Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 23.2, Problem 2RQ
To determine
Explain the gap between real GDP per person in Country U and other countries.
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This year, if two million new babies were born in the U.S. and if two million more immigrants came to the U.S., then the Annual Real GDP Per Capita will go down if we assume no change in the real GDP figure between this year and last year.
Consider a small country that produces and consumes only two goods: coffee and bananas. The quantity produced and price of each good in 2018 and 2019 are provided in the table below.
Year 2018
Coffee
Bananas
Year 2019
Coffee
Bananas
The real GDP for year 2018 is: $
The real GDP for year 2019is: $
The growth of the real GDP is:
Quantity
%
650 pounds
300 pounds
Quantity
700 pounds
330 pounds
Price
$5.5 per pound
$0.4 per pound
Assume that 2019 is the base year and round your response to two decimal places. (e.g. $963.45, 5.69%)
The nominal GDP for year 2018 is:
The nominal GDP for year 2019is: $
Price
$6.0 per pound
$0.5 per pound
The GDP Deflator in 2018 is:
The GDP Deflator in 2019 is:
The inflation rate between the two years using the GDP deflator is. %
Assume the average consumer buys 1 pound of coffee and 2 pounds of Bananas. Assume that 2019 is the base year and round your response to two decimal places. (e.g. $963.45, 5.69%)
The consumer price index for 2018 is:
The consumer price…
How can an economy increase the production of one good without reducing the production of another? Identify at least three factors that contribute to this increase and explain how they contribute to the increase.
Chapter 23 Solutions
Macroeconomics
Ch. 23.1 - Prob. 1RQCh. 23.1 - Prob. 2RQCh. 23.1 - Prob. 3RQCh. 23.2 - Prob. 1RQCh. 23.2 - Prob. 2RQCh. 23.2 - Prob. 3RQCh. 23.3 - Prob. 1RQCh. 23.3 - Prob. 2RQCh. 23.3 - Prob. 3RQCh. 23.3 - Prob. 4RQ
Ch. 23.3 - Prob. 5RQCh. 23.3 - Prob. 6RQCh. 23.4 - Prob. 1RQCh. 23.4 - Prob. 2RQCh. 23.4 - Prob. 3RQCh. 23.5 - Prob. 1RQCh. 23.5 - Prob. 2RQCh. 23.5 - Prob. 3RQCh. 23 - Prob. 1SPACh. 23 - Prob. 2SPACh. 23 - Prob. 3SPACh. 23 - Prob. 4SPACh. 23 - Prob. 5SPACh. 23 - Prob. 6SPACh. 23 - Prob. 7SPACh. 23 - Prob. 8SPACh. 23 - Prob. 9APACh. 23 - Prob. 10APACh. 23 - Prob. 11APACh. 23 - Prob. 12APACh. 23 - Prob. 13APACh. 23 - Prob. 14APACh. 23 - Prob. 15APACh. 23 - Prob. 16APACh. 23 - Prob. 17APACh. 23 - Prob. 18APACh. 23 - Prob. 19APACh. 23 - Prob. 20APACh. 23 - Prob. 21APACh. 23 - Prob. 22APACh. 23 - Prob. 23APACh. 23 - Prob. 24APACh. 23 - Prob. 25APA
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