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- The table below contains data for the country of Batterland, which produces only waffles and pancakes.
- The base year is 2010.
Year Price of waffles
|
Price of waffles
|
Quantity of Pretzels |
Price of pancakes
|
Quantity of pancakes
|
2010 |
$9 |
45 |
$ 2 |
200 |
2011 |
10 |
50 |
3 |
230 |
2012 |
10 |
55 |
3.5 |
230 |
2013 |
11 |
60 |
4 |
250 |
- Compute the followings:
- Nominal GDP.
- Real GDP.
- GDP deflator
- Inflation rate in 2013.
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- The island nation of Coronia subsists entirely on pancakes and syrup. That is, they produce and consume only pancakes and syrup in the following amounts: Pancake Mix (cases) Maple Syrup (gallons) Quantity Price Quantity Price 2019 16 5 8 30 2020 48 6 10 50 (a) Using a method like the CPI, compute the CPI in 2019 and 2020 and percentage change in the overall price level from 2019 to 2020 (inflation rate). Use 2019 as the base year and fix the market basket at 4 pancakes and 2 syrups. (b) Using a method like the GDP deflator, compute the GDP deflator in 2019 and 2020 and percentage change in the overall price level from 2019 to 2020 (inflation rate). Use 2019 as the base year. (c) Is there a difference in the inflation rate using the two methods? Explain why or why not.A country produces only sugar and wheat in the quantities and prices listed below. The GDP deflator is given by Nominal GDP/Real GDP *100. If 2018 is the base year, i. What is the GDP deflator for years 2019 and 2020? Show your workings ii. What is the inflation rate year 2019-2020? Show your workings Year Price of sugar Quantity of sugar Price of wheat Quantity of wheat 2018 $2.00 200 $10 40 2019 $2.30 250 $14 50 2020 $2.75 280 $18 80Module Three Quiz Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) 2018 2019 2020 Year 2018 2019 2020 2 Nominal GDP (Dollars) 2 4 Plastic cups Use the information from the preceding table to fill in the following table. From 2019 to 2020, nominal GDP The inflation rate in 2020 was 295 140 Real GDP (Base year 2018, dollars) GDP Deflator F 145 and real GDP Price (Dollars per seltzer) 2 4 Seltzers Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of seltzers) 180 210 160 Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP includes the value of exports, but nominal GDP does not.
- Question 1: In an economy, there are only two goods (Cars and cycles) produced. The data for last three years is given in the below table. Calculate the nominal and real GDP of three years and then find the GDP deflator for all the three years. Find year on year (YoY) inflation for 2018 and 2019. Note: the base year for this economy is given as 2017. year Price of Car (AED) Number of Car Price of cycle (AED) Number of cycle 2017 1000 10 200 900 2018 1200 15 210 1000 2019 1500 25 250 1500 Question 2: Explain the role of fiscal and monetary policy in an economy facing a recession. Use appropriate graph to justify your answerThe table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2010. Year Price of waffles Quantity of waffles Quantity of Pretzels Price of pancakes Quantity of pancakes 2010 $9 45 $ 2 200 2011 10 50 3 230 2012 10 55 3.5 230 2013 11 60 4 250 - Compute: nominal GDP, real GDP, GDP deflator, and Inflation rate in 2013.A hypothetical country of Narnia produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2017. Year 2016 2017 2018 2019 Price (Dollars per movie) 7.6% 7.5% Movies 7.2% 7% 10.00 11.00 12.00 12.00 Quantity Quantity (Movies) (Dollars per bag) (Bags) 500 600 650 625 Popcorn Refer to Table 23-5. What was the rate of inflation for Narnia in 2019? (Hint: round-off to the nearest decimal point) Price 5 4 5 6 1,000 900 950 925
- Consider a simple economy that produces two goods: beers and paper plates. The following table shows the prices and quantities of the goods over a three-year period. Year 2019 2020 2021 Year 2019 2020 2021 Price (Dollars per beer) 2 4 2 Beers Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Quantity (Number of beers) 215 135 150 From 2020 to 2021, nominal GDP The inflation rate in 2021 was Real GDP (Base year 2019, dollars) GDP Deflator Price (Dollars per paper plate) I 000 and real GDP 3 3 w w 3 Paper plates 7 155 210 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP is not influenced by price changes, but nominal GDP is. Real GDP includes the value of exports, but nominal GDP does not. Quantity (Number of paper plates) O Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. 190Price Quantity Year (Dollars per sticker) (Number of stickers) 2020 3 210 2021 2 150 2022 3 125 Year 2020 2021 Use the information from the preceding table to fill in the following table. 2022 Stickers From 2021 to 2022, nominal GDP Nominal GDP Real GDP (Dollars) (Base year 2020, dollars) GDP Deflator The inflation rate in 2022 was Price (Dollars per paper plate) and real GDP 4 4 Paper plates 4 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of paper plates) 180 Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. O Real GDP is not influenced by price changes, but nominal GDP is. O Real GDP includes the value of exports, but nominal GDP does not. 200 180Consider a simple economy that produces two goods: coffees and paper plates. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per coffee) 2019 3 2020 2 2021 3 Year 2019 2020 2021 Coffees Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) From 2020 to 2021, nominal GDP Quantity (Number of coffees) 210 150 125 The inflation rate in 2021 was Real GDP (Base year 2019, dollars) GDP Deflator Price Quantity (Dollars per paper plate) (Number of paper plates) 180 200 180 , and real GDP Paper plates 4 4 4 Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP does not include the value of intermediate goods and services, but nominal GDP does. O Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. O Real GDP is not influenced by price changes,…
- The table below contains data for the country of Dachsland, which produces only pretzels and books. The base year is 2005. Year Price of Pretzels Quantity of Pretzels Price of Books Quantity of Books 2005 $4 90 $ 1.5 150 2006 5 100 2 180 2007 6 120 2.5 200 - Compute: nominal GDP, real GDP, GDP deflator, and Inflation rate in 2007.Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per pencil) 2016 2 2017 4 2018 2 Year 2016 2017 2018 Pencils Use the information from the preceding table to fill in the following table. From 2017 to 2018, nominal GDP Quantity (Number of pencils) 125 135 125 The inflation rate in 2018 was Nominal GDP Real GDP (Dollars) (Base year 2016, dollars) GDP Deflator Price (Dollars per envelope) 3 3 3 and real GDP Envelopes Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of envelopes) 155 O Real GDP includes the value of exports, but nominal GDP does not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. 210 165The table below contains data for the country of Dachsland, which produces only pretzels and books. The base year is 2015. Year Price of Pretzels Quantity of Pretzels Price of Books Quantity of Books 2015 $4 90 $ 1.5 150 2016 5 100 2 180 2017 6 120 2.5 200 - Compute the followings: Nominal GDP. Real GDP. GDP deflator Inflation rate in 2017.