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- The Data of Macroeconomics – Work It Out Question b. Calculate the percentage change in each of the 2 following between 2010 and 2015. Consider an economy that produces and consumes bread and automobiles. The table includes data for two different years. % change auto prices = % 2010 2010 2015 2015 Good Quantity Price Quantity Price Automobiles 70 $46000 120 $65000 % change bread prices % %3D Bread 590000 $8 370000 $17 Round answers to to places after the decimal where % change GDP deflator = % necessary % change CPI = %Practice 2 Sovyl Consider the following data on the X-product: 50 GDP deflator year price of X quantity of X Nominal GDP (base year 2005) 2010 $11.50 105,000 125 2011 $11.96 106,000 130 a) What was the growth rate of nominal GDP between 2010 and 2011? b) What was the growth rate of the GDP deflator between 2010 and 2011? c) What was real GDP in 2010 measured in 2005 price? d) What was real GDP in 2011 measured in 2005 price?The following are macroeconomic goals except_ a. Preventing huge unemployment of the country's labor force O b. Keeping living standards high enough for people to live decent, meaningful lives. O c. Analyzing the changes in the demand of individuals O d. Preventing the economy from suffering from high inflation
- Question: Which among the following is part of Macroeconomics?[A] Investment of households[B] Wages of a person[C] How to produce good[D] Aggregate economic activityPlease Dont use AI tool.To measure inflation, economists usually refer to the consumer price index. Which of these situations will cause the consumer price index to increase? a. an increase in the relative price of products O b. an increase in the prices of the basket of goods c. none of the choices d. an increase in the level of unemploymentThe Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?
- As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?Using data from Table 19.5 how much of the nominal GDP growth from 1980 to 1990 was real GDP and how much was inflation?What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?
- Define and discuss the following terms (hint, give a graph or formula where applicable) a. unemployment b. labor force c. adult working population d. okun's law e. minimum wageThe statements given reflect either Micro or Macroeconomic issue. indicate in each case which you think is applicable. 1. The governor of the SARB recently announced a decrease in the repo rate( interest Rate) 2. consumption by south african household decreased in the first quater of 2020.Answer the questions below read the instruction its straight forward nothing is missing. 1. The typical household buys the following basket of goods within a year: Quantity 2020 2021 2022 Cereal 10 boxes $3.00 $3.50 $4.00 Milk 15 gallons $3.50 $3.65 $3.75 Eggs 20 dozen $3.85 $3.95 $4.15 Price of the basket ------ CPI ------ A.Find the price of the baskets. (Hint: multiply price and quantity for all goods and then add the totals) B.Using 2020 as the base year, calculate the CPI for each year. C.What is the inflation rate from 2020 to 2021? D.What is the inflation rate from 2021 to 2022? 2.Using the demand and supply for loanable funds and the AD-AS model, illustrate what happens in the economy when the Federal Reserve decides to sell government bonds. A.What type of policy is this? B.Why would the Federal Reserve adopt this type of policy? 3.A person deposits $5000 into an account and the…