Homework Answers
Q1.
a. Canadian GDP = Quantity of apples * price of apple + quantity of bananas * price of bananas + quantity of carrots * price of carrots
= 5 * 2 + 10 * 1 + 20 * 1.50
= 50
b. Canadian GDP = New Quantity of apples * price of apple + quantity of bananas * price of bananas + quantity of carrots * price of carrots
= 2 * 2 + 10 * 1 + 20 * 1.50
= 44
c. Canadian GDP = Quantity of apples * price of apple + quantity of bananas * price of bananas + quantity of carrots * price of carrots
60 = 5 * 2 + 10 * 1 + (20 * Price of carrot)
60 = 20 + (20 * Price of carrot)
40 = 20 * price of carrot
40/20 = 2 = Price of carrot
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Imagine that Canada produces only three goods: apples, bananas, and carrots. The quantities...
Imagine that Canada produces only three goods: apples, bananas, and carrots. The quantities produced and the...
Imagine that Canada produces only three goods: apples, bananas,
and carrots. The quantities produced and the prices of the three
goods are listed below:
Prices (S) 2.00 1.50 1.00 Goods Quantities produced es 12 20 Bananas Instructions: Round your answers to the nearest dollar, a. Canadian GDP is$ b. Suppose a drought hits the province of British Columbia. This drought causes the quantity of apples produced to fall to 6 56 50 Assuming that all prices remain constant, the new...
Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities produced and...
Imagine that a country produces only three goods: apples,
bananas, and carrots. The quantities produced and the prices of the
three goods are listed below.
Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below. Quantities Produced Goods Apples Bananas Carrots Price $2.00 1.50 1.00 12 26 Instructions: Round your answers to 2 decimal places. a. What is this country's GDP? b. Suppose that a...
Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities produced and...
Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below. Goods Quantities Produced Price Apples Bananas 10 $2.00 1.00 1.50 Carrots 28 Instructions: Round your answers to 2 decimal places a. What is this country's GDP? $ b. Suppose that a drought hits the country, causing the quantity of apples produced to fall to 6. Assuming that all prices remain constant, what is this country's...
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Suppose that the British economy produces two goods: laptops and books. The quantity produced and the...
Suppose that the British economy produces two goods: laptops and
books. The quantity produced and the prices of these items for 2015
and 2016 are shown in the table below: Year Quantities produced
Price ($) 2015 Laptops =50 Books =1,000 Laptops =200 Books = ? 2016
Laptops =100 Books =? Laptops =150 Books =10
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the...
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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
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,...
Recall the method of calculating real GDP detailed in the chapter. As you may already have...
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...
2 3 Consider an economy that produces only three types of fruit: apples bananas, and oranges....
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 $5...
Imagine that Canada produces only three goods: apples, bananas,
and carrots. The quantities produced and the prices of the three
goods are listed below:
Prices (S) 2.00 1.50 1.00 Goods Quantities produced es 12 20 Bananas Instructions: Round your answers to the nearest dollar, a. Canadian GDP is$ b. Suppose a drought hits the province of British Columbia. This drought causes the quantity of apples produced to fall to 6 56 50 Assuming that all prices remain constant, the new...
Imagine that a country produces only three goods: apples,
bananas, and carrots. The quantities produced and the prices of the
three goods are listed below.
Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below. Quantities Produced Goods Apples Bananas Carrots Price $2.00 1.50 1.00 12 26 Instructions: Round your answers to 2 decimal places. a. What is this country's GDP? b. Suppose that a...
Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below. Goods Quantities Produced Price Apples Bananas 10 $2.00 1.00 1.50 Carrots 28 Instructions: Round your answers to 2 decimal places a. What is this country's GDP? $ b. Suppose that a drought hits the country, causing the quantity of apples produced to fall to 6. Assuming that all prices remain constant, what is this country's...
Imagine that a country produces only three goods: apples, bananas, goods are listed below. Goods Price L Apples Bananas Carrots Quantities Produced 9 12 20 | $2.00 1.50 1.00 Instructions: Round your answers to 2 decimal places. C. Assume, once again, that the quantities produced and the prices of the three goods are as listed in the table. Given this situation, carrot sellers decide that the price of carrots is too low and agree to raise the price of carrots....
Suppose that the British economy produces two goods: laptops and
books. The quantity produced and the prices of these items for 2015
and 2016 are shown in the table below: Year Quantities produced
Price ($) 2015 Laptops =50 Books =1,000 Laptops =200 Books = ? 2016
Laptops =100 Books =? Laptops =150 Books =10
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 Quantities produced Laptops = 60 Books – see Laptops = 70 Books = ? Price ($) Laptops = 200 Books ? Laptops - 120 Books = 8 2016 Instructions: Round your answer to two decimal places a. Let's assume that the base year was 2015, so that real...
An economy produces three goods: trucks, DVD players, and apples. Quantities and prices per unit for years 2008 and 2009 are shown in the table below 2008 2009 Quantit 13 Price $4,800 $56 $1.00 Quantit Trucks DVD Players Apples Price $7,200 $76 $1.00 1,000 1,000 2008 2009 Nominal GDP $64,184.00 $139,472.00 Average Prices 2008-2009 Trucks DVD Players Apples $6,000.00 S66.00 $1.00 Using the average prices for all three goods, real GDP in 2008 is (Round your response to two decimal...
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...
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...
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