Given the data table below:Year201520162017201820192020GDP Deflator,2015-100.100.00100.40103.30106.90106.50103.30Real GDP,2015-100423,444.10438,712.15458,776.09475,673.62480,957.65461.185.67 3.2018, find the new GDP deflator value for 2020If the GDP Deflator was adjusted such that the Base Year was

Here, the given table shows the data of GDP deflator and real GDP with 2015 as the base year. If…

Answered: Given the data table below: GDP…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Suppose the following table records the total output and prices for an entire economy. The base year in the following table is 2020. Year Price of Apples Quantity of Price of Haircuts Quantity of Apples Haircuts 2020 $5.00 40 $20.00 70 2021 $6.00 50 $22.00 60 a) What was the value of nominal GDP in 2020 and 2021? b) What was the value of real GDP in 2020 and 2021? c) What was the value of the GDP deflator in 2020 and 2021? d) From 2020 to 2021, what was the economy's real economic growth? e) From 2020 to 2021, what was the inflation rate? ... + v В I U A Paragraph III
During 2009, the leather company produced enough leather for 20 couches. The couch manufacturing company bought 80% of that leather for $16,000 and promised to buy the remaining 20% for $4,000 in 2010. The couch manufacturing company produced 16 couches during 2009 and sold 10 during that year for $3,000. What was the contribution to GDP for 2009?
Please complete the table
Calculate the value of GDP based on the data given.
The following data shows the quantities of output a hypothetical economy produced in 2002,2005 and 2010, and the amounts consumed by a typical post- secondary student. Base Year = 2002 Product New Houses (units) Coffee (cups) Pizza (pieces) Beef (Kg) Photocopy (pages) Price $ 41,850 1.2 3 11 0.5 2002 Quantity Produced 47 80,200 16,440 70,080 58,400 Quantity Consumed A. Nominal GDP in 2002 B. Nominal GDP in 2005 C. Nominal GDP in 2010 D. Nominal GDP Growth 2002-2005 E. Nominal GDP Growth 2005-2010 F. Real GDP 2002 G. Real GDP 2005 H. Real GDP 2010 I. Real GDP Growth 2002-2005 J. Real GDP Growth 2002-2010 K. GDP Deflator 2002 L. GDP Deflator 2005 M. GDP Deflator 2010 N. Rate of inflation 2005-2010 O. Rate of inflation 2002-2010 P. Cost of 2002 Consumption Basket at 2002 Prices Q. Cost of 2002 Consumption Basket at 2005 Prices R. Cost of 2002 Consumption Basket at 2010 Prices 1 36 21 6 157 Price $ 40,580 1.95 9.5 14 0.65 2005 Quantity Produced 45 83,850 16,500 65,340 62,600 Calculate the…
Which of the following is least likely to be included in calculating GDP by the sum-of-value-added method? a. The cash paid by a customer to purchase bread from the retailer b. Money spent by a construction worker on materials to build. c. Rental costs incurred by a retailer in storing goods for sale d. The money spent by a farmer in transporting the wheat to the miller
Find the missing one
Consider a simple economy that produces two goods: tacos and hot dogs. The table shows the economy's production over several years. Calculate the real GDP for 2009 using 2007 as the base year. Year Price of tacos (in dollars) Number of tacos Price of hot dogs (in dollars) Number of hot dogs 2007 4.00 3 3.00 2 2008 6.00 3 5.00 5 2009 7.00 4 8.00 9
Product Quantity Price Year 1 Cereal 1,000 $1.00 Beef 700 $2.00 Doughnuts 600 $0.50 Year 2 Cereal 1,400 $1.10 Beef 600 $2.50 Doughnuts 500 $0.75 If year 1 is the base year, what is the GDP delflator in year 2?
The table below shows nominal and real GDP figures for a hypothetical economy. Note that 2022 is the reference year. Nominal GDP (current $ billions) 203.76 Year 2021 2022 2023 2024 2025 220.9 231.8 243,9 2464 GDP Deflator 97.467 100 101.340 105.448 Real GDP (2022 $billions) 198.6 220.9 228.73 236.9 246.4 4 Fill in the table, writing out billions of dollars to the first decimal e.g. $1.0 billion and the GDP deflator to three decimal places e.g. 100,000.
4.
Suppose an economy consists of only three goods, as shown in this Table: What is the nominal value of GDP in 2020 and 2021?

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Given the data table below: GDP Deflator, 2015-100 Year 2015 2016 2017 2018 2019 2020 100.00 100.40 103.30 106.90 106.50 103.30 Real GDP, 2015-100 423,444.10 438,712.15. 458,776.09 475,673.62 480,957.65 461,185.67