Suppose the information in the following table is for a simple economy that produces only the...
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts.
|
2009 Statistics |
2018 Statistics |
2019 Statistics |
|
Product |
Quantity |
Price |
Quantity |
Price |
Quantity |
Price |
|
Shoes |
100 |
$52.00 |
115 |
$65.00 |
110 |
$70.00 |
|
Hamburgers |
85 |
3.00 |
120 |
3.00 |
135 |
3.50 |
|
Shirts |
70 |
40.00 |
60 |
35.00 |
85 |
35.00 |
|
Cotton |
12,000 |
0.90 |
12,000 |
0.75 |
13,000 |
0.80 |
a. If the base year is the year 2009, then real GDP for 2018 equals $ ___ and the real GDP for 2019 equals $__
.b. The (annual) growth rate of real GDP in 2019 is ___
Homework Answers
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Suppose the information in the following table is for a simple
economy that produces only the...
Suppose the information in the following table is for a simple economy that produces only the...
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2009 Statistics Quantity Price Quantity 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton 110 $55.00 3.00 70 40.00 0.90 120 60 12,000 120 $70.00 3.00 35.00 0.75 Price Quantity Price 120 $75.00 3.50 85 35.00 0.80 85 135 12,000 13,000 a. f the...
Suppose the information in the following table is for a simple economy that produces only the...
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produ ce shirts 2009 Statistics 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton Quantity Price Quantity 90 $50.00 2.50 0 40.00 0.80 110 60 8,000 100 $60.00 2.50 35.00 0.60 Price Quantity Price 100 $65.00 2.75 8535.00 0.70 80 125 10,000 12,000 a. If the...
suppose that a simple economy... End of Chapter 1.11 Suppose that a simple econormy produces only...
suppose that a simple economy...
End of Chapter 1.11 Suppose that a simple econormy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton Further, assume used in the production of shirts that all of the cotton is Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2019 PRODUCTION AND PRICE STATISTICS FOR 2019 Product Quantity Price $70.00 Shoes 150 Hamburgers 125 3.00 30.00 Shirts Cotton 75 2,000 0.80 The...
Suppose the information in the following table is for a simple economy that produces only four...
Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts. Calculate the GDP deflator for 2015. Use 2009 as the base year for the calculations. Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$," "=,"...
Question 6 (1 point) Suppose the information in the following table is for a simple economy...
Question 6 (1 point) Suppose the information in the following table is for a simple economy that produces only four goods and services shoes, hamburgers, shirts, and cotton Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts Calculate real GDP for 2015 using 2009 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as...
Score: 0 of 6 pts 6 of 9 (8 complete) HW Score: 37 End of Chapter...
Score: 0 of 6 pts 6 of 9 (8 complete) HW Score: 37 End of Chapter 3.4 Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and ootlion. Further, assume that all of the cotton is used to produce shirts 2009 Statistics QuantityPriceQuantity Price Quantity Price 2018 Statistics 2019 Statistics 120 $76.00 12。2.25 5 30.00 12,000 0.9012,0000.75 13,000 080 110 $55.00 75 2.00 60 35.00 120 $70.00...
9. In the circular flow of income, why must the value of total production in an...
9. In the circular flow of income, why must the value of total production in an economy equal the value of total income? a. Domestic expenditures on imports generally equal foreign expenditures on U.S. exports. b. People tend to spend all of their income on goods and services. c. Taxes on the production of goods and services are determined according to individual income. d. Every penny spent on a good or service must end up as someone's income. 15. A...
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the...
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 Cupcakes Price Quantity (Dollars per cupcake) (Number of cupcakes) 1 150 Year Price (Dollars per eraser) 2 Quantity (Number of erasers) 160 2018 2019 2 135 4 230 2020 3 110 4 165 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Year Real GDP (Base...
The economy of Tuland produces only two products books books and dvds dvds. The following information...
The economy of Tuland produces only two products books books and dvds dvds. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of books 50 55 Quantity of dvds 2 4 Price of books $1.00 $1.05 Price of dvds $50.00 $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $. (Enter your response rounded to two decimal places.) Real...
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...
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2009 Statistics Quantity Price Quantity 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton 110 $55.00 3.00 70 40.00 0.90 120 60 12,000 120 $70.00 3.00 35.00 0.75 Price Quantity Price 120 $75.00 3.50 85 35.00 0.80 85 135 12,000 13,000 a. f the...
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produ ce shirts 2009 Statistics 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton Quantity Price Quantity 90 $50.00 2.50 0 40.00 0.80 110 60 8,000 100 $60.00 2.50 35.00 0.60 Price Quantity Price 100 $65.00 2.75 8535.00 0.70 80 125 10,000 12,000 a. If the...
suppose that a simple economy...
End of Chapter 1.11 Suppose that a simple econormy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton Further, assume used in the production of shirts that all of the cotton is Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2019 PRODUCTION AND PRICE STATISTICS FOR 2019 Product Quantity Price $70.00 Shoes 150 Hamburgers 125 3.00 30.00 Shirts Cotton 75 2,000 0.80 The...
Question 6 (1 point) Suppose the information in the following table is for a simple economy that produces only four goods and services shoes, hamburgers, shirts, and cotton Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts Calculate real GDP for 2015 using 2009 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as...
Score: 0 of 6 pts 6 of 9 (8 complete) HW Score: 37 End of Chapter 3.4 Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and ootlion. Further, assume that all of the cotton is used to produce shirts 2009 Statistics QuantityPriceQuantity Price Quantity Price 2018 Statistics 2019 Statistics 120 $76.00 12。2.25 5 30.00 12,000 0.9012,0000.75 13,000 080 110 $55.00 75 2.00 60 35.00 120 $70.00...
9. In the circular flow of income, why must the value of total production in an economy equal the value of total income? a. Domestic expenditures on imports generally equal foreign expenditures on U.S. exports. b. People tend to spend all of their income on goods and services. c. Taxes on the production of goods and services are determined according to individual income. d. Every penny spent on a good or service must end up as someone's income. 15. A...
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 Cupcakes Price Quantity (Dollars per cupcake) (Number of cupcakes) 1 150 Year Price (Dollars per eraser) 2 Quantity (Number of erasers) 160 2018 2019 2 135 4 230 2020 3 110 4 165 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Year Real GDP (Base...
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...
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