ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Confused on and don’t know how to find the correct answersarrow_forwardSuppose that in 1994 the total output in a single-good economy was 7,000 buckets of chicken. Also suppose that in 1994 each bucket of chicken was priced at $15. Finally, assume that in 2015 the price per bucket of chicken was $20 and that 23,000 buckets were produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $arrow_forwardAnswer the following questions on the basis of the following three sets of data for the country of North Vaudeville: (A) (B) (C) Price Price Level Real GDP Price Level 110 Real GDP Level Real GDP 110 235 285 100 210 100 235 100 260 100 235 95 235 95 235 100 260 90 235 90 210 100 285 a. Which set of data illustrates aggregate supply in the immediate short run in North Vaudeville? (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ b. Assuming no change in hours of work, if real output per hour of work decreases by 5 percent, what will be the new levels of real GDP in the right column of B? Instructions: Enter your answers rounded to 1 decimal place. At a price level of 110: At a price level of 100: At a price level of 95: The short run? The long run? ៖arrow_forward
- !arrow_forwardEverything in this question pertains to 2025. Bombardier spent $146 in US-produced intermediate goods. It used these intermediate goods to make streetcars which it sold to Toronto. It paid $315 to compensate its workers and made a loss of $21. Based on the information provided, what was Bombardier's contribution to 2025 GDP? Round to two decimal places. Do not enter the currency symbol, but enter the negative sign if appropriate. If your answer is -$1.125, enter -1.13.arrow_forward11 GDP measures the value of new goods and services produced by American owned companies located in the United States. True False 12 Of the four spending categories, which is the largest for the United States economy? consumption spending government spending investment spending net export spending 13 D Consider the following information about a simple economy that produces two goods across two years. The base year is 2020. Donuts Coffee 2020 Price $1.25 $1.75 What is the value of real GDP in 2021? Round to two decimal places. Type your answer... 2020 Quantity 2021 Price 80 150 $1.35 $1.95 2021 Quantity 100 186arrow_forward
- please answer the rest, and pls double check if my answers are rightarrow_forwardRefer to the Table. 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 Year 1 Good X 60 Good Y 100 OA) $204. OB) $222. OC) $250. OD) $270. Production Year 2 80 110 Year 3 100 130 Year 1 $1.00 $0.80 Prices Year 2 $1.00 $0.90 Year 3 $1.40 $1.00arrow_forwardProduction Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 51 79 81 $1.1 $1.7 $1.4 Good Y 62 92 115 $0.7 $0.8 $0.8 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, what is the value for this economy's real GDP in year 2?arrow_forward
- In the first quarter of 2020, US real GDP declined about 9%, due to the economics shocks from the Covid 19 virus. If prices were completely flexible, and this means all prices, both inputs (such as labor), as well as output prices, what would you think would have been the drop in GDP? If prices are completely fixed, would the drop in GDP be greater or less than the flexible case? Why? If the Expenditure method of accounting for GDP, has to equal the Income Side, and the economy overproduces a particular item, say automobiles, the income side will also be higher, workers will buy the extra cars with extra income and the economy can gyrate indefinitely higher? Why or why not?arrow_forwardH10.arrow_forwardte Price Level AS3 AS1 AS2 0 Real Domestic Output, GDP In the diagram, a shift from AS₁ to AS2 might be caused by stricter government regulations. an increase in business taxes. a decrease in the prices of domestic resources. an increase in the prices of imported resources. 3 harrow_forward
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