Output and Prices for an Imaginary Economy for 2019 and 2020 Product Quantity in 2019 Price in 2019 Quantity in 2020 Price in 2020 Toy Airplanes 100 $5 110 $8 Bobsleds 75 $12 65 $11 Given the information for an imaginary economy that produces just the two goods listed in the table above, answer the following questions: 1. Did real GDP rise or fall in this economy between 2019 and 2020? How do you know? 2. Did the average level of prices rise or fall in this economy between 2019 and 2020? How do you know?
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- K An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.20 from manufacturing, and $0.20 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $31 billion for agriculture, $50 billion for manufacturing, and $12 billion for energy. The output of the agricultural sector is billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)a. Consider an economy which produces and sells, among a host of other things, 100 million T‑shirts a year. The average T‑shirt begins life when a farmer plants seeds she put away last year, waters them, and harvests the cotton, then sells the cotton to a mill for $0.75, which sells the fabric to a T‑shirt factory for $1.50, which sells its T‑shirts to a wholesaler for $5, who sells it to Nordstrom for $10, which finally sells it to you for $17. Determine the impact of T‑shirts on annual GDP by calculating the value added of the entire production process. b. Now, calculate the amount spent on T‑shirts in a year if 100 million T‑shirts are sold, each for $17. How does this compare to the amount calculated through the value‑added method?Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all af the ontton is used to produce shts 2012 Statistics 2020 Statisties 2021 Statistics Product Quantity 120 Quantity Price Quantity Price Price $75.00 3.50 Shoes 110 $55.00 120 $70.00 Hamburgers 85 3.00 120 3.00 135 Shirts 50 30.00 50 25.00 66 25 00 Cotton 12,000 0.09 12.000 0.07 13.000 0.08 af the base year is the year 2012, then real GDP for 2020 equals $ (round you answer to the nearest pennyl and the real GDP for 2021 equals S (round your answer to the nearest pennyl. b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to hwo decimal places.)
- Give an example of a final good and an intermediate good. A _______ is a final good and _______ is an intermediate good. A. tank of gasoline bought by you; jet fuel bought by Southwest Airlines B. new car bought by a student; a used SUV bought by a dealer C. new textbook; a used textbook D. new iPhone bought by a student; a new computer bought by Walmart to manage its inventoriesAgain, 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.)Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Wages and Salaries 1000Consumption 1700Investment 700Depreciation 50Government Expenditure100Taxes 300Exports 50Imports 40Income receipts from rest of the world10Income payment to rest of the world50 What are net exports for China? 4. Suppose that GDP in Japan is 1030 and then grows to 1160 (all numbers in billions)What is the growth rate of GDP in Japan?Use the following information to answer questions 5 through 15: The tables below show data on prices and quantities of Oranges and Shoes produced in China. Data for 2014Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes0.7 200 10 270Data for 2015Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes0.9 150 14 250Data for 2016Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes1.4 300 15 3305. Given this data, what is the Nominal GDP in 2014?6. What is the Nominal GDP in…
- oduction to Economics II İktisadi ve idari Bilimler Fakültesi İktisa (1.Ö) 2020-2021 Bahar Soru 12 Sinav gezintisi If there are only two goods, apples and bikes produced in the economy; Henüz in 2015 total production of apples was 1000 tones and price of apple is $2 per tone; total production of bikes was 100 units and price 2 4 cevaplanmadı 500 üzerinden of bikes was $500 per unit. 10 11 12 13 14 işaretlenmiş P Soruyu in 2016 total production of apples was 1500 tones and price of apple is $3 per tone; total production of bikes was 110 units and price of bikes was $600 per unit. 19 20 işaretle According to the information above, please calculate the cost of the basket in 2015. Uygulamayı bitir. Kalan süre 0:53:06 O a. 52000 O b. 50200 OC. 7500 Sonraki sayfa Önceki sayfa Aramak için buraya yazınRefer to the diagram to answer the following: a. The movement from point A to point B represents: b. The movement from point B to point C represents: c. The movement from point A to point C represents Real GDP per hour Worked Y/L ($, 000) 1,000 900- 800- 700- 600- 500- 400 200- 100- Aggregate Production 0 ljuds 300-midifi E Tommyformemberit A 8 D 20 40 00 80 Capital per hour worked K/L (5,000) 100 O QThe next few questions are about Ec102nia, a fictional country populated by Ec102 students. Data on purchases of different goods and services in 2020 and 2021 is in the table below. For these problems use 2020 as the base year. Year 2020 Year 2021 Price Quantity Price Quantity Shiba dogs 50 38 40 38 Hugs (at a cuddle café) 6 40 15 40 Doritos Tacos 9 38 12 38 Textbooks 7 20 15 20 economics tutoring 30 41 29 41 Corgis 17 39 34 39 Star Wars toys 33 33 45 33 The SUM function will sum the numbers in a group of cells you highlight.) What was the nominal GDP for Ec102nia in 2021?
- 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 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.Question 2 Consider an economy that produces and consumes shoes and houses. In the table below are data for two different users. 2000 2001 Price of a house $120,000 $145,000 Number of houses produced 1000 1050 Price of a pair of shoe $150 $170 Number of pairs of shoes produced 650,000 525,000 Year 2000 Year 2001 Price of a house $120,000 Price of a pair of shoes $150 $170 Number of houses produced 1,000 Number of pairs of shoes 650,000 525,000 (a) What is the Consumer Price Index (CPI)? (b) Calculate the CPI for both years. (c) Calculate the rate of inflation for 2001 using the CPI. (d) Calculate the GDP deflator for both years. (e) Calculate the rate of inflation for 2001 using the GDP deflator. solution for D and E