Use the following data to answer the following question Year 1 Machines Rice Tractors Quantity 40 Select one: 300 30 Base Year: Year 1 What is the value of Real GDP in Year 2? a. $36 750 b. $30 500 c. $28 000 d. $33 600 Oe. $38 350 Price $150 $10 $800 Quantity 45 360 35 Year 2 Price $180 $12 $850
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- Assume you have the following data for a hypothetical country for a specific year (in billions of ZAR):Wages and Salaries: R2,500Interest: R300Rent: R200Profits: R1,000Taxes (Indirect Taxes Minus Subsidies): R400Depreciation: R500Given the data above, which of the following methods of calculating Gross Domestic Product (GDP) may beused?A. Expenditure approachB. Income approachC. Product approachD. Trade approachHow did government purchases and real GDP co-move during and afterthe Great Recession?The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Price Year 1 $6 $4 $3 Good Quarts of ice cream Bottles of shampoo Jars of peanut butter Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? $ b. What was its nominal GDP in year 2? 3 1 3 Price Year 2 $6 $4 $3 Quantity of Goods Year 2 5 2 2
- Production Year 2 50 120 Year 1 $1.00 $0.60 Year 2 $1.20 $0.60 Year 1 Good X 50 Year 3 60 Year 3 $1.20 $1.00 Good Y 100 140 1-Assume that this economy produces onlytwo goods Good X and Good Y. The value for this GDP in year 1 is 2-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is 3-Assume that this economy produces only two goods Good.X and Good Y. The value for this economy's nominal GDP in year 2 is 4-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is 5-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is 6- Assume that this economy produces only two goods Good X'and Good Y If year 1 is the base year, the value for this economy deflator in year 2 is 7-Assume that this economy producesonlytwo goods Good Iand Good YIf year…Gross Domestic Product The U.S. gross domesticproduct (GDP) (in trillions of dollars) for selectedyears from 2005 and projected to 2070 can be modeled by y = 0.116x2-3.792x + 45.330, where xis the number of years after 2000. During what yearsbetween 2005 and 2070 was the gross domestic product no more than $23.03 trillion?mod/quiz/attempt.php?attempt%3D23653&cmid3D16138page3D13 e 2021 Calculate GDP using the information in the table below: $Billions Government purchases of goods 800 Services Imports 00. Change in business inventories 40 Durable goods Nondurable goods 009 Residential investment 00. Government purchases of services 200 Nonresidential investment Select one: O a. 3650 O b. 3440 Do3140
- Please give a detailed solution with an explanation. Please double-check your sources and make sure the answer is 100% correct. Make sure all questions are answered too.Blank Answer #1:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #2:this year's pricesthe base year's pricesBlank Answer #3:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #4:this year's pricesthe base year's pricesBlank Answer #5:produced domesticallybought by consumersThe annual output and prices of a three-good economy are shown in the table below. Quantity of Gooda Tear 1 Quantity of Goods Year 2 Price Year 2 $ 5 Price Year 1 Good Quarts of ice crean Bottles of shanpoo Jars of peanut butter 6. 55 4. $4 2. $4 3. $ 2 $2 Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? b. What was its nominal GDP in year 2?Please give a detailed solution with an explanation to the below images.Please double-check your answer before submitting by double-checking your sources and work.Blank Answer #1:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #2:this year's prices or the base year's pricesBlank Answer #3:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #4:this year's prices or the base year's pricesBlank Answer #5:produced domesticallybought by consumers
- QUESTION 5 60 50 ASO P level 60 AS1 50 40 SKAK 30 20 10 *ADO 10 20 30 40 50 0 40 30 20 10 0 60 50 40 30 20 10 0 P level 0 P level Figure A 0 10 LRAS real GDP = Q Figure C LRAS 20 30 real GDP = Q 40 ASO AD1 ADO 50 60 50 40 30 20 10 P level 0 Figure B 10 LRAS real GDP = Q 10 20 30 40 50 Figure D LRAS AS1 20 30 40 real GDP = Q A So AD1 ADo ASO ADo 50 05. Assuming Aggregate Demand and Aggregate Supply are initially at ADo and ASo respectively, and AD1 and AS1 represent changes, which of the above graphs depict the economy's self-correcting mechanism at work? O a) Figures A & B Ob) Figures A & C c) Figures C&D O d) Figures B & DFluctuation of savings and investment rates impact on GDP of any macroeconomics. Comment with the help of example and graphically as wel1. Consider the following data on Prices and Quantities of T-Shirts and Pajamas on the attached image. (i) Calculate the total value of goods and services at current prices in this economy eachyear?(i) Calculate the total value of goods and services at constant prices in this economy eachyear? (Note: GDP deflator for 2015 is 100) (ii). Whatisthe growth rate of RealGDP between 2016and 2017? (iv). What wasthe growth rate ofNominalGDP between 2016and 2017?(v) Was the growth rate of real GDP higher or lower that the growth rate of nominalGDP?Explain. (vi) Using 2015 asthe base year, calculate the CPI for each year. (vii). Calculate the inflation rate for 2015, 2016 and 2017.
