Homework Answers
When calculating change in value of market basket, quantity is held constant (to the base year value). When calculating changes in real GDP, price is held constant (to the base year value).
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Choices are (quantity - price ) 2 When calculating changes in the value of a market...
A price index is: Select one: a. a comparison of the price of one product with...
A price index is: Select one: a. a comparison of the price of one product with the change in real GDP b. a comparison of real GDP in one period relative to another c. the cost of a basket of products in a base or reference period divided by the cost of the same basket in another period d. a ratio of real GDP in one period to nominal GDP in another e. a measure of changes in prices
1. In the simple quantity theory of money, changes in the money supply affect the price...
1. In the simple quantity theory of money, changes in the money supply affect the price level, but not real GDP. Do you agree or disagree with this statement. Explain your answer. 2. What are the assumptions and predictions of the simple quantity theory of money? Does the simple quantity theory of money predict well?
If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the...
If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the absolute value of the price elasticity of demand is 5. True False
1. An above-full-employment equilibrium occurs when Group of answer choices aggregate demand decreases while neither the...
1. An above-full-employment equilibrium occurs when Group of answer choices aggregate demand decreases while neither the short-run nor long-run aggregate supply changes. short-run aggregate supply decreases while neither aggregate demand nor long-run aggregate supply changes. the equilibrium level of real GDP is greater than potential GDP. the equilibrium level of real GDP is less than potential GDP. 2. Which of the following shifts the aggregate demand curve rightward? Group of answer choices a decrease in consumption an increase in investment...
When large changes in price lead to no changes in quantity demanded, demand is perfectly Group of answer choices inelastic, and the demand curve will be vertical. inelastic, and the demand curve will be horizontal. elastic, and the demand curve will be
When large changes in price lead to no changes in quantity demanded, demand is perfectlyGroup of answer choicesinelastic, and the demand curve will be vertical.inelastic, and the demand curve will be horizontal.elastic, and the demand curve will be vertical.elastic, and the demand curve will be horizontal.
Question 2 only services the market value of all goods and services consumed within the count...
Question 2 only
services the market value of all goods and services consumed within the count goods and services the total value-added by all producers operating within the coun b) and households on domestically produced final d) The following data is for country A, which produces only guns and bu 2013 2014 Quantity Price Price 3 $2 each. Guns Butter 2 kg 4k Using 2013 as the base year, which of the following is correct? a) Between 2013 and2014, country...
Question 11 44 pts 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 2017-2020. Table 2 gives the fixed bask
Question 11 44 pts 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 2017-2020. Table 2 gives the
fixed basket used for calculating the CPI. Assume that the base year is
2018! Table 1 - Price and Quantity of Goods Sold in 2017-2020 2017 2018
2019 2020 Р Q 20 Q 15 Computers Р $400/unit $18,000/unit...
All other factors held constant, when a non price determinant of supply changes: Check all that apply. an e...
All other factors held constant, when a non price determinant of supply changes: Check all that apply. an entirely new supply relationship is created. the market adjusts to a new equilibrium price and quantity. the equilibrium price and quantity stay the same. there is a movement along the supply curve. the supply curve shifts to the left or right Do you know the answer? Unsure No idea I know it Think so
Alejandra is Calculating the nondurable goods value for 2017. She is calculating the value by using...
Alejandra is Calculating the nondurable goods value for 2017. She is calculating the value by using the quantity of each final nondurable goods produced in 2017, multiplied by the price at which the nondurable goods were sold in 2017. What type of calculation is Alejandra creating? The nondurable goods nominal values. The nondurable goods nominal and real values. The nondurable goods real values Gross Domestic Product (GDP) is designed to measure: a nation’s total imports of final goods and services...
Pens Price (Dollars per pen) Year Erasers Price Quantity (Dollars per eraser) (Number of erasers) 160...
Pens Price (Dollars per pen) Year Erasers Price Quantity (Dollars per eraser) (Number of erasers) 160 230 Quantity (Number of pens) 150 135 110 2018 2019 2020 3 165 Use the information from the preceding table to fill in the following table. Year Nominal GDP (Dollars) 470 Real GDP (Base year 2018, dollars) 310 365 GDP Deflator 100 2018 2019 1,190 990 2020 375 From 2019 to 2020, nominal GDP C, and real GDP The inflation rate in 2020 was...
Question 2 only
services the market value of all goods and services consumed within the count goods and services the total value-added by all producers operating within the coun b) and households on domestically produced final d) The following data is for country A, which produces only guns and bu 2013 2014 Quantity Price Price 3 $2 each. Guns Butter 2 kg 4k Using 2013 as the base year, which of the following is correct? a) Between 2013 and2014, country...
All other factors held constant, when a non price determinant of supply changes: Check all that apply. an entirely new supply relationship is created. the market adjusts to a new equilibrium price and quantity. the equilibrium price and quantity stay the same. there is a movement along the supply curve. the supply curve shifts to the left or right Do you know the answer? Unsure No idea I know it Think so
Pens Price (Dollars per pen) Year Erasers Price Quantity (Dollars per eraser) (Number of erasers) 160 230 Quantity (Number of pens) 150 135 110 2018 2019 2020 3 165 Use the information from the preceding table to fill in the following table. Year Nominal GDP (Dollars) 470 Real GDP (Base year 2018, dollars) 310 365 GDP Deflator 100 2018 2019 1,190 990 2020 375 From 2019 to 2020, nominal GDP C, and real GDP The inflation rate in 2020 was...
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