Answer these questions acording to the chart:A) Compute nominal GDP in each year.B) Compute real gdp in each year, using 2015 as a base year. Good AGood B2015Price$30$1002015Quantityi 900192Never feltenAnpayment to deANNE2016Price$31$201a) Compute nominal GDP in each year.b) Compute real GDP in each year, using 2015 as thebase year.2016Quantity10002002017Price$36$1002017Quantity1050205

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Answered: Good A Good B 2015 Price $30 $100 2015…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider an economy that produces and consumes final products: bread and automobiles. In the following table are data for two different years. Good Year Quantity Price Quantity 2010 Price 2010 $60,000 $20 2000 2000 $50,000 $10 Automobiles 100 120 Bread 500,000 400,000 a. Compute the nominal GDP for each year. b. Compare the numbers you get for each year. If we use GDP as a measure of production capacity of an economy in a certain year, can we infer the economy is more productive in one year than the other? What is your concern when you compare the numbers directly?
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3. Calculate real GDP (billion $) with a GDP deflator of 1.25 if the nominal GDP for the year has grown by 50 billion $ and amounted to 1,000 billion $. 56 > >I 8O 00 1708 W
Nominal GDP GDP deflator Year 1 $200 bill. 100 a. Express year 2 GDP in the prices of year 1 b. Calculate the growth of real GDP Year 2 $300 bill. 125
What was nominal GDP in each year? What was real GDP in 2010, in terms of year 2000 dollars? What was realGDP growth over the period?
Suppose in year 1 that a country’s economy produces 5 memes at $1 ameme and 7 tacos at $0.50 a taco. In year 2, that country produces 10 memesat $2 a meme and 10 tacos at $0.75 a taco.A) Calculate nominal GDP for both years.B) Calculate real GDP using prices from year 1 as the base year.
An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. If the base year is 2018, use the chained-dollar method to calculate real GDP in 2018 and 2019. Quest In terms of what dollars is each of these two real GDPS measured? In 2018 Item Quantity Price Real GDP in 2018 using the chained-dollar method is Food 90 $2 $4 Fun 71 $5 In 2019 Item Quantity Price Food 79 $3 Fun 68 $7 Enter your answer in the answer box and then click Check Answer. Check Answ Clear All parts remaining MacBook Air DD F11 F10 F9 F8 F7 80 F6 F5 F4 F3 F2 esc F1 & 2$ 7 8. 9 4 1 2 Y # 3
Calculate GDP using the information in the table below: $ Billions Government purchases of goods 1200 Services Imports Change in business inventories 50 Durable goods Nondurable goods 009 250 Exports Residential investment Government purchases of services 50O Nonresidential investment 650 Select one: a. 4150 b. 4650 C. 4000 O d. 3850
Calculate the change in price level in 2019 compared to 2009 using GDP deflator. Show calculations.
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What is the real GDP in University Town in Year 2 assuming year 1 is the base year? Good Quantityr1 Priceyrı Quantityy2 Priceyr2 Food 1000 1500 3 Housing 200 10 300 15 Clothing 500 1000 10 A. 10000 6500 19000 11000
The following data represents the output and price of the goods and services produced in the country of Florin in 2018, which specializes in the production of just three things. 2017 is the base year. Production Data Products 2017 Quantity 2017 Price 2018 Quantity 2018 Price haircuts 8 686 face wash 8 3 3.8 prom dresses 2 4 1 5 Calculate Florin's 2017 GDP deflator.

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Good A Good B 2015 Price $30 $100 2015 Quantity 900 192 2016 Price $31 $201 a) Compute nominal GDP in each year. b) Compute real GDP in each year, using 2015 as the base year. 2016 Quantity 1000 200 2017 Price $36 $100 2017 Quantity 1050 205