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 $3.12 108 $2.37 151 $70.42 57 2016 $3.63 108 $1.49 176 $71.54 41 2017 $3.04 111 $1.04 173 $60.90 34 Refer to the table above showing data for an economy that produces only the goods shown. What is real GDP for 2017? (Round your answer to two digits after the decimal without a $ and without commas.)

Consider a simple economy that produces two goods: pencils and muffins. The following table shows the prices and quantities of the goods over a three-year period. Year Pencils Muffins Price Quantity Price Quantity (Dollars per pencil) (Number of pencils) (Dollars per muffin) (Number of muffins) 2018 1 140 2 200 2019 2 125 4 220 2020 3 120 4 180   Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2018, dollars) 2018       2019       2020         From 2019 to 2020, nominal GDP    , and real GDP    .   The inflation rate in 2020 was    .   Why is real GDP a more accurate measure of an economy's production than nominal GDP? Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not.   Real GDP measures the value of the goods and services an economy produces,…

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Suppose the economy of Ausland's spending for the year can be described by the table below: Household Consumption $450 Government Spending on Transfer Payments $80 Imports $50 Government Spending on Public Goods and Services $200 Business Purchases of New Capital Goods $120 Net Exports $150 Government Tax Revenue $95 Sale of Existing Houses $115 What is the value of Gross Domestic Product (GDP) for Ausland? Select one: a. $1115 b. $870 c. $920 d. $1000

Consider a simple economy that produces two goods: cheese and wine. The following table shows the prices and quantities of the goods over a three-year period. Please explain the formulas you used to get your answer. Grapes Аpple S Year Price Quantity Quantity Price 2017 $21 110 $30 500 2019 $24 145 $30.5 500 2019 $24 150 $31 520 For each year, calculate nominal GDP, real GDP, and the GDP deflator. Use 2017 as the base year. Fill in the cells in the table below and submit it in your answer. In your answer. Year Nominal GDP RGDP GDP deflator 2018 2019 2020

economics

GDP is composed of a number of categories. What category makes up the largest portion of GDP? What category makes up the smallest portion of GDP? What is “Gross private domestic investment”? What does gross private domestic investment measure? What is “Net exports of goods and services”? Why should net export be negative?

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Please help with the calculations.