Homework Answers
D. The GDP doesn't include imports whereas the CPI does.
CPI includes goods and services that are consumed by households be it imports whereas GDP includes goods and services produced in the country.
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QUESTION 30 Which of the following is a reason why the GDP deflator may whow a...
3:55 If CPI includes all goods, does CPl inflation match GDP deflator inflation? If CPI excludes...
3:55 If CPI includes all goods, does CPl inflation match GDP deflator inflation? If CPI excludes D, what is the difference? If it excludes A? 17. If there are 200 people in the population, 100 in the labor force, and 5 unemployed, what is the LFP and unemployment rate? If 10 more people join the labor force but 8 of those immediately find jobs, what is the change in LFP and UR?
For each of the following situations, state whether CPI or GDP deflator is a more appropriate...
For each of the following situations, state whether CPI or GDP deflator is a more appropriate measure to use and explain why the statistic is preferred. 1) You are interested in looking at the impact of higher prices of imported oil in the overall cost of living. 2) The government is interested in whether increases in defense spending are affecting the price level.
1. Calculate GDP in this simple economy: Consumer purchases: $100 per year Investment purchases: $50 per...
1. Calculate GDP in this simple economy: Consumer purchases: $100 per year Investment purchases: $50 per year Government purchases: $20 per year Total exports: $50 per year Total imports: $70 per year GDP = 2. "Government purchases (G)" does not include all of government spending: What is not included? 3. "Consumption spending (C)" does not include all of household spending: What is not included? In an imaginary economy, consumers buy only razors and cologne. The fixed basket consists of 6...
Fill in the Blanks: is the component of GDP that includes spending on new structures and equipment. ANSWER: 2. Con...
Fill in the Blanks: is the component of GDP that includes spending on new structures and equipment. ANSWER: 2. Consumption is $5.5 trillion, investment is $1 trillion, government expenditures are $1.5 trillion, transfer payments are $.5 trillion, exports are $.75 trillion and imports are $1.25 trillion. GDP is equal to - ANSWER: 3. Foreign countries buy $1.2 trillion of U.S. goods and services. U.S. residents purchase $1.8 trillion of foreign goods and services. What is net exports? ANSWER: 4. In...
question 1: nominal GDP for 2016 question 2: real gdp for 2015 question 3: GDP deflator...
question 1: nominal GDP for 2016
question 2: real gdp for 2015
question 3: GDP deflator for 2014
question 4: calculate cost/price of the market basket for
2015
question 5: calculate CPI for 2016
question 6: use CPI to calculate the inflation rate
from 2014 to 2015
question 7: which person makes more in
inflation-adjusted terms or (real) terms? would it change if nick
made 82k a year instead?
question 8: best too look at pic.
Note: please show work...
5. Why, in the opinion of many economists, does the US government measure both a GDP...
5. Why, in the opinion of many economists, does the US government measure both a GDP deflator and a CPI? Historically how have the two been related in practice? Note, if there are any significant differences between the two measures, I am asking you to describe them. If one of the two measures shows more ”inflation” on a consistent basis, give two reasons why this is the case. In addition to the CPI, the government also measures a Producer Price...
Question B.1: National Accounts [28 points] Consider a world that consists of only two countries,...
Question B.1: National Accounts [28 points] Consider a world that consists of only two countries, A and B, that trade with each other The countries use a common currency, so nominal variables are comparable across countries. The total production of these countries is summarized in the following tables Country A Apples Country B Apples Oranges Peaches year year uant ice quant rice uant ice quant ice 2014 1.000 $0.90500$2.00 2015 1.200 $1.00550$2.00 2014 2,000 $0.90500 $3.00 2015 1,900 $1.00 600...
Question 12 (1 point) Suppose the price level, as measured by the GDP deflator, is 1.14,...
Question 12 (1 point) Suppose the price level, as measured by the GDP deflator, is 1.14, the supply of money, measured by M1, is $3.4 trillion, and output, measured by real GDP, is $16.6 trillion. What is the velocity of money? Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "S," ", " "%," or "," in your answer. Your Answer: Answer Question 13 (1 point) Suppose the growth in the...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and envelopes....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Year 2016 2017 2018 Pencils Price Quantity (Dollars per (Number of pencil) pencils) 125 170 150 Envelopes Price Quantity (Dollars per (Number of envelope) envelopes) 200 230 170 HN Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars Real GDP (Base year...
Which of the following explanations is a reason why Real GDP per Capital is NOT a...
Which of the following explanations is a reason why Real GDP per Capital is NOT a good measure of social welfare? Select one: a. Real GDP per capita does not account for population growth b. Real GDP per Capita does not account for household activities like cooking at home c. Real GDP per capita does not account for the production of services d. Real GDP per capita is not as accurate as Real Gross National Product per Capita e. Real...
3:55 If CPI includes all goods, does CPl inflation match GDP deflator inflation? If CPI excludes D, what is the difference? If it excludes A? 17. If there are 200 people in the population, 100 in the labor force, and 5 unemployed, what is the LFP and unemployment rate? If 10 more people join the labor force but 8 of those immediately find jobs, what is the change in LFP and UR?
1. Calculate GDP in this simple economy: Consumer purchases: $100 per year Investment purchases: $50 per year Government purchases: $20 per year Total exports: $50 per year Total imports: $70 per year GDP = 2. "Government purchases (G)" does not include all of government spending: What is not included? 3. "Consumption spending (C)" does not include all of household spending: What is not included? In an imaginary economy, consumers buy only razors and cologne. The fixed basket consists of 6...
Fill in the Blanks: is the component of GDP that includes spending on new structures and equipment. ANSWER: 2. Consumption is $5.5 trillion, investment is $1 trillion, government expenditures are $1.5 trillion, transfer payments are $.5 trillion, exports are $.75 trillion and imports are $1.25 trillion. GDP is equal to - ANSWER: 3. Foreign countries buy $1.2 trillion of U.S. goods and services. U.S. residents purchase $1.8 trillion of foreign goods and services. What is net exports? ANSWER: 4. In...
question 1: nominal GDP for 2016
question 2: real gdp for 2015
question 3: GDP deflator for 2014
question 4: calculate cost/price of the market basket for
2015
question 5: calculate CPI for 2016
question 6: use CPI to calculate the inflation rate
from 2014 to 2015
question 7: which person makes more in
inflation-adjusted terms or (real) terms? would it change if nick
made 82k a year instead?
question 8: best too look at pic.
Note: please show work...
Question B.1: National Accounts [28 points] Consider a world that consists of only two countries, A and B, that trade with each other The countries use a common currency, so nominal variables are comparable across countries. The total production of these countries is summarized in the following tables Country A Apples Country B Apples Oranges Peaches year year uant ice quant rice uant ice quant ice 2014 1.000 $0.90500$2.00 2015 1.200 $1.00550$2.00 2014 2,000 $0.90500 $3.00 2015 1,900 $1.00 600...
Question 12 (1 point) Suppose the price level, as measured by the GDP deflator, is 1.14, the supply of money, measured by M1, is $3.4 trillion, and output, measured by real GDP, is $16.6 trillion. What is the velocity of money? Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "S," ", " "%," or "," in your answer. Your Answer: Answer Question 13 (1 point) Suppose the growth in the...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Year 2016 2017 2018 Pencils Price Quantity (Dollars per (Number of pencil) pencils) 125 170 150 Envelopes Price Quantity (Dollars per (Number of envelope) envelopes) 200 230 170 HN Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars Real GDP (Base year...
Which of the following explanations is a reason why Real GDP per Capital is NOT a good measure of social welfare? Select one: a. Real GDP per capita does not account for population growth b. Real GDP per Capita does not account for household activities like cooking at home c. Real GDP per capita does not account for the production of services d. Real GDP per capita is not as accurate as Real Gross National Product per Capita e. Real...
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