In year 1 and year 2, there are two products produced in a given economy: computers and bread. Suppose that there are no intermediate goods. In year 1, 80 computers are produced and sold at $1000 each, and in year 2, 124 computers are produced and sold at $1700 each. In year 1, 20,000 loaves of bread are sold for $1 each, and in year 2, 29,000 loaves of bread are sold for $1.40 each. a. Nominal GDP in year 1 is $ 100000 , and nominal GDP in year 2 is $ 251400 . (Round your responses to the nearest integer as needed.) b. Calculate real GDP in each year and the percentage increase in real GDP from year 1 to year 2 by using year 1 as the base year. Next, do the same calculations by using the chain-weighting method. Using year 1 as the base year, real GDP in year 1 is $ real GDP in year 2 is $ , and the percentage increase in real GDP from year 1 to year 2 is %. (Round responses for real GDP to the nearest integer as needed, and round your response for the percentage increase to three decimal places as needed.)

In 2013, Blackberry bought $100 million in parts in New York and $150 million in parts in Ontario to produce $600 million worth of phones in Ontario. In 2013, Blackberry sold $500 million in phones and paid $200 million in wages, $40 million in interest, and $60 million in rent. Blackberry sold the remaining phones in 2014. Based on this information, what was blackberry's value-added contribution to 2013 Canadian GDP? 1)$600 million 2)$500 million 3)$450 million 4)$350 million 5)$200 million

explain how to get these answers

Assuming that a household in Hadililand consumes only apple juice and T-shirts. Last year, which was the base year, the household spent $440 on juice and $132 on shorts. In the base year, juice was $2.2 a bottle and shorts were $11 a pair. This year, juice is $3.3 a bottle, shorts are $13.2 a pair, and a typical household has bought 198 bottles of juice and 15 pairs of shorts. a) What is the basket used in the CPI? b) Calculate the CPI in the current year. c) Calculate the inflation rate in the current year. d) Is the inflation rate that you've calculated likely to be biased? Why or why not?

Suppose that annual output in year 1 in a 3-good economy is 3 quarts of ice cream, 1 bottle of shampoo, and 3 jars of peanut butter. In year 2, the output mix changes to 5 quarts of ice cream, 2 bottles of shampoo, and 2 jars of peanut butter. 1.1. If the prices in both years are $4 per quart for ice cream, $3 per bottle of shampoo, and $2 per jar of peanut butter, what was the economy’s nominal GDP in year 1? Show the calculation. Recall that GDP is the core measure of an economy's health. Nominal GDP (also known as current–dollar economic statistics) is not adjusted to account for any price changes. To calculate nominal GDP (the value of all final goods and services evaluated at current-year prices) you have to use the formula: Nominal GDP= P*Q. To get a real picture of a nation's economic growth economists prefer using real GDP. To calculate real GDP (the value of all final goods and services evaluated at base-year prices for each year) you have to use the formula: Real GDP= P*Q.…

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2012 Statistics Quantity Product Shoes 110 120 Hamburgers 85 120 Shirts 50 30.00 50 Cotton 11,000 0.09 10,000 a. If the base year is the year 2012, then real GDP for 2022 equals $ Price $55.00 3.00 2022 Statistics Quantity 2023 Statistics Quantity Price $75.00 3.50 25.00 0.07 Price $70.00 120 3.00 135 25.00 65 0.08 11,000 (round your answer to the nearest penny)

Suppose the economy has only three goods and that the base year is 2015. Year Price of Burgers Quantity of Burgers Price of Soda Quantity of Soda Price of Shoes Quantity of Shoes 2015 $3.42 99 $2.27 192 $63.14 32 2016 $6.56 128 $2.75 212 $89.43 56 2017 $6.56 125 $1.53 157 $74.90 38 Refer to the table above showing data for an economy that produces only the goods shown. What is Nominal GDP for 2017?  (Round your answer to two digits after the decimal without the dollar sign without commas and without $.)