An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. Thebase year is 2019.Using the chained-dollar method, calculate real GDP in 2018 and 2019.In 2018In terms of what dollars is each of these two real GDPS measured?ItemQuantityPriceFoodReal GDP in 2019 using the chained-dollar method is91$2Fun$451$5In 2019ItemQuantityPriceFood80$5Fun70$6Enter your answer in the answer box and then click Check Answer.Check AnswerClear AllpartsremainingMacBook AirDIIDDF11F10:こF9F820O00F7F6F5F4F3escF1F2&2$!8.34512YWERQT

The method of comparing the present domestic productivity with that of the previous year's…

An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The base year is 2019. Using the chained-dollar method, calculate real GDP in 2018 and 2019. In terms of what dollars is each of these two real GDPS measured? Real GDP in 2019 using the chained-dollar method is $ In 2018 Item Food Fun In 2019 Itern Food Fun Quantity 91 51 Quantity 80 70 Price $2 $5 Price $5 $6

An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The base year is 2019. Using the chained-dollar method, calculate real GDP in 2018 and 2019. In terms of what dollars is each of these two real GDPS measured? Real GDP in 2019 using the chained-dollar method is $ In 2018 Item Food Fun In 2019 Itern Food Fun Quantity 91 51 Quantity 80 70 Price $2 $5 Price $5 $6

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

See similar textbooks

Similar questions

Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up 'How do statisticians measure GDP?', does this surprise you, or does this simply reflect the complexity of a modern economy?
Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declines
The accompanying table shows data for real and nominal GDP for a hypothelical eoonomy uver several years. a. Calculate the GDP Deflator for 2014 2019. Enter the values in the accompanying table. Raal GIP Nominal GDP (hillions of 2013 $) GDP Deflator Year (billions of $) 2014 775.3 804.8 2015 014.1 2016 862 9 262 9 2017 901.5 8825 2018 951.3 925.7 2019 990.0 950 2 (Entar yaur raspansas ounded to one decmal piace
Time left 1:09:29 Calculate GDP using the information in the table below: SBillion Durable goods 500 Nonresidential investment 300 Government purchase of goods 400 Exports 300 Government purchases of services 150 Residential investment 100 Services 700 Imports 200 Change in business inventories -50 Nondurable goods 700 Select one O a. 2900 Ob. 2750 1950 Od. 2500
A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2009. Prices and Quantities Year Price of Quantity of Price of Quantity of D. Movies Movies Popcorn Popcorn Tab 2009 $11.00 500 $4 900 pres 2010 $12.00 600 $5 1000 What was this country's GDP deflator in 2010? Exp Cons Select one: Da. 150 Refer the Ob 77.8 A 17 128.6 Od. 100 MG 20 Type here to search.
In the year 2020, the economy produces 100 loavesof bread that sell for $2 each. In the year 2021, theeconomy produces 200 loaves of bread that sell for $3each. Calculate nominal GDP, real GDP, and the GDPdeflator for each year. (Use 2020 as the base year.) Bywhat percentage does each of these three statisticsrise from one year to the next?