uppose 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 $6.04 119 $2.89 226 $55.43 34 2016 $3.24 120 $2.12 245 $87.52 32 2017 $3.24 121 $2.40 205 $72.39 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 a $ and without commas.)

uppose 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 $6.04 119 $2.89 226 $55.43 34 2016 $3.24 120 $2.12 245 $87.52 32 2017 $3.24 121 $2.40 205 $72.39 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 a $ and without commas.)

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 a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period. Pencils Oranges Price Price Quantity Quantity (Dollars per pencil) (Number of pencils) (Dollars per orange) (Number of oranges) Year 2016 125 1 200 2017 2 170 230 2018 4 150 4 170 Use the information from the preceding table to fill in the following table. Real GDP Nominal GDP (Dollars) (Base year 2016, dollars) GDP Deflator Year 2016 2017 2018 From 2017 to 2018, nominal GDP , and real GDP The inflation rate in 2018 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP is not influenced by price changes, but nominal GDP is.
• Holly has recently graduated from college and has bought a house that was built 50 years ago for $100,000. She used a real estate agent to help her find and purchase the house, and the real estate agent received 5 percent of the value of the sale, or $5,000, to be paid by the seller of the house. The value of GDP in this case would increase by $95,000. increase by $105,000 increase by $5,000. increase by $100,000.
6
Suppose an economy produces two products: meat pies and MP3S. In 2011, 20 meat pies are sold at $5 each, and eight MP3S are sold at $50 each. In 2010, the base year, the price of meat pies was $10 each, and the price of MP3S was $75 each. Therefore: A. the real 2011 GDP is $800, and the GDP deflator is 62.5 B. the real 2011 GDP is $800, and the GDP deflator is 160 C. the real 2011 GDP is $500, and the GDP deflator is 62.5 D. the real 2011 GDP is $500, and the GDP deflator is 160
Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Year Apples Envelopes Price Quantity Price Quantity (Dollars per apple) (Number of apples) (Dollars per envelope) (Number of envelopes) 2016 2 115 5 175 2017 4 150 2 180 2018 1 100 2 160 Use the information from the preceding table to fill in the following table. Year Nominal GDP (Dollars) Real GDP (Base year 2016, dollars) GDP Deflator 2016 2017 2018 From 2017 to 2018, nominal GDP: (a. increased, b. decreased), and real GDP (a. increased, b. decreased) . The inflation rate in 2018 was: (a. -47.5%, b. -0.5%, c. 47.5%, d. 52.5%, e. 190.5%) . Why is real GDP a more accurate measure of an economy's production than nominal GDP? a. Real GDP includes the value of exports, but nominal GDP does not.…
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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The information in the table identifies the quantities of three goods produced in a simple economy in 2010 and 2011, and the prices that the goods sold for in each of the two years. The base year is 2010. Item Quantity 2010 Price 2010 Price 2011 Quantity 2011 Movie tickets 4 $11.8 $15 Bags of popcorn 6 $6.2 $8 Drinks of soda 4 $4.1 $6 6 Real GDP in 2011 is equal to how much? Enter a number rounded to one decimal place.
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Assume an economy in which only apple and orange are produced. In year 1, 200 million killograms of apple are produced and consumed and its price is $0.6 per kilogram, while 150 million killograms of orange are produced and consumed and its price is $0.7 per killogram. In year 2, 250 million kilograms of apple are produced and consumed and its price is $0.7 per kilogram, while 300 million kilograms of orange are prduced and its price is $0.8 per kilogram. (Show the results upto 1 decimal point when required) (a) If the base year is year 1 then the GDP price deflator in year 2 is (b) If the base year is year 2 then the GDP price deflator in year 1 is (c) If the base year is year 1 then the inflation rate between years 1 and 2 is (d) If the base year is year 2 then the inflation rate between years 1 and 2 is (e) The chain weighted inflation rate between year 1 and year 2 is % (f) If the base year is year 1 then CPI inflation rate is % % %
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
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Year	Price of Burgers	Quantity of Burgers	Price of Soda	Quantity of Soda	Price of Shoes	Quantity of Shoes
2015	$6.04	119	$2.89	226	$55.43	34
2016	$3.24	120	$2.12	245	$87.52	32
2017	$3.24	121	$2.40	205	$72.39	38