Section B 3. Calculate the missing information in the table 3.1. Table 3.1 Year Real GDP Nominal GDP GDP Deflator 2013 2700 1890 2014 3600 100 2015 4680 130 4. Consider the following data on Prices and Quantities of T-Shirts and Pajamas. Note: that the GDP Deflator for 2015 is 100 (i.e. the base year) Year Price of T-Shirts Quantity of T-Shirts Price of Pajamas Quantity of Pajamas 2015 $10 120 $12 200 2016 12 300 15 200 2017 14 275 18 180 a. Calculate the Nominal GDP in 2015. b. Calculate the Nominal GDP in 2016. c. Calculate the Real GDP in 2016. d. Calculate the Real GDP in 2017. e. Calculate the growth rate of real GDP between 2016 and 2017. f. Calculate the consumer price index for 2016.

General Motors Corporation (a U.S.-based firm) produced a Saab vehicle in Sweden in 2009, and sold it in the United States. In which country's GDP was the value of the manufactured Saab car included?   A) The United States because GM is a U.S. company    B) The United States because it was sold there   C) Sweden because it was produced there    D) Half the value of the car in Sweden and half in the United 5 tates

Q25

The gross domestic product (GDP) of the United States is defined as the _market value of v all final goods and services produced within the United States in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2020. 2020 GDP Scenario Included Excluded Fastlane, a Japanese automobile company, produces a sedan at a plant in Indiana on December 14, 2020. A family buys the sedan on December 24. Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2020. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2020. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.) You chop down a cherry tree on your property in California and make a dining room table in…

Table 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products                   2016                            2017                        Price    Quantity         Price    QuantityiPhone           $1,200     300             $1,250     400Apple Watch    $500      800              $650       850ˆ Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017.ˆ Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017.ˆ Determine the growth rate of nominal GDP (if Apple were the entire economy).ˆ Determine the growth rate of real GDP (if Apple were the entire economy).ˆ Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices.ˆ Is the increase in nominal GDP due to a change in…

A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2009. Prices and Quantities Year Price of Quantity of Price of Quantity of D. Movies Movies Popcorn Popcorn Tab 2009 $11.00 500 $4 900 pres 2010 $12.00 600 $5 1000 What was this country's GDP deflator in 2010? Exp Cons Select one: Da. 150 Refer the Ob 77.8 A 17 128.6 Od. 100 MG 20 Type here to search.

Explain the initial effect of each of the following events on Canada’s GDP. a) Toby sells his used car to Maria. b) The value of your Home Depot stock holdings decrease. c) You use $100,000 to buy a piece of land with the intention of building a new house on it. d) Sharon buys a new pair of jeans at a department store in another town in her province. e) An Irish tourist drinks an American beer in a Canadian restaurant. f) Your local car dealership reduces its inventory by offering price reductions. g) You sell all the shares in your Canadian National Railway Company holdings. h) Jermaine travels with Air Canada to Grenada and buys rum and spices. i) Bickram gets a haircut and beard trimmed at his local barbershop. j) Katherine, a retired worker, gets an increase in her Canada Pension Plan benefits.

2010 2011 2012 2013 2014 $700 $600 $800 $750 $1000 a. Plot the aggregate consumption function. b. The Marginal Propensity to Consume= c. The Marginal Propensity to Save = d. The Aggregate Consumption formula is $760 $680 $840 $800 $1000

Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your research has uncovered the following data: Price of Crude Oil $ 80 90 100 110 GDP 17.0 16.9 16.8 16.7 #of New Mustaches Grown Price of Gasoline $2.75 3.00 3.25 3.50 3,000 2,000 5,000 1,000 Your client has asked you to plot GDP and gasoline prices on a graph. 1.) Using the multipoint curve drawing tool, plot GDP against gasoline prices on the graph to the right. Carefully follow the instructions above and only draw the required object. Click to enlarge graph Came Gasoline Prices ($per Galon) 3.75 3.50- 3.25 3.00- 2.75 2.50+ 16,5 16.9 GOP Q 16.7 17.1 17.3 After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.

The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs.    2016 2016 2017 2017   price quantity  price  quantity  ford escapes $24,485 307,069 $24,645 308,296 ford trucks $44,400 820,799 $24,645 896,764 a. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. b. Determine the growth rate of nominal GDP (if Ford were the entire economy). c. Determine the growth rate of real GDP (if Ford were the entire economy).