1.Which of the following prices would you expect to rise rapidly over long periods? Why? a. Cable television rates b. Football tickets c. Internet access d. Household cleaning services e. Driving lessons
Q: An economist in Zimbabwe has data about current year prices and base year pride (2000) as well the…
A: Real growth - When there is an increase in the production level of goods and services in an economy.
Q: onsider a simple economy that produces two goods: pens and oranges. The following table shows the…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: May I know, education level have positive relationships with income level right? What about primary…
A: Yes, the education level has a positive relationship with the level of income and both are…
Q: The COVID-19 pandemic has caused an unprecedented increase in savings in many countries around the…
A: As a negative effect of COVID -19 economies have taken a hit on consumer sentiment which directly…
Q: 19. The following table contains nominal and real GDP data, in billions of dollars, from the U.S.…
A: GDP Deflator: GDP deflator is the measure of the change in the prices of all the goods and services…
Q: Question 3 Given the following data for each year, show all your calculations for: a. Nominal GDP b.…
A: Since you have posted multiple parts question, we will solve the first three parts for you. If you…
Q: 10. The table shows the diversification trend till 2015. What has been the trend in diversification…
A: Oman has a GDP of 79.5 billion USD in 2019. Oman largely depends upon oil revenue to finance its…
Q: Optimizing economic agents use the real interest rate when thinking about the economic costs and…
A: The real average savings rate = Nominal rate- rate of inflation = 0.75-1.65% = (-)0.9% If banks…
Q: Imagine that a hypothetical economy produces three items food, clothes and Aluminum and a typical…
A: Real Gross Domestic Product (Real GDP) is the calculation of the total output produced in an economy…
Q: You are told in year 3, the real GDP is 4500. The growth in real GDP between year 2 and year 3 is…
A: Gross Domestic Product (GDP) is the total value of all the goods and services produced inside the…
Q: The following table contains information about an economy that produces only rice and beans. The…
A: GDP deflator = Nominal GDP / Real GDP * 100
Q: 74. When the quality of a consumption good improves, what happens to the purchasing power of the…
A: Inflation refers to the increase in general price levels in an economy from one period to another.…
Q: ch the economy with its definition
A: Mixed Economy - It is the economy in which the decisions related to the economy (mainly consumption…
Q: 2. If the economy grew at a 3% rate this year and average prices grew ______, people would be better…
A: GDP is the market value of all the final goods and services produced within the national boundary.…
Q: 1 a. US GDP was 14,419 billion in 2009 and 14,964 billion in 2010. What was the percentage increase…
A: The Economic growth of a country is measured in GDP terms where GDP is the measurement of the final…
Q: Which of the graph/s below show/s a rise in the price of chicken? Fish (pounds per year) Fish…
A: The graph given in the questions shows the budget line of the consumer who can purchase either Fish…
Q: Cosider the following data on U.S GDP:a.What was the growth rate of nominal GDP between 1994 to…
A: Real GDP is the ratio of two variables namely nominal GDP to the GDP deflator and multiply by 100.…
Q: GDP
A: Answer The correct option is (a) GDP
Q: 70. Which of the following services have experienced declines in relative prices due to productivity…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: 3. Compute Nominal GPD, Real GDP, and GDP Deflator using the data below Compute the % change in…
A: Nominal GDP is current year GDP. Real GDP is constant year GDP.
Q: Explain with graphics) A consumer, who is initially a lender, remains a lender even after a decline…
A: Even if interest rates fall, a customer who was formerly a lender remains a lender. This customer…
Q: 3. An economy only produces chips and cookies. The following table lists prices and production for…
A: Note: You have uploaded question with multiple sub parts. Hence, we shall solve the first three for…
Q: 5. Use the knowledge of Economics you have gained so far from this course to explain the role of the…
A: According to the World Bank to analyze whether all opportunities are reaching the people of the…
Q: Suppose the residents of an economy consume only peaches and pecans. Table 2 below shows the prices…
A: Here, given table provides information about the price and quantity of peaches and pecans in 2000…
Q: Suppose that the index of wholesale-to-retail beef price index for 2018 was 1.35 and the base year…
A: The consumer price index is an index that is used to calculate retail inflation in the economy by…
Q: (i) If the economy produces 15 units of manufactured goods, what is the maximum number of…
A: Given certain resources of finite quantities, the various combinations of two different commodities…
Q: Economist defined economic recession as more the 2 consecutive quarters in which there is a decline…
A: 1. Economist defined economic recession as more the 2 consecutive quarters in which there is a…
Q: Which one of these is a positive economic factor that may help grow the tourism business?…
A: Positive economic factor depicts that the positive impact of any factor in increasing the tourism…
Q: A simple economy produces only lumber, granola bars, and computers. Annual production of these goods…
A: GDP at constant prices refers to the final value of all the goods and services produced in an…
Q: Good Price Year 1 Number of Goods Year 1 Nominal Value of Goods Year 1 Real Value of Goods Year…
A: The nominal value of a good is the good's value in terms of money. The real value is the good's…
Q: What is the result of investments?
A: The amount of products purchased or accumulated per unit of time that are not utilised at the…
Q: Consider the following data on the GDP of Z-product: a) What was real GDP in 2012 measured in 2008…
A: GDP deflator is the ratio of nominal gdp and real gdp .real gdp is the product of base year price…
Q: Which of the following is most likely a topic of discussion in microeconomics? a)an increase in the…
A: Economics is the study of how scarce resources are utilized by individuals, societies, and nations…
Q: Why do economists measure growth in real terms as opposed to nominal terms? Explain why real GDP a…
A: The economics as a study is based upon the basic and the most important idea of scarcity. The…
Q: The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes.…
A: Given:- Two products produce i.e ketchup and tomatoes 70% tomatoes used to make ketchup using base…
Q: f all quantities produced rise by 5 percent and all prices fall by 5 percent, why is nominal GDP…
A: Nominal GDP is the total value of goods and services that are produced in the economy within the…
Q: 1. A country produces milk and butter, and it has published the following macroeconomic data. Year 1…
A: Real GDP is a measure of a country's gross domestic product that has been adjusted for inflation.…
Q: a. Consider an economy which produces and sells, among a host of other things, 100 million T‑shirts…
A: Value-added selling is the particular selling process during which the sales rep does whatever it…
Q: Consider an economy that produces only computers. The quantity of computers and the price of…
A: Answer: Introduction: Nominal GDP: nominal GDP refers to the value of goods and services produced in…
Q: indicate whether you think the statement is true or false and explain why 1. Capital and energy are…
A: There is a greater effect for ecology on economics because natural resources are essential inputs…
Q: 1 a. US GDP was 14,419 billion in 2009 and 14,964 billion in 2010. What was the percentage increase…
A: (Since you have asked many questions, we will solve the first one for you. If you want any specific…
Q: The value of land in Manhattan was around $150 billion in 2008. Imagine that it is 1626 and you are…
A: Present value of $150 billion in 1626 is calculated as follows.…
Q: If the prices of German made cars imported into the United States Fall, which answer is correct?…
A: The fluctuation in price index costs of one particular period compared to its previous period is…
Q: Make the following calculations according to the table below. Good A Good B Good C Good D Quantitiy…
A: The GDP price deflator measures the changes in prices for all of the goods and services produced in…
Q: Assume a simple economy that only produces two goods for end use, beer and wine. Here is a list of…
A: The real economic growth rate, often known as the real GDP growth rate, is a measure of economic…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?An increase in the quantity of hybrid cars supplied would be caused by which of the following? A. An increase in the demand for hybrid carsB. A decrease in the demand for hybrid carsC. Higher prices of car batteriesD. Lower prices for gasoline½ 1.CQLPrecalc.2 The monthly supply S(p) and demand D(p) for a video game console is given by the graphs. Complete parts a-e below. Quantity, q S(p) = D(p) = (Type expressions using p as the variable.) 5000- 4500- 4000- 3500- 3000- 2500 2000-€ 1500- 1000- 500-S(p) 0+ 0 (p) 200 400 600 800 1000 Selling price per unit, p a) Describe how the increased selling price of an item affects the consumer demand and producer supply. If the selling price of an item is higher than it should be, the consumer demand for the item will decrease and the producer's willingness to supply it will increase. b) Find formulas for the functions q = D(p) and q = S(p).
- The graph below shows the demand for electricity in England during typical days in winter and summer. The pie chart shows how electricity is used in an average English home. Summarise the information by selecting and reporting the main features and make comparisons where relevant. Figure 1 Typical Daily Demand of Electricity 50000 40000 30000 Winter Summer 20000 10000 o hrs 3 6. 12 15 18 21 24 Different hours of a day Figure 2 What the electricity is used for I Heating room, Heating 15% water 15% 1Ovens, Kett les, Washing 52% Machines 18% ILighting, TV, Radio Vacuum cle ane rs, Food m ixers, Electric too ls Units of Eectricity53. Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70 Table 3.8 a. What is the quantity demanded and the quantity supplied at a price of $210? b. At what price is the quantity supplied equal to 48,000?10. Which of the following is NOT a determinant of the demand for gasoline? A. Consumers' incomes B. The price of diesel C. The price of automobiles D. The supply of gasoline E. All of the above are determinants of the demand for gasoline.
- Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100Suppose an economic boom causes incomes toincrease. Explain what will happen to the demandand supply of phones, and predict the direction ofthe change in the equilibrium price and quantity2. What happens to equilibrium price andquantity when there is an increase intechnology? Why?
- are likely to be having children of their own 16. Use a diagram to illustrate how each of the following events affects the equilibrium price and quantity of pizza.53. Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70 Table 3.8 a. What is the quantity demanded and the quantity supplied at a price of $210? b. At what price is the quantity supplied equal to 48,000? c. Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What are the equilibrium price and equilibrium quantity? d. If the price was $120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?1. The table below shows information on the demand and supply for Chicken, where the quantities of Chicken thousands. are measured in Price Qd Qs GHS 120 50 36 GHS 150 40 40 GHS 180 32 48 GHS 210 28 56 GHS 240 24 70 Table 1. Demand and Supply for Chicken a. What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210? b. At what price is the quantity supplied equal to 48,000 Chickens? c. Graph the demand and supply curve for Chickens. Determine the equilibrium price and quantity from the graph? d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?