 2009 $4.00 100 $2.00 180 2010 $5.00 $2.50 2011 $6.00 150 $3.50 90 200 200 Refer to Table 10-4. In 2008, this country's nominal GDP was greater than real GDP, and the...
Attempts: Average: 14 5. Real versus nominal GOP Consider a simple economy that produces two goods:...
Attempts: Average: 14 5. Real versus nominal GOP 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 Price Quantity (Number of cupcakes) 120 130 130 Price Year 2012 2013 2014 Quantity (Number of erasers) 195 195 145 (Dollars per cupcake) (Dollars per eraser) Use the information from the preceding table to fill in the following table Nominal GDP Year (Dollars)(Base year 2012,...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) , and real GDP _____ (Decreased...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
Suppose country A produces 3 goods only; textbooks, computers and cell-phones. The total production and prices...
Suppose country A produces 3 goods only; textbooks, computers and cell-phones. The total production and prices of all goods are given in the following table. Year 2000 is the base year. Item 2000 2001 2002 Price Quantity Price Quantity Price Quantity Textbooks $200 12 $250 16 $400 14 Computers $1,000 5 $1,200 9 $1,500 7 Cell-phones $600 10 $650 15 $800 12 Calculate the nominal GDP in 2002. Calculate the real GDP in 2001 and 2002. Explain why real GDP...
Attempts: Keep the Highest: 3 6. Problems and Applications Q6 Consider an economy that produces only...
Attempts: Keep the Highest: 3 6. Problems and Applications Q6 Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 2 bars and the price is $5. In year 2. the quantity produced is 4 bars and the price is 18. In year 3, the quantity produced is 8 bars and the price is $10. Using year 1 as the base year, compute nominal GOP, real GOP, and the GOP deflator for each year, Nominal...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period Pencils Oranges Price (Dollars per orange) 2 4 4 Price Year 2012 2013 2014 Quantity (Number of pencils) 145 165 110 Quantity (Number of oranges) 195 225 165 (Dollars per pencil) Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars)...
Consider an economy that only produces two goods: strawberries and cream. Use the table below to...
Consider an economy that only produces two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator for each year. (Year 2014 is the base year.) Year Price of strawberries Quantity of strawberries 2014 100 Price of Quantity cream of cream $3.00 | 200 $3.50 400 $4.00 500 | 2015 | $2.00 | 2016 $3.00 125 150 Year Nominal GDP Real GDP GDP deflator 2014 100 $ 700 $ 700 2015 118...
(8) The country described in the table below produces and consumes only three goods: ice cream,...
(8) The country described in the table below produces and
consumes only three goods: ice cream, chocolate cake, and t-shirts.
The quantity produced and price of each good in 2016 and 2017 are
provided.
Price 2016 Quantity 150 600 2017 Quantity 170 Price $22 $1.50 $20 $2 Good t-shirts Ice cream (scoops Chocolate cake (slices) 600 1.200 $2.25 1.100 $3 a. What is nominal GDP for 2016? b. What is nominal GDP for 2017? C. Assuming that 2017 is the...
4- Attached are some data from the land of milk and honey, a. Compute nominal GDP,...
4- Attached are some data from the land of milk and honey, a. Compute nominal GDP, real GDP for years 2014 and 2015, using 2013 as the base yoar. b. Compute the percentage change in real GDP, and compute the GDP deflator in 2014 and 2015. Year 2013 2014 2015 Price of Milk $1 1 2. Quantity of Milk (litres) 100 200 200 Price of Honey $2 2 Quantity of Honey (litres) 50 100 100 4.
The country of Aruba produces only cakes and coffee. Quantities and prices of these goods for the last couple of years are shown below. The base year is 2012 count Year Price of Cake Quantity of Cake Price of Coffee Quantity of Coffee mboard 2012 $4 100 $1.50 120 $2.00 ourses 2013 2014 $4 $5 $ 2.50 2015 $6 $ 3.50 lendar E Inbox Refer to the above table: In 2014 country's real GDP was $ 670 and GDP deflator...
Q6The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk 2008 $4.00 $1.50 150 2009 $4.00 100 $2.00 180 2010 $5.00 $2.50 2011 $6.00 150 $3.50 90 200 200 Refer to Table 10-4. In 2008, this country's nominal GDP was greater than real GDP, and the...
Attempts: Average: 14 5. Real versus nominal GOP 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 Price Quantity (Number of cupcakes) 120 130 130 Price Year 2012 2013 2014 Quantity (Number of erasers) 195 195 145 (Dollars per cupcake) (Dollars per eraser) Use the information from the preceding table to fill in the following table Nominal GDP Year (Dollars)(Base year 2012,...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
Attempts: Keep the Highest: 3 6. Problems and Applications Q6 Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 2 bars and the price is $5. In year 2. the quantity produced is 4 bars and the price is 18. In year 3, the quantity produced is 8 bars and the price is $10. Using year 1 as the base year, compute nominal GOP, real GOP, and the GOP deflator for each year, Nominal...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period Pencils Oranges Price (Dollars per orange) 2 4 4 Price Year 2012 2013 2014 Quantity (Number of pencils) 145 165 110 Quantity (Number of oranges) 195 225 165 (Dollars per pencil) Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars)...
Consider an economy that only produces two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator for each year. (Year 2014 is the base year.) Year Price of strawberries Quantity of strawberries 2014 100 Price of Quantity cream of cream $3.00 | 200 $3.50 400 $4.00 500 | 2015 | $2.00 | 2016 $3.00 125 150 Year Nominal GDP Real GDP GDP deflator 2014 100 $ 700 $ 700 2015 118...
(8) The country described in the table below produces and
consumes only three goods: ice cream, chocolate cake, and t-shirts.
The quantity produced and price of each good in 2016 and 2017 are
provided.
Price 2016 Quantity 150 600 2017 Quantity 170 Price $22 $1.50 $20 $2 Good t-shirts Ice cream (scoops Chocolate cake (slices) 600 1.200 $2.25 1.100 $3 a. What is nominal GDP for 2016? b. What is nominal GDP for 2017? C. Assuming that 2017 is the...
4- Attached are some data from the land of milk and honey, a. Compute nominal GDP, real GDP for years 2014 and 2015, using 2013 as the base yoar. b. Compute the percentage change in real GDP, and compute the GDP deflator in 2014 and 2015. Year 2013 2014 2015 Price of Milk $1 1 2. Quantity of Milk (litres) 100 200 200 Price of Honey $2 2 Quantity of Honey (litres) 50 100 100 4.
Most questions answered within 3 hours.
-
An explosion breaks a 20.0-kg object into three parts. The
object is initially moving at a...
asked 30 minutes ago -
Calculate the approximate number of residues of Rubisco, which
is involved in carbon fixation in plants,...
asked 1 hour ago -
Other decisions about scientific claims can have a much broader
impact.ENERGYarrow-10x10.png, environment, health, security - all...
asked 2 hours ago -
I need to write a research paper and work cited about this
topic: The United States...
asked 2 hours ago -
Hello! I was wondering if I could have some help?
If the vapor pressure of carvone...
asked 3 hours ago -
An economist wants to estimate the mean per capita income (in
thousands of dollars) for a...
asked 3 hours ago -
What would be the input/output characteristic of a circuit
obtained by putting two of your 2's-complementers...
asked 3 hours ago -
In Drosophila, the transition from the syncytial blastoderm
stage to the cellular blastoderm stage is a...
asked 3 hours ago -
Project management question:
Name 3 different types of resources (hint: humans are one
type)
asked 4 hours ago -
Consider the following reaction: C 2H 2( g) + 2H 2( g) C 2H 6(
g)...
asked 4 hours ago -
Consider a 1.0 L buffer containing 0.092 mol L-1 HCOOH and 0.100
mol L-1 HCOO-. What...
asked 4 hours ago -
Koch Realty has owned a vacant land with a FMV of
$775,000 and an adjusted basis...
asked 4 hours ago