1. GDPComputationsThe following table shows some data for an economy that produces only two goods: milk and honey.PriceYear (Dollars)2020112202120222. PercentageChangesMilkYear202020212022Quantity Price(Quarts)200400400(Dollars)22Honey4Quantity(Quarts)100200200STEP: 1 of 2Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.Nominal GDP Real GDP(Dollars)(Dollars) GDP Deflator

The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars) 1 1 Milk 2 Quantity (Quarts) 200 400 400 Honey Price (Dollars) 2 2 4 Quantity (Quarts) 100 200 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP (Dollars) (Dollars) GDP Deflator

The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars) 1 1 Milk 2 Quantity (Quarts) 200 400 400 Honey Price (Dollars) 2 2 4 Quantity (Quarts) 100 200 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP (Dollars) (Dollars) GDP Deflator

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 7QR

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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?
What are the main components of measuring GDP with what is produced?
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…
The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 20 2022 Year 2020 2021 2022 2 Price Quantity Price (Dollars) (Quarts) (Dollars) 1 150 2 150 2 2022 Milk The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP (Dollars) 350 700 1,400 300 % % From 2020 to 2021, 4 350 700 Honey 4 Quantity (Quarts) 100 % (Dollars) GDP Deflator 350 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. 100 100 Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 200 200 200 did not change; and from 2021 to 2022, Comparing the changes in 2021 and 2022, economic well-being increased more in did not change.
able 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…
Consider an economy that produces and consumes Bread and Automobile. Data for two different years 2005 and 2010 is given in the following table. Year 2005 2010Price of Automobiles $ 5000 $ 6000Price of a loaf of bread $10 $20Number of automobiles produced 100 120Number of loaves of bread produced 500,000 400,000 Using the year 2005 as a base year,a. Calculate the nominal and real GDP of 2010.b. Find the value of GDP Deflator for the year 2010 and interpret.c. Calculate the inflation rate in 2010.
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The following table shows some data for an economy that produces only two goods: milk and honey. Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 200 100 2021 400 200 2022 400 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022
2. The following table shows an example of gross domestic product values for five countriesfrom 2005 to 2010 in equivalent U.S. dollars ($). a. How could you improve the readability of this table?b. The file GdPyears contains sample data from the United Nations Statistics Divisionon 30 countries and their GDP values from 2005 to 2010 in U.S. dollars ($). Create atable that provides all these data for a user. Format the table to make it as easy to readas possible.