Table 4-18 Product Camera Legal services Books Quantity Price Quantity $28,885 2013 $11,790 $11,200 O $10,275 100 50 200 $10 $15 2018 $40 120 45 210 Price $12 Refer to Table 4-18. A simple economy produces three goods: cameras, legal services, and books. The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above. What is real GDP in 2018, using 2013 as the base year? $20 $45
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- Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at measuringWorth.com. How much money would it take today to purchase what one dollar would have bought in the year of your birth?AMoving to the next question prevents changes to this answer. Question 3 of Question 3 1 points Save Answ The branch of economics that analyses the market behaviour of individual consumers and firms in an attemp to understand the decision-making process of firms and households. a)Gross Domestic Product O b)Micro Economics c)Macro Economics d)Logistics e)Gross National Product O0000able 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…
- 5. a) The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of fruit with the quantities shown in column 2? Items Qty. 2001 2002 2003 2004 Amount Spent Price Price Amount Price Amoun Amount Price Spent t Spent Spent Apples Bananas $0.50 $0.20 $0.65 $2.00 10 $0.75 $0.25 $0.70 $0.85 $0.25 $0.90 2.05 $0.88 $0.29 $0.95 12 Grapes Raspberries 1 Total Price Index Inflation 2. 1.9 2.13 Rate b) Construct the price index for a "fruit basket" in each year using 2003 as the base year. c) Compute the inflation rate for fruit prices from 2001 to 2004. Who in an economy is the big winner from inflation and why?The following is production data: Orange Juice (Quantity) 600 610 620 Year Waffles Waffles (Quantity) (Price) 2010 100 $3 2011 120 $3.20 2012 150 $3.50 Orange Juice (Price) $1 $2 $3 Toaster Ovens (Quantity) 280 300 300 Toaster Ovens (Price) $22 $25 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 80 waffles, 20 units of orange juice and 10 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me the price/cost of the market basket for 2012.The economy of Greatstown produces Oranges, Strawberries, and Peaches. Below are the prices and quantities of these products produced between 1999 and 2001: Year 1999 1999 2000 2000 2001 2001 Price Quantity Price Quantity Price QuantityOranges $0.9 5 $1.4 3 $1.3 2Strawberries $0.7 3 $1.4 5 $1.9 6Peaches $1.7 9 $1.8 8 $0.5 8 Calculate Greatstown’s nominal GDP in 2000. Calculate Greatstown’s real GDP in 2001, using 1999 as the base year.
- The following is production data: Waffles Waffles Orange Orange Toaster Toaster Year (Quantity) (Price) Juice Juice Ovens Ovens (Quantity) (Price) (Quantity) (Price) 2010 2000 $1.20 400 $5 280 $22 2011 2200 $1.30 410 $5 300 $25 2012 2500 $1.40 420 $6 300 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 150 waffles, 20 units of orange juice and 4 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me nominal GDP for 2012 for this economy.Table 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…Again, please work with the following data set. It describes production of the only three goods made by Economy Zeta, along with their prices, for each of three years. Quantity Price of Quantity of Price of Quantity of Price of of Food Food Energy Energy Shelter Shelter 2018 800 $5 1000 $10 200 $100 2019 850 $6 1100 $12 240 $100 2020 850 $7 1200 $14 300 $100 Year Economists estimate that the average person in this economy consumes 12 units of food, 20 units of energy, and 2 units of shelter over the relevant period. 2018 is the base year. Using the GDP deflator, the inflation rate between 2018 and 2019 for this nation is ______________ percent. (Enter your answer "as a percent, but without the percentage sign." If you think the inflation rate is 99.99 percent, enter only 99.99 in the blank.)
- The following is production data: Orange Juice (Quantity) 600 610 620 Year Waffles Waffles (Quantity) (Price) 2010 100 $3 2011 120 $3.20 2012 150 $3.50 Orange Juice (Price) $1 $2 $3 Toaster Ovens (Quantity) 280 300 300 Toaster Ovens (Price) $22 $25 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 80 waffles, 20 units of orange juice and 10 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, calculate real GDP for 2010 for this economy.14. soru (5.00 puan) year Good A Good B Litres of water Kilos of apples PAXQA Pg X Qs 2018 26 X 100 36 X 400 2019 36 X 200 46 X 500 2020 4e X 300 6t X 600 Let P = the per-unit market price; Q, = the number of units produced and sold of each of the final goods produced within the nation, in a given year (ie. GDP). Let 2019 be the base year. The value of the GDP deflator (which is a price index) in each year is: OA) 2018: 1.00 (or 100); 2019: 1.37 (or 137); 2020: 2.00 (or 200) B) 2018: 2.00 (or 200); 2019: 3.00 (or 300); 2020: 4.00 (or 400) C) 2018: 0.50 (or 50); 2019: 0.68 (or 68); 2020: 1.00 (or 100) D) 2018: 0.74 (or 74); 2019: 1.00 (or 100): 2020: 1.45 (or 145) E) 2018: 3.00 (or 300); 2019: 4.00 (or 400): 2020: 5.00 (or 500)14) Calculate the real change in the income in $. A B C D 1 An iron mining company sells three grades of to its customers. 2 Per ton prices (S) of these grades and tons produced are shown below for 2016 and 2017. 3 2016 2017 5 6 7 Grade Notations 1. 8 9 Total IL IIL Price 5 B 10 Quantity go 3000 2000 2000 give min. 1 decimal and do not use sign, e.g.125.3 Price p1 8 10 12 E Quantity 4000 2000 3500 F