Macroeconomics
Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 21, Problem 18APA
To determine

Determine the nominal GDP in 2015 and 2016.

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Gross Domestic Product  a. In 1803 the United States purchased Louisiana and other territories (828,000 square miles) from France $14,904,000. The GDP deflator for that year was 5.27. How much money did we pay in current dollars? Was the purchase worth it? (use the nearest year for which data is available)  b. In 1867 the United States bought Alaska from the Russian Empire for $7.2 million dollars. Use the web to find the a price index for that year and calculate the value of the purchase in current dollars? (use the nearest year for which data is available) c. List at least four factors that you think you will be important measures of the statndard of living other that per capita real GDP. How do these factors relate to per capita real GDP? How could trading more freely among countries affect the size of economies?
Suppose an economy produces two goods: Apple and Banana. Calculate Nominal GDP and Real GDP by taking 2015 as a base year. Prices and Quantities Quantity of Apple Price of Apple Quantity of Banana Year Price of Banana 2015 $2 100 $3 50 2016 $3 150 $4 100 2017 $4 200 $5 150
Sizing Up the Economy Using GDP – Work It Out The table displays price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVS. 2016 2017 Price Quantity Price Quantity Escape SUVS $24,485 307,069 $24,645 308,296 F-series trucks $44,400 820,799 $47,800 896,764 Round all numerical answers to two decimal places. a. Calculate the amount contributed by Ford to U.S. real and nominal GDP from the sales of the two models in 2016 and 2017. 8:50 PM 10/13/2020 9. DELL 3 F4 E5
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