Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 19, Problem 19.1.7PA
To determine
Final Goods and services.
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Students have asked these similar questions
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.
Product
Shoes
Hamburgers
Shirts
Cotton
2012 Statistics
Quantity
90
85
70
12,000
Price
$50.00
3.00
40.00
0.09
2020 Statistics
Quantity
100
120
60
12,000
2021 Statistics
Quantity
100
135
85
13,000
Price
$60.00
3.00
35.00
0.07
(round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).
a. If the base year is the year 2012, then real GDP for 2020 equals $
b. The (annual) growth rate of real GDP in 2021 is%. (Enter your response as a percentage rounded to two decimal places.)
Price
$65.00
3.50
35.00
0.08
Suppose the information in the following table is for a simple economy that produces only the following
four goods: textbooks, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce
shirts.
Froduct
Textbooks
Hamburgers
Shirts
Cotton
2007
Quantity Price
110
$55.00
80
2.50
50
30.00
110
0.85
2016
Quantity
120
110
50
1,000
Price
$70.00
2.50
25.00
0.70
2017
Quantity
120
125
65
1,100
a. If the base year is the year 2007, then real GDP for 2016 equals $
nearest cent.)
The real GDP for 2017 equals $ (Round your response to the nearest cent.)
b. The (annual) growth rate of real GDP during 2017 is
Price
$75.00
2.75
25.00
0.75
(Round your response to the
%. (Round your response to two decimal places.)
N
Economics
1
Use the following basket of goods for years 2006, 2007, and 2008 to answer
questions 1 through 10:
Good and
Quantity
Price in
Price in
Price in
unit
2006
2007
2008
Coffee, pounds 3
$10.25
$10.30
$11.25
$3.50
$3.85
$3.30
Gasoline,
gallons
30
Cereal, boxes
$4.25
$4.25
$4.50
Electricity, kwh
200
$0.11
$0.11
$0.10
Milk, quarts
12
$1.75
$1.80
$1.75
If the basket were adjusted again in 2008 to reflect the drop in gasoline prices
and the subsequent rise in consumption of that good – returning the quantity
to its 2006 level of 30 gallons – what would the price level be (rounded to the
nearest tenth)?
Answer here
Chapter 19 Solutions
Economics (7th Edition) (What's New in Economics)
Ch. 19 - Prob. 19.1.1RQCh. 19 - Prob. 19.1.3RQCh. 19 - Prob. 19.1.4RQCh. 19 - Prob. 19.1.5RQCh. 19 - Prob. 19.1.6PACh. 19 - Prob. 19.1.7PACh. 19 - Prob. 19.1.8PACh. 19 - Prob. 19.1.9PACh. 19 - Prob. 19.1.10PACh. 19 - Prob. 19.1.11PA
Ch. 19 - Prob. 19.1.14PACh. 19 - Prob. 19.2.1RQCh. 19 - Prob. 19.2.2RQCh. 19 - Prob. 19.2.3RQCh. 19 - Prob. 19.2.4PACh. 19 - Prob. 19.2.9PACh. 19 - Prob. 19.2.10PACh. 19 - Prob. 19.3.1RQCh. 19 - Prob. 19.3.2RQCh. 19 - Prob. 19.3.3RQCh. 19 - Prob. 19.3.4PACh. 19 - Prob. 19.3.5PACh. 19 - Prob. 19.3.6PACh. 19 - Prob. 19.3.7PACh. 19 - Prob. 19.3.8PACh. 19 - Prob. 19.3.9PACh. 19 - Prob. 19.3.10PACh. 19 - Prob. 19.4.1RQCh. 19 - Prob. 19.4.3RQCh. 19 - Prob. 19.4.4PACh. 19 - Prob. 19.4.6PACh. 19 - Prob. 19.4.7PACh. 19 - Prob. 19.4.8PACh. 19 - Prob. 19.1RDECh. 19 - Prob. 19.2RDECh. 19 - Prob. 19.6RDECh. 19 - Prob. 19.7RDE
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