Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.00 2000 $15.00 3000 2014 $8.00 1...
Consider the table.
| Shirts | Pants | |||
|---|---|---|---|---|
| Year | Price | Quantity | Price | Quantity |
| 2013 | $5.00 | 2000 | $15.00 | 3000 |
| 2014 | $8.00 | 1900 | $20.00 | 2500 |
The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $55,000. Use the information in the table to answer the questions. What is nominal GDP in 2014?
What is real GDP in 2014? Use 2013 as the base year
Real output from 2013 to 2014 has
increased.
stayed the same.
experienced inflation.
decreased.
Homework Answers
Nominal gdp in 2014= 8*1900 + 20*2500= 65200
Real gdp in 2014= 5*1900 + 15*2500= 47000
Real gdp has DECREASED
Add Answer to:
Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.00 2000 $15.00 3000 2014 $8.00 1...
Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $7.50 750 $12.50 4000 2014...
Consider the table.
Shirts
Pants
Year
Price
Quantity
Price
Quantity
2013
$7.50
750
$12.50
4000
2014
$12.00
600
$18.50
3500
The table contains prices and output for a two good economy.
Nominal and real GDP in 2013 are both $55,625. Use the information
in the table to answer the questions.
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 2013 as the base year.
$
Real output from 2013 to 2014 has
stayed the same....
From 2013 to 2014, nominal GDP ______ (Decreased or increased) , and real GDP _______ (Decreased...
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) , and real GDP _____ (Decreased...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
Year Price of Good A Quantity of Good A Price of Good B Quantity of Good...
Year Price of Good A Quantity of Good A Price of Good B Quantity of Good B Price of Good C Quantity of Good C Base Year 2013 $35 100 $95 200 $75 150 2014 $40 125 $97 275 $78 175 2015 $42 150 $98 280 $80 200 2016 $45 250 $100 290 $85 225 Using the table above and 2013 as the base year, compute Nominal GDP, Real GDP, the GDP Deflator for each year (2013 through 2016). Compute...
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)...
Assignment Score: 37.5% Resources Give Up? Hint Check Answer Question 7 of 16 > Consider the...
Assignment Score: 37.5% Resources Give Up? Hint Check Answer Question 7 of 16 > Consider the given simple economy. Sheepnip Co. makes sheep feed. Better-bald Inc. purchases sheep feed for the sheep it raises and sells wool. Sweeter Sweaters Inc. makes and sells wool sweaters. Sheepnip Co. Better-bald Inc. Sweeter Sweaters Inc. Sheep feed $0 $2200 $0 Wool $0 $0 $3800 Wages $700 $300 $550 Interest payments $400 $100 $50 Rent $1000 $450 $500 Profits $100 $750 $800 What is...
Consider a simple economy that produces two goods: pencils and oranges. The following table shows the...
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 Price Quantity Quantity (Number of pencils) 110 155 120 (Dollars per pencil) (Dollars per orange) (Number of oranges) Year 2012 2013 2014 150 215 180 Use the information from the preceding table to fill in the following table Real GDP (Base year 2012, dollars) Nominal GDP (Dollars) GDP Deflator Year 2012...
Year Quantity Goods Quantity Services Price Goods Price Services 2010 2000 6200 2 1.5 2011 2200...
Year Quantity Goods Quantity Services Price Goods Price Services 2010 2000 6200 2 1.5 2011 2200 6400 2.11 1.65 2012 2500 6750 2.15 1.65 2013 2505 7100 2.3 1.9 2014 2700 7300 2.35 2 2015 3050 8000 2.5 2 2016 3100 8450 2.65 2.1 2017 3500 8650 2.7 2.15 Assume that consumers’ typical consumption basket of goods and services is exactly represented by the (relative) quantities of goods and services produced in 2015. a. Calculate the implied CPI in each...
Table 52 Year Price of Burgers Quantity of Burgers 2017 $4.00 100 2018 $5.00 120 2019...
Table 52 Year Price of Burgers Quantity of Burgers 2017 $4.00 100 2018 $5.00 120 2019 $6.00 150 Price of Magazines Quantity of Magazines $2.00 180 $2.50 200 $3.50 200 Refer to Table 5-2. What is the nominal GDP for 2018? swered $900 b. $1000 c. $1100 d. S1250
Assume that an economy produces only three goods; Computers, cars, and pizza. Table 1 gives the price and quantity for each good and the number of employed and unemployed individuals for the years 2010-2013. Table 2 gives the fixed basket used for calcula
Assume that an economy produces
only three goods; Computers, cars, and pizza. Table 1 gives the price
and quantity for each good and the number of employed and unemployed
individuals for the years 2010-2013. Table 2 gives the fixed basket used
for calculating the CPI. Assume that the base year is 2011 and show
your work! Table 1 - Price and Quantity of Goods Sold in 2010-2013 2010
2011 2012 2013 P Q P O P Q 25 Computers Cars...
Consider the table.
Shirts
Pants
Year
Price
Quantity
Price
Quantity
2013
$7.50
750
$12.50
4000
2014
$12.00
600
$18.50
3500
The table contains prices and output for a two good economy.
Nominal and real GDP in 2013 are both $55,625. Use the information
in the table to answer the questions.
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 2013 as the base year.
$
Real output from 2013 to 2014 has
stayed the same....
From 2013 to 2014, nominal GDP ______ (Decreased or
increased) , and real GDP _______ (Decreased or
increased)
The inflation rate in 2014 was ________ (-23.1, -0.2,
23.1, 76.9 or 130%) .
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period Apples Muffins Price (Dollars per apple) Price (Dollars per muffin) Year 2012 2013 2014 Quantity (Number of...
From 2014 to 2015, nominal GDP ______ (DECREASED OR INCREASED) ,
and real GDP _____ (Decreased or increased)
The inflation rate in 2015 was __ (-30%, 0.3%, 76.9%, or
130%)
Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over three-year period Cupcakes Erasers Price Quantity (Number of cupcakes) 125 135 100 Price Quantity (Number of erasers) 155 210 200 (Dollars per cupcake) (Dollars per eraser) Year...
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)...
Assignment Score: 37.5% Resources Give Up? Hint Check Answer Question 7 of 16 > Consider the given simple economy. Sheepnip Co. makes sheep feed. Better-bald Inc. purchases sheep feed for the sheep it raises and sells wool. Sweeter Sweaters Inc. makes and sells wool sweaters. Sheepnip Co. Better-bald Inc. Sweeter Sweaters Inc. Sheep feed $0 $2200 $0 Wool $0 $0 $3800 Wages $700 $300 $550 Interest payments $400 $100 $50 Rent $1000 $450 $500 Profits $100 $750 $800 What is...
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 Price Quantity Quantity (Number of pencils) 110 155 120 (Dollars per pencil) (Dollars per orange) (Number of oranges) Year 2012 2013 2014 150 215 180 Use the information from the preceding table to fill in the following table Real GDP (Base year 2012, dollars) Nominal GDP (Dollars) GDP Deflator Year 2012...
Table 52 Year Price of Burgers Quantity of Burgers 2017 $4.00 100 2018 $5.00 120 2019 $6.00 150 Price of Magazines Quantity of Magazines $2.00 180 $2.50 200 $3.50 200 Refer to Table 5-2. What is the nominal GDP for 2018? swered $900 b. $1000 c. $1100 d. S1250
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