Consider an economy that produces only one good.
A. What is nominal GDP for each of these years?
B. What is real GDP for each of these years?
C. What is the GDP deflator for each of these years?
D. What is the percentage growth rate of real GDP from year 2 to year 3?
E. What is the inflation rate as measured by the GDP deflator from year 2 or year 3?
Homework Answers
A. What is nominal GDP for each of these years?
Nominal GDP=Year's Price*Year's Quantity
Year1:Q1P1
Year2:Q2P2
Year3:Q3P3
B. What is real GDP for each of these years?
Real GDP=Base Year's Price*Year's Quantity
Year1:Q1P1
Year2:Q2P1
Year3:Q3P1
C. What is the GDP deflator for each of these years?
GDP Deflator=Nominal GDP/Real GDP*100
Year1: Deflator=Q1P1/Q1P1*100=100 (always 100 in base year)
Year2: Deflator=Q2P2/Q2P1*100=P2/P1*100
Year3: Deflator=Q3P3/Q3P1*100=P3/P1*100
D. What is the percentage growth rate of real GDP from year 2 to year 3?
% Growth Rate=((New-Old)/Old)*100
% Growth Rate=((Q3P1-Q2P1)/Q2P1)*100
% Growth Rate=((Q3-Q2)/Q2)*100
E. What is the inflation rate as measured by the GDP deflator from year 2 or year 3?
Inflation Rate=((NewDeflator-OldDeflator)/OldDeflator)*100
Inflation Rate=(((P3/P1)-(P2/P1))/(P2/P1))*100
Inflation Rate=((P3-P2)/P2)*100
Attempts: Keep the Highest: 3 6. Problems and Applications Q6 Consider an economy that produces only...
Attempts: Keep the Highest: 3 6. Problems and Applications Q6 Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 2 bars and the price is $5. In year 2. the quantity produced is 4 bars and the price is 18. In year 3, the quantity produced is 8 bars and the price is $10. Using year 1 as the base year, compute nominal GOP, real GOP, and the GOP deflator for each year, Nominal...
Consider an economy that only produces and consumes milk and cars. In the table are data...
Consider an economy that only produces and consumes milk and cars. In the table are data from 2 different years Year 2000 Year 2016 Price for a litre of milk $1 $2 # of milks produced 500 400 Price for a car $50 $100 # of cars produced 100 120 a) using the year 2000 as a base year, compute for 2000 and 2016 for the following statistics: nominal GDP, real GDP, price deflator and the CPI b) How much...
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...
Consider an economy that only produces and consumes milk and cars. In table 1 are data...
Consider an economy that only produces and consumes milk and cars. In table 1 are data from two different years. Table 1: GDP and Prices Year 2000 Year 2016 Number of milks produced Price of a car Number of cars produced S1$2 500 S50 100 400 $100 120 (a) Using the year 2000 as the base year, compute for 2000 and 2016 the following statistics: nominal GDP, real GDP, the price deflator and the CPI. 15 points b) How much...
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...
National Accounts and Price Indices Consider an economy that only produces three types of goods and...
National Accounts and Price Indices Consider an economy that only produces three types of goods and services: bread tractors, and haircuts. The following table shows how many of these goods were produced in three consecutive years and at what price they were sold. year bread tractors haircuts units sold price units sold price units sold price 2008 2009 2010 4,950,000 5,000,000 5,050,000 $1.00 S1.00 S1.05 95 100 95 $45,000 $50,000 $45,000 96,000 100,000 104,000 S50 $55 a) Calculate nominal GDP...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period Pencils Oranges Price (Dollars per orange) 2 4 4 Price Year 2012 2013 2014 Quantity (Number of pencils) 145 165 110 Quantity (Number of oranges) 195 225 165 (Dollars per pencil) Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars)...
Consider a simple economy that produces two goods: pens and erasers. The following table shows the...
Consider a simple economy that produces two goods: pens and erasers. The following table shows the prices and quantities of the goods over a three-year period. Year Pens Erasers Price Quantity Price Quantity (Dollars per pen) (Number of pens) (Dollars per eraser) (Number of erasers) 2016 1 110 2 150 2017 2 155 4 215 2018 3 120 4 180 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and erasers....
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and erasers. The following table shows the prices and quantities of the goods over a three-year period. Pencils Price Quantity (Dollars per pencil (Number of pencils) 1 125 Erasers Price Quantity (Dollars per eraser (Number of erasers) 1 200 Year 2018 2019 170 4 230 2020 4 150 4 170 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars)...
Consider an economy that only produces and consumes milk and cars. In table 1 are data...
Consider an economy that only produces and consumes milk and cars. In table 1 are data from two different years Table 1: GDP and Prices Year 2000 S1 Number of milks produced500 $50 100 Year 2016 $2 400 $100 120 Price of a liter of milk Price of a car (a) Using the year 2000 as the base year, compute for 2000 and 2016 the following statistics: nominal GDP, real GDP, the price deflator and the CPI. [15 points b)...
Attempts: Keep the Highest: 3 6. Problems and Applications Q6 Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 2 bars and the price is $5. In year 2. the quantity produced is 4 bars and the price is 18. In year 3, the quantity produced is 8 bars and the price is $10. Using year 1 as the base year, compute nominal GOP, real GOP, and the GOP deflator for each year, Nominal...
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...
Consider an economy that only produces and consumes milk and cars. In table 1 are data from two different years. Table 1: GDP and Prices Year 2000 Year 2016 Number of milks produced Price of a car Number of cars produced S1$2 500 S50 100 400 $100 120 (a) Using the year 2000 as the base year, compute for 2000 and 2016 the following statistics: nominal GDP, real GDP, the price deflator and the CPI. 15 points b) How much...
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...
National Accounts and Price Indices Consider an economy that only produces three types of goods and services: bread tractors, and haircuts. The following table shows how many of these goods were produced in three consecutive years and at what price they were sold. year bread tractors haircuts units sold price units sold price units sold price 2008 2009 2010 4,950,000 5,000,000 5,050,000 $1.00 S1.00 S1.05 95 100 95 $45,000 $50,000 $45,000 96,000 100,000 104,000 S50 $55 a) Calculate nominal GDP...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period Pencils Oranges Price (Dollars per orange) 2 4 4 Price Year 2012 2013 2014 Quantity (Number of pencils) 145 165 110 Quantity (Number of oranges) 195 225 165 (Dollars per pencil) Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars)...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and erasers. The following table shows the prices and quantities of the goods over a three-year period. Pencils Price Quantity (Dollars per pencil (Number of pencils) 1 125 Erasers Price Quantity (Dollars per eraser (Number of erasers) 1 200 Year 2018 2019 170 4 230 2020 4 150 4 170 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars)...
Consider an economy that only produces and consumes milk and cars. In table 1 are data from two different years Table 1: GDP and Prices Year 2000 S1 Number of milks produced500 $50 100 Year 2016 $2 400 $100 120 Price of a liter of milk Price of a car (a) Using the year 2000 as the base year, compute for 2000 and 2016 the following statistics: nominal GDP, real GDP, the price deflator and the CPI. [15 points b)...
Most questions answered within 3 hours.
-
can someone please write the balanced chemical
equation for the synthesis of Bromoacetanilide
from;
aniline +...
asked 2 minutes ago -
(Ratio Analysis): Last year Co. XYZ had sales of $ 400,000, with
“cost of goods sold”...
asked 6 minutes ago -
1. If a corporation purchases land and building and subsequently
tears down the building and uses...
asked 13 minutes ago -
Consider a 23-year bond with 7 percent annual coupon payments.
The market rate (YTM) is 6.4...
asked 16 minutes ago -
a tuba creates a 4th harmonic of frequency 116.5 Hz. what is the
frequency of the...
asked 22 minutes ago -
A coconut mass 2kg falls from a 30m tall tree. The coconut falls
and comes to...
asked 25 minutes ago -
Group Policies
Research GROUP POLICY OBJECTS (GPO'S)
You can start in the Windows Server 2012 eBook...
asked 29 minutes ago -
software engineering
Problems.
Create a use case diagram for class registration for a
university.
Create a...
asked 29 minutes ago -
You are trying to convince your friend who wants to attend
medical school to take BY123...
asked 44 minutes ago -
Subject: C++
I have created a class called QueueOfIntegers in a file called
QueueOfIntegers.h, which is...
asked 44 minutes ago -
calculate the number of molecules of gas in a
container of 2.0 liter at 30 degrees...
asked 1 hour ago -
1.which of the following is a phototroph?
a. sulfolobus
b. chloroflexus
c. bacteroidetes
d. deinococcus radioduran...
asked 57 minutes ago