2010 Prices 2010 Quantity 2011 Prices 2011 Quantity 2012 Prices 2012 Quantity Apples $3 5 $3...
| 2010 Prices | 2010 Quantity | 2011 Prices | 2011 Quantity | 2012 Prices | 2012 Quantity | |
| Apples | $3 | 5 | $3 | 11 | $3 | 8 |
| Oranges | $2 | 9 | $9 | 3 | $1 | 10 |
| Nominal GDP | ||||||
| Real GDP |
A. Calculate the nominal and the real GDP in each year for the economy. 2010 is your base year.
B. If the real GDP was $150 in 2013 and $182 in 2014, what would the GDP growth rate would be? What would this mean?
C. If the nominal GDP was $250 in 2014 and $290 in 2015 are more goods and services are being produced in 2015 than 2014? Why or why not?
D. If the nominal GDP in 2015 was $290 and the GDP deflator was 131, what would real GDP be?
Homework Answers
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2010 Prices 2010 Quantity 2011 Prices 2011 Quantity 2012 Prices 2012 Quantity Apples $3 5 $3...
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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...
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...
For BUSC 1A Chapter 7 (6) Homework: Macroeconomic Measurements, Part II: GDP and Real GDP (Ch...
For BUSC 1A Chapter 7
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Use the following table for a hypothetical single-product economy. Assume that 2010 is the base year. YEAR Quantity Price per unit Price Index Nominal GDP Real GDP 2010 100 10 2011 120 20 2012 125 25 2013 130 30 2014 140 40 2015 150 50 2016 200 55 2017 205 60 Complete the table by calculating the Price index, Nominal GDP and Real GDP.
Table of data for Fisherville. The base year is 2010. GDP Deflator 100 120 150 200...
Table of data for Fisherville. The base year is 2010. GDP Deflator 100 120 150 200 Year 2010 2011 2012 2013 Nominal GDP $2000 $3000 $3750 $6000 22. Use the above table for Fisherville. What is the rate of inflation across the entire period from 2010-2013? a. b. с. d. 100% 25% 20% None of the above 23. Use the above table for Fisherville to answer the following question. Which of the following is NOT correct? a. This economy experienced...
1 Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per...
1
Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per bunch $5 per bag 4,000 bags 7,000 bags Current Year Fruit Quantity Apples Bananas 15.000 bunches Oranges Price $3 per bag $2 per bunch $7 per bag 5,000 bags 28,000 bags 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...
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: 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...
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...
For BUSC 1A Chapter 7
(6)
Homework: Macroeconomic Measurements, Part II: GDP and Real GDP (Ch 07) Consider a simple economy that produces two goods: apples and oranges. The following table shows the prices and quantities of the goods over a three-year period Apples Oranges Price Quantity (Number of apples) 150 135 110 Price Quantity (Number of oranges) 160 230 165 (Dollars per apple) (Dollars per orange) Year 2010 2011 2012 4 4 Use the information from the previous table...
Use the following table for a hypothetical single-product economy. Assume that 2010 is the base year. YEAR Quantity Price per unit Price Index Nominal GDP Real GDP 2010 100 10 2011 120 20 2012 125 25 2013 130 30 2014 140 40 2015 150 50 2016 200 55 2017 205 60 Complete the table by calculating the Price index, Nominal GDP and Real GDP.
Table of data for Fisherville. The base year is 2010. GDP Deflator 100 120 150 200 Year 2010 2011 2012 2013 Nominal GDP $2000 $3000 $3750 $6000 22. Use the above table for Fisherville. What is the rate of inflation across the entire period from 2010-2013? a. b. с. d. 100% 25% 20% None of the above 23. Use the above table for Fisherville to answer the following question. Which of the following is NOT correct? a. This economy experienced...
1
Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per bunch $5 per bag 4,000 bags 7,000 bags Current Year Fruit Quantity Apples Bananas 15.000 bunches Oranges Price $3 per bag $2 per bunch $7 per bag 5,000 bags 28,000 bags 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...
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