The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020. Instructions: Enter your responses as whole numbers. Year 2017 2020 Quantity 100 125 Year 2017 2020 Pucks Price $5 $7 Root beer Quantity 300 250 Price $15 $20 Real GDP $ $ Sandals Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Nominal GDP $ $ Quantity 100 110 Price $20 $25

The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020. Instructions: Enter your responses as whole numbers. Year 2017 2020 Quantity 100 125 Year 2017 2020 Pucks Price $5 $7 Root beer Quantity 300 250 Price $15 $20 Real GDP $ $ Sandals Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Nominal GDP $ $ Quantity 100 110 Price $20 $25

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Calculate total GDP for this economy given the following components of demand. Round your answer to the nearest tenth and enter the value in trillions of dollars. Components of GDP on the Demand Side (in trillions of dollars) Consumption Investment Government spending Exports Imports Provide your answer below: trillion Total GDP 12.9 3.8 4.2 3.0 4.2 ?
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The economy of Questville produces Peppers, Cauliflower, and Cabbages. Below are the prices and quantities of these products produced between 1998 and 2000: 1998 1998 1999 1999 2000 2000 Price Quantity Price Quantity Price Quantity Peppers $1.4 9 $1.4 6 $1.2 3 Cauliflower $0.6 4 $1.8 11 $0.5 5 $1.7 5 10 Cabbages $0.9 $0.6 9 Calculate Questville's nominal GDP in 1999. $ Year Calculate Questville's real GDP in 2000, using 1998 as the base year. $
If there are only two goods, apples and bikes produced in the economy; in 2015 total production of apples was 1000 tones and price of apple is $2 per tone; total production of bikes was 100 units and price of bikes was $500 per unit. in 2016 total production of apples was 1500 tones and price of apple is $3 per tone; total production of bikes was 110 units and price of bikes was $600 per unit. According to the information above, please calculate the consumer price index for 2016. O a. 136,89 Ob. 133,12 Oc 135,58 Od. 134,34
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3. In a small community, breakfast is the most important meal of the day. Therefore, the only two goods that this community produces are coffee and scones in the following amounts: Year 2020 2021 Quantity 60 cups 90 cups Coffee Price $1.25 $1.45 Quantity 45 units 65 units Scones Price $2.10 $3.95 a) Calculate the inflation rate for 2021 using the GDP deflator method (assume that 2020 is the base year for real GDP calculations). Show your work. b) Calculate the inflation rate for 2021 using the CPI method (assume that 2020 is the base year for CPI calculations). Additionally, assume that the consumption basket for both years contains only 10 cups of coffee and 40 scones. Show your work. c) Compare the results of both inflation calculations and explain why they are similar or different based on the two methods and on the specific data used in this example.
Consider the following table, which provides the price of beef and the price of all foods from 2014 to 2022. Price of Price of Relative Year All Food Beef Price 2014 96 98 102.08 2015 97 99 102.06 2016 100 100 2017 103 103 2018 104 105 2019 108 106 2020 111 114 2021 113 116 2022 116 114 The relative price of beef is calculated as: (Price of Beef/Price of all foods) x 100. In 2020, the relative price of beef was close to O 114.16 O 111.10 O 102.70 O 98.27
For years 2019 and 2020, we know the following about a country: Average price Real GDP Nominal GDP 2019 50 1'000'000 1'200'000 2020 55 1'100'000 ? The average price information consists of the average price for goods and services produced in the country. What is the missing value in the table? Answer:
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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. 2020 Statistics 2021 Statistics Quantity 2012 Statistics Product Quantity Price Quantity Price Price $50.00 $65.00 Shoes Hamburgers Shirts Cotton $60.00 2.00 90 100 100 100 75 2.00 30.00 0.09 120 2.25 50 50 25.00 65 25.00 11,000 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 6700 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).