ppose the information in the following table is for asimple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the coton is used 2012 Statistics 2020 Statistics 2021 Statistics Quantity Product Quantity Price Quantity Price Price 555.00 $70.00 3.00 Shoes 110 120 120 575.00 Hamburgers Shirts 3.50 25 00 85 3.00 120 135 50 30.00 50 25.00 65 Cofton 12,000 0.09 12.000 0.07 13.000 the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) and the real GOP for 2021 equals S round your answer to the nearest pennyt The (annual) growth rate of real GDP in 2021 is % (Enter your response as a percentage rounded to bwo decimal places)

Q: Table 1 Production Function and Demand for Labor Schedules Real GDP (billions of 2012 dollars) 165-…

A: Real wages will be wages adapted to swelling, or, comparably, wages as far as the measure of labor…

Q: Suppose the information in the following table is for a simple economy that produces only the…

A: When base year is given, real GDP is a specfiic year is calculated by GDP deflator and nominal GDP…

Q: 1. Reffering to the picture below, understanding economics, explain how a microeconomic system works…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The following table lists the prices of a small market basket purchased in both 2005 and 2015.…

A: Cost of goods in current year  = Quantity in base year* price of goods in current year. Increase in…

Q: Discuss the concept of Economic Goods.

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: Consider the following economy C=1000+0.4(Y-T) 1=500 T=400 G=300 What is the income of equilibrium?

A: Given: C=1000+0.4(Y-T) I=500 T=400 G=300 To find: Income of equilibrium

Q: The two types of goods and services produced are An example of O A consumption goods and services…

A: A production possibility frontiers illustrate the combination of two goods or services that a…

Q: Which consumption theory best explain the consumption behaviour of consumers in our economy

A: Consumption is using the product or service that is being produced in the society. There are several…

Q: Suppose that the consumption basket consists of gasoline, mugs, and movies. In the base month,…

A: Using the following formula CPI = 100* cost of market basket in the current period/ cost of market…

Q: If Ford sells 200 Explorers for a total of $400,000 to Germany, while the United States imports 100…

A: Net exports= Exports - Imports Ford sales of 200 explorers to Germany is US exports and Germany's…

Q: The next few questions are about Ec102nia, a fictional country populated by Ec102 students. Data on…

A: GDP: Gross domestic product or what is commonly known as GDP is the measurement of the final value…

Q: Commodity Unit January February March April May ROOT CROPS Carrots Cassava Com mon Yam Im ported y…

A: Given information 2 goods Chive and Celery are used together and price and quantity is given for…

Q: Ahmed is a new student in the economics course. On the first day of the course the teacher told him…

A: Economics is the study of production, allocation, distribution, and consumption of scarce resources.…

Q: Jack is a lowly office worker in 2030, and represents the typical consumer. He onl spends his money…

A: a) CPI =(price in the current year/ price in the base year)*100 It is given that the CPI for the…

Q: 3. Prime Minister Osiris gives you The following table, which shows the quantity (in millions) of…

A: Nominal GDP is the current GDP value of goods and services at current year prices. Nominal GDP…

Q: 3 Jets (hundreds per month) 19. In the above figure, which of the following is true regarding the…

A: Hello. Since you have posted multiple questions, we will solve the first question for you. If you…

Q: Suppose that a country produces 200 million dollar value of total output in a year. The country…

A: The country produces only two goods and there will be a trade off between two goods. In order to…

Q: Suppose the information in the following table is for a simple economy that produces only the…

A: * SOLUTION :-  *(A) the real GDP for 2020 is = $ 9725.00       The real GDP for 2021 is = $ 10312.50

Q: Year 2000 2010 Price of an automobile $40, 000 $50, 000 Price of a loaf bread $20 $30 Number of…

A: Given Information: To find out how much the prices have risen between the years 2000 and 2010,…

Q: Which are those economic goods which do not have any type of the physical characteristics they are…

A: According to the given question In simple words we can say that the economic goods are those goods…

Q: 9. In 2010 consumption (Ci) for selected countries was as follows Jordan 2.5 billion $, USA 100…

A: We have different consumptions and income combinations of different countries. We required sum of…

Q: Consider the following economy C=1000+0.4(Y-T) 1=500 T=400 G=300 What is the consumption of…

A: Answer: Given, C=1000+0.4Y-TI=500T=400G=300 Let us first find the equilibrium level of income (Y)…

Q: The economy produces three goods: Cell Phones, Computers and Cars. In this economy, cell phone and…

A:

Q: The circular flow shows that Select one: O A. GDP equals aggregate income. O B. aggregate…

A: Circular flow: The circular flow explains the process that determines the national income and…

Q: Table 1 Production Function and Demand for Labor Schedules Quantity of labor demanded…

A: We are given the schedule for production function and labor demand and supply as follows:

Q: Suppose the information in the following table is for a simple economy that produces only the…

A: Here, it is given that the base year is 2012 and the price and quantity of different goods and…

Q: Question 2 Consider an economy that produces and consumes shoes and houses. In the table below are…

A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Suppose the information in the following table is for a simple economy that produces only the…

A: * SOLUTION :-  *(A) Cotton is an intermediate good. Thus, it can not be included in GDP calculation…

Q: sekect one answer. 1. Which of the following statements about the Affluent Society era is false? a.…

A: Since you have posted multiple questions , I have solved the first one for you.

Q: 4. Use the following information for the fictional economy Wee Britain in the year 2020:

A: Since you have asked multiple questions, we will solve the first  3 questions for you. If you want…

Q: Please help with questions D & E: Consider an economy that produces and consumes shoes and houses.…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Calculate the consumption of goods and services in your family in the following  a. Groceries like…

A: Consumption in economics is the total value of goods and services consumed by an consumer.…

Q: Use the table and information below to answer the next two questions: Data for Questions 1 & 2…

A: Answer: The consumer price index is used to measure the changes in the prices over a period of time,…

Q: Graph and label as either direct or indirect the relationships you would expect to find between (a)…

A: The graph shows the relationship between the two data sets. An inverse relationship…

Q: Output and Prices for an Imaginary Economy for 2019 and 2020 Product Quantity in 2019 Price in 2019…

A: Nominal GDP = Current year quantity * Current year price. Real GDP = Current year quantity * Base…

Q: Products Average Price in 2019 Shoes 110 Computers 99 Average Price in 2020 121 148 Total production…

A: Here, the given table provides information about the average price and quantity of shoes and…

Q: Define intermediate goods and give one example of it.

A: In economics, goods are defined as something which satisfy human wants.  A good can be either…

Q: this question is for macronomics but on bartleby does not show any opiton for macronomics it just…

A: Nominal GDP is calculated by multiplying current year prices with current year quantities. Real GDP…

Q: Use the following table, which lists output quantities and prices for the only three goods in the…

A: Given Information- Base Year= 2007 Current year=2009 Consumer Price Index = Cost of the fixed basket…

Q: this question is for Macroeconomics but it didn't show  any option for Macroeconomics it just show…

A: Consumer price index measures the average prices of a fixed market basket of goods and services. The…

Q: Consider the following table, which provides the price of beef and the price of all foods from 2014…

A: Relative price refers to the ratio of prices of two goods  Relative price of good 1 = 100* price of…

Q: Suppose the information in the following table is for a simple economy that produces only the…

A: ReaL GDP = current year output * prices in base year = Current year output of shoes * price in 2012…

Q: In the circular-flow diagram, the goods markets are where:  (a) The households purchase goods from…

A: Answer : (A) The household purchase goods from firms

Q: Dalia likes to spend her spare time in one of two ways: making trips to Newcastle (x) to visit her…

A: Given  Making trips to Newcastle to visit parents  is denoted by x and watching a movie is denoted…

Q: The income of Americans is on the rise. What happens to the sales of new luxury cars? Graph it

A: Answer: Introduction: The income of consumers is positively related to the demand for a good. As the…

Q: The outer flow in the circular flow diagram is measured in O goods and services produced O inputs…

A: In economics, the circular flow model is used to explain the relationship between three markets such…

Q: Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a…

A: GDP refers to the market value of good and services produced within the domestic boundaries of a…