Question 1 of 4 > The chart gives prices and output information for the country of...
(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...
The annual output and prices of a 3-good economy are shown in the table below. Assume Year 1 is the base year. Quantity Price of Ice Quantity of of Ice Cream Shampoo Cream Price of Shampoo Quantity of Peanut Butter Price of Peanut Butter Year 1 $3 Year 2 $10 What was nominal GDP in year 1?$ What was real GDP in year 1?$ What was nominal GDP in year 2?$ 0 What was real GDP in year 2?$O
The annual output and prices of a 3-good economy are shown in the table below. Assume Year 1 is the base year. Quantity of Ice CreamPrice of Ice CreamQuantity of ShampooPrice of ShampooQuantity of Peanut ButterPrice of Peanut ButterYear 13$51$43$3Year 25$92$62$4What was nominal GDP in year 1?$ What was real GDP in year 1?$ What was nominal GDP in year 2?$ What was real GDP in year 2? $
Assignment Score: 37.5% Resources Give Up? Hint Check Answer Question 7 of 16 > Consider the given simple economy. Sheepnip Co. makes sheep feed. Better-bald Inc. purchases sheep feed for the sheep it raises and sells wool. Sweeter Sweaters Inc. makes and sells wool sweaters. Sheepnip Co. Better-bald Inc. Sweeter Sweaters Inc. Sheep feed $0 $2200 $0 Wool $0 $0 $3800 Wages $700 $300 $550 Interest payments $400 $100 $50 Rent $1000 $450 $500 Profits $100 $750 $800 What is...
2. Suppose the following table records the total output and prices for an entire economy. Further, suppose the base year in the following table is 2004. Quantity of Soda Quantity of Jeans Year 2004 2005 Price of Soda €1.00 1.00 Price of Jeans €10.00 11.00 a. What is the value of nominal GDP in 2004? Answer: b. What is the value of real GDP in 2004? Answer: c. What is the value of nominal GDP in 2005? Answer: d. What...
2. Suppose the following table records the total output and prices for an entire economy. Further, suppose the base year in the following table is 2004. Price of Soda Quantity of Soda Quantity of Jeans Year 2004 2005 Price of Jeans €10.00 11.00 €1.00 1.00 220 a. What is the value of nominal GDP in 2004? Answer: b. What is the value of real GOP in 2004? Answer: What is the value of nominal GDP in 2005? Answer: d. What...
An economy produces only robots, pens, and pizza. The table gives the quantities produced and prices in 2016 and 2017. The base year is 2016. What is nominal GDP in 2016 and in 2017? Nominal GDP in 2016 is $ nothing. Nominal GDP in 2017 is $ nothing In 2016 Item Quantity Price Robots 3 $3 each Pens 8 $3 each Pizza 1 $1 each In 2017 Item Quantity Price Robots 9 $9 each Pens 2 $9 each Pizza 7...
2. Suppose the following table records the total output and prices for an entire economy. Further, suppose the base year in the following table is 2004. Quantity of Jeans Year 2004 2005 Price of Soda €1.00 1.00 Quantity of Soda 200 220 Price of Jeans €10.00 11.00 a. What is the value of nominal GDP in 2004? Answer: b. What is the value of real GDP in 2004? Answer: c. What is the value of nominal GDP in 2005? Answer:...
How do I solve the following problems Given the following information, what would the real growth in 2015 be? Nominal GDPGDP Deflator 2014$120 billion 110 2015145 billion 126 5.6 (HOW) With a Real GDP of $100 billion in 2016 and of $140 billion in 2017, the real growth would be 40% (HOW) The fictional small country of Dansbert has had a robust GDP the last few years. Dansbert produces just two products: TVs and Computers. The following chart shows product...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But what happens when relative prices change? As you know,...