E. Refer to the following data compiled by the US government for 2022 for purposes of calculating the GDP Deflator for 2 commodities: ketchup & mustard. First, categorize each data point as either (R) for Real or (N) for Nominal. Then, use the GDP Deflator equation from your notes to calculate what the 'GDP Deflator' is. 2022 Data: *Ketchup & Mustard valued at previous (constant) prices in 2022 = $300 *Ketchup & Mustard valued at current prices in 2022 = $900 Q9: Category (R or N) Q10: GDP Deflator = (Show the equation itself here, as well as the math you used to get your answer):

E. Refer to the following data compiled by the US government for 2022 for purposes of calculating the GDP Deflator for 2 commodities: ketchup & mustard. First, categorize each data point as either (R) for Real or (N) for Nominal. Then, use the GDP Deflator equation from your notes to calculate what the 'GDP Deflator' is. 2022 Data: Ketchup & Mustard valued at previous (constant) prices in 2022 = $300 Ketchup & Mustard valued at current prices in 2022 = $900 Q9: Category (R or N) Q10: GDP Deflator = (Show the equation itself here, as well as the math you used to get your answer):

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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To answer Questions #1 through #4 use the following information: Suppose that in the nation state of Raleighville there are 2 final goods produced in the economy - dog food and kitten chow. Suppose the economy produces 15 units of dog food and 5 units of kitten chow in 2000 (the base year), and 20 units of dog food and 10 units of kitten chow in 2020. Further suppose the price of dog food was $1.00 per unit in 2000, and $3.00 per unit in 2020; whereas the price of kitten chow was $1.00 in 2000 and $2.50 in 2020. What was the real GDP for Raleighville in 2020? Oa. $20.00 O b. $30.00 Oc. $57.50 Od. $85.00 Next page page
To answer Questions #1 through #4 use the following information: Suppose that in the nation state of Raleighville there are 2 final goods produced in the economy - dog food and kitten chow. Suppose the economy produces 15 units of dog food and 5 units of kitten chow in 2000 (the base year), and 20 units of dog food and 10 units of kitten chow in 2020. Further suppose the price of dog food was $1.00 per unit in 2000, and $3.00 per unit in 2020; whereas the price of kitten chow was $1.00 in 2000 and $2.50 in 2020. What was the real GDP for Raleighville in 2000? O a. $20.00 O b. $30.00 O c. $57.50 O d. $85.00 Next page
According to the Bureau of Economic Analysis, the GDP Deflator for the 3rd Quarter 2021 is +5.7%. The U.S. Bureau of Labor Statistics reported the Consumer Price Index (CPI) as rising 5.4 percent over the last 12 months, not seasonally adjusted. Given this information: 1) Interpret these data and summarize its meaning. 2) What are these data measuring? 3) If you were a business economist, which would you use and why?
What is the relationship of the GDP deflator to real GDP? To make comparisons across time or across borders, one must use the notion of a GDP deflator to convert nominal GDP into real GDP for comparisons. Nominal variables are in current dollars and have price level changes such as inflation and deflation included in them. Real variables are in constant dollars due to the factoring out of price level changes using a base year and a deflator. What is the current nominal GDP for the US economy? What is the current real GDP for the US economy?
This question requires effective research to gather pertinent labor market statistics. Consider the source of your data. Official labor market statistics are gathered into “jobs reports” by the United States federal governmental agency: the Bureau of Labor Statistics or BLS. (6 points.)a. Find the following statistics on employment in January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: c. Find the changes in each statistics from January, 2021 to January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: d. Find the changes in each statistics from January, 2010 to January, 2011:Unemployment rate: Labor Force Participation Rate: Employed population: e. Briefly compare the severity of the two recoveries citing relevant statistics.
3. In a small community, breakfast is the most important meal of the day. Therefore, the only two goods that this community produces are coffee and scones in the following amounts: Year 2020 2021 Quantity 60 cups 90 cups Coffee Price $1.25 $1.45 Quantity 45 units 65 units Scones Price $2.10 $3.95 a) Calculate the inflation rate for 2021 using the GDP deflator method (assume that 2020 is the base year for real GDP calculations). Show your work. b) Calculate the inflation rate for 2021 using the CPI method (assume that 2020 is the base year for CPI calculations). Additionally, assume that the consumption basket for both years contains only 10 cups of coffee and 40 scones. Show your work. c) Compare the results of both inflation calculations and explain why they are similar or different based on the two methods and on the specific data used in this example.
2) Below is the Table showing the annual gross electricity demand (TW.h) of Turkey versus gross do product a) Draw gross domestic product versus electricity consumption and find the equation of the line by the graphical method (be careful determining the dependent and the independent variables) b) By using the equation you have found, predict the electricity demand when GDP becomes 2500 billion S. Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GDP (billion $) 800 928 1024 1120 1094 1250 1433 1532 1691 1861 1966 2040 2186 gross annual electricity consumption (TWh) 161 175 190 198 194 210 230 242 246 257 266 279 295
Britney is a baseball fan and attends several games per season. Her expenses per season are listed in the table below: Year 2 Year 1 5 Baseball $500$560 Tickets Jersey $120 $150 $150 $160 Food Transport $60 S$70 Assuming that year 1 is the base year, calculate the price index for year 1 and for year 2. 100, 113 100, 88 88, 113 88, 100
Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 2010 Price of an automobile $40,000 $50,000 Price of a loaf bread $20 $30 | Number of auto-mobiles produced 100 cars 120 cars Number of loaves of bread produced 600,000 loaves 500,000 loaves Using the year 2000, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as CPI.(
Eden, a country, produces just two output goods: apples and snakeskin handbags. In 2014 the prices of apples and hand bags were 10 and 24, respectively. In 2015, the prices increased to 12 and 25. The quantities produced of the two goods were unchanged in both 2014 and 2015, at 100 and 20. From this information, we can conclude that: