Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in...
Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were produced in 2002 and 5 in 2009, then the GDP deflator in 2009, using a base year of 2002, was approximately:
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a. 1.5. |
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b. 1.7. |
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c. 1.9. |
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d. 2.0. |
Homework Answers
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Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas
oranges cost $1 in...
III 6. Assume that apples cost $0.50 in 2002 and $1 in 2007, whereas oranges cost...
III 6. Assume that apples cost $0.50 in 2002 and $1 in 2007, whereas oranges cost $1 in 2002 and $1.50 in 2007. 4 apples were produced in 2002 and 5 in 2007, whereas 3 oranges were produced in 2002 and 5 in 2007. Calculate the GDP deflator in 2007, using 2002 as the base year. Numerical V
2 3 Consider an economy that produces only three types of fruit: apples bananas, and oranges....
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Consider an economy that produces only three types of fruit: apples bananas, and oranges. In the base year (a few years ago), the production and price data are listed in the tables to the right. Base Year Quantity Fruit Apples Bananas 5,000 bunches Oranges Price 3,000 bags In the base year, nominal GUP was s In the current year, nominal GDP is $ (Round both answers to the nearest whole number.) $2 per bag $3 per bunch $5...
1 Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per...
1
Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per bunch $5 per bag 4,000 bags 7,000 bags Current Year Fruit Quantity Apples Bananas 15.000 bunches Oranges Price $3 per bag $2 per bunch $7 per bag 5,000 bags 28,000 bags Consider an economy that produces only three types of fruit: apples bananas, and oranges. In the base year (a few years ago), the production and price data are listed in the tables to...
need help answering these questions 2016 Quantities Apples Oranges 2015 60 80 160 220 Prices Apples...
need help answering these questions
2016 Quantities Apples Oranges 2015 60 80 160 220 Prices Apples Oranges 2015 $0.50 $0.25 2016 $1.00 $2.00 4. Refer to figure above. Eland is an economy that produces only apples and oranges. The base your is 2015, and the table gives the quantities produced and the prices. Calculate nominal GDP in 2015 and 2016 5. Calculate Eland real GDP in 2015 and 2016 expressed in base-year prices. Item Wages Consumption expenditure Other factor incomes...
Help please 2009 Q1 (70 points). Consider an economy composed of just three firms producing three...
Help please
2009 Q1 (70 points). Consider an economy composed of just three firms producing three goods. Suppose that quantities of output produced and prices in 2009 and 2010 are as the followings: 2010 Quantity Price Quantity Price Cars 10 $2,000 | 12 $3,000 Computers 4 $1,000 $500 Oranges 1000 $1 1000 $1 a. Calculate nominal GDP in 2009 and in 2010? Calculate the percentage change in GDP? b. Using the year 2009 as the base year, calculate the real...
2010 Prices 2010 Quantity 2011 Prices 2011 Quantity 2012 Prices 2012 Quantity Apples $3 5 $3...
2010 Prices 2010 Quantity 2011 Prices 2011 Quantity 2012 Prices 2012 Quantity Apples $3 5 $3 11 $3 8 Oranges $2 9 $9 3 $1 10 Nominal GDP Real GDP A. Calculate the nominal and the real GDP in each year for the economy. 2010 is your base year. B. If the real GDP was $150 in 2013 and $182 in 2014, what would the GDP growth rate would be? What would this mean? C. If the nominal GDP was $250 in 2014...
Table 7-8 Year Guns Produced Price of Guns Butter Produced Price of Butter 2002 80 $5...
Table 7-8 Year Guns Produced Price of Guns Butter Produced Price of Butter 2002 80 $5 40 $4 2009 90 6 60 10 Consider the following data for Tyrovia, a country that produces only two products: guns and butter. a. Refer to Table 7-8. Real GDP for Tyrovia for 2009 using 2002 as the base year equals A) $1,140. B) $880. C) $690. D) $560. b. Refer to Table 7-8. Nominal GDP for Tyrovia in 2009 equals A) $1,140. B)...
## Table for Question 3 | Oranges Apples Bananas L Price in 2018 $0.40 $0.25 $0.40...
## Table for Question 3 | Oranges Apples Bananas L Price in 2018 $0.40 $0.25 $0.40 Quantities in 2019 150 200 Price in 2019 $0.40 $0.40 $0.50 50 Q3 (13 points) (Click on the link for the table), which provides the price of a piece of each of the three fruits in 2018 and 2019. Suppose that 2018 is the base year and the market basket for purposes of constructing a price index consists of 200 oranges, 100 apples and...
Question 11 pts What is the opportunity cost of 1 ton of apples for the nations...
Question 11 pts What is the opportunity cost of 1 ton of apples for the nations of Argentina and Brazil, respectively? 4 tons of oranges and 2 tons of oranges 2.5 tons of oranges and .4 tons of oranges .25 tons of oranges and .5 tons of oranges 2 tons of oranges and 4 tons of oranges Oranges b) Oranges tons per year tons per year) 28 Brazil Argentina 16 14 0 Apples (tons per year) Apples (tons per year)
Please help. Thank you!!! 1. A certain economy produces only 2 goods, apples and bananas. The...
Please help. Thank you!!!
1. A certain economy produces only 2 goods, apples and bananas. The quantity produced and price of each is given below in several years. Apples-Q 50 60 70 Apples-P 6 7 8 Bananas-Q 100 105 110 Year 2001 2002 2003 Bananas-P 1.5 Let the CPI basket be 1 apple and 2 bananas. Using 2002 as the base year. Calculate the CPI NGDP and RGDP for each year a. b. What causes inflation?
III 6. Assume that apples cost $0.50 in 2002 and $1 in 2007, whereas oranges cost $1 in 2002 and $1.50 in 2007. 4 apples were produced in 2002 and 5 in 2007, whereas 3 oranges were produced in 2002 and 5 in 2007. Calculate the GDP deflator in 2007, using 2002 as the base year. Numerical V
2
3
Consider an economy that produces only three types of fruit: apples bananas, and oranges. In the base year (a few years ago), the production and price data are listed in the tables to the right. Base Year Quantity Fruit Apples Bananas 5,000 bunches Oranges Price 3,000 bags In the base year, nominal GUP was s In the current year, nominal GDP is $ (Round both answers to the nearest whole number.) $2 per bag $3 per bunch $5...
1
Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per bunch $5 per bag 4,000 bags 7,000 bags Current Year Fruit Quantity Apples Bananas 15.000 bunches Oranges Price $3 per bag $2 per bunch $7 per bag 5,000 bags 28,000 bags Consider an economy that produces only three types of fruit: apples bananas, and oranges. In the base year (a few years ago), the production and price data are listed in the tables to...
need help answering these questions
2016 Quantities Apples Oranges 2015 60 80 160 220 Prices Apples Oranges 2015 $0.50 $0.25 2016 $1.00 $2.00 4. Refer to figure above. Eland is an economy that produces only apples and oranges. The base your is 2015, and the table gives the quantities produced and the prices. Calculate nominal GDP in 2015 and 2016 5. Calculate Eland real GDP in 2015 and 2016 expressed in base-year prices. Item Wages Consumption expenditure Other factor incomes...
Help please
2009 Q1 (70 points). Consider an economy composed of just three firms producing three goods. Suppose that quantities of output produced and prices in 2009 and 2010 are as the followings: 2010 Quantity Price Quantity Price Cars 10 $2,000 | 12 $3,000 Computers 4 $1,000 $500 Oranges 1000 $1 1000 $1 a. Calculate nominal GDP in 2009 and in 2010? Calculate the percentage change in GDP? b. Using the year 2009 as the base year, calculate the real...
## Table for Question 3 | Oranges Apples Bananas L Price in 2018 $0.40 $0.25 $0.40 Quantities in 2019 150 200 Price in 2019 $0.40 $0.40 $0.50 50 Q3 (13 points) (Click on the link for the table), which provides the price of a piece of each of the three fruits in 2018 and 2019. Suppose that 2018 is the base year and the market basket for purposes of constructing a price index consists of 200 oranges, 100 apples and...
Please help. Thank you!!!
1. A certain economy produces only 2 goods, apples and bananas. The quantity produced and price of each is given below in several years. Apples-Q 50 60 70 Apples-P 6 7 8 Bananas-Q 100 105 110 Year 2001 2002 2003 Bananas-P 1.5 Let the CPI basket be 1 apple and 2 bananas. Using 2002 as the base year. Calculate the CPI NGDP and RGDP for each year a. b. What causes inflation?
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