For questions 14-15 use the information provided in thetable below for an economy that produces only applesand oranges. Assume year 1 is the base year.Quantity of ApplesPrice of ApplesQuantity of OrangesPrice of OrangesYear 13,000$0.202,000$0.40C. 136d. 142e. 143Year 24,000$0.303,000$0.5015. What is the GDP Deflator for Year 2?a. 105b. 135

GDP deflator is a measure of price level of all goods and services produced in an economy. GDP…

Answered: 15. What is the GDP Deflator for Year…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7QR

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What are the two main difficulties that arise in comparing different comparing GDP?
Which of the following are included in GDP, and which are not? The cost of hospital stays The rise in life expectancy over time Child care provided by a licensed day care center Child care provided by a grandmother A used car sale A new car sale The greater variety of cheese available in supermarkets The iron that goes into the steel that goes into a refrigerator bought by a consumer.
What are the main components of measuring GDP with what is produced?
Indicate whether each of the following actions or impacts would increase GDPa. An individual purchases bottled water to avoid a contaminated municipal water supply.b. An individual obtains her drinking water from a water fountain at her workplace to avoid a contaminated municipal water supplyc. A homeowner pays a lawn-care company for landscaping servicesd. A neighbor agrees to help a homeowner with landscaping work in exchange for assistance with plumbing worke. A paper company employs workers to plant treesf. An environmental organization provides volunteers to plant trees
A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2009. Prices and Quantities Year Price of Quantity of Price of Quantity of D. Movies Movies Popcorn Popcorn Tab 2009 $11.00 500 $4 900 pres 2010 $12.00 600 $5 1000 What was this country's GDP deflator in 2010? Exp Cons Select one: Da. 150 Refer the Ob 77.8 A 17 128.6 Od. 100 MG 20 Type here to search.
1. Consider an economy that produces and consumes bread and cars. The data for two differentyears are as follows:Year 2000 Year 2010Goods Quantity Price Quantity PriceCars 100 $ 50,000 120 $ 60,000Bread 500,000 $ 10 400,000 $ 20 a) Use the year 2000 as the base year, compute the Nominal GDP for each year (both 2000 and2010). b) Use the year 2000 as the base year, compute the Real GDP for each year (both 2000 and2010) c) Compute the implicit price deflator in year 2010 and use it to explain how the price level haschanged from year 2000 to 2010. (Note: implicit price deflator = GDP Deflator). 2. Consider a Cobb-Douglas production function with three inputs. K is capital (the number ofmachines), L is labor (the number of workers), and H is human capital (the number of collegedegrees among the workers) . The production function is
The table below showsa country's potential Gross Domestic Product (GDP) and true GDP. 1970e 19754 1980 GDP 2,500- 3,5004 4,5004 5,500e 6,500e 7,500- 8,500- Year 1985e 1990- 1995e 2000 Potential (billion) KDNK is 3,890- 4,9814 2,8804 3,988e 7,518e 7,983e 7,850t right(billion) i. Sketch a business cycle based on the data provided above ii. Describe the business cycle. e
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Quantity of Cereal Year Price of Cereal Price of Milk Quantity of Milk 2008 $4.00 90 $1.50 150 2010 $5.00 120 $2.50 200 In 2010, this country's Select one. O a. real GDP was $780, and the GDP deflator was 1333 Ob. real GDP was $825, and the GDP deflator was 141.0 01eal GDP was $825, and the GDP deflator was 133. d.-real GDP was $780, and the GDP deflator was 141.0
Consider an economy that produces and consumes Bread and Automobile. Data for two different years 2005 and 2010 is given in the following table. Year 2005 2010Price of Automobiles $ 5000 $ 6000Price of a loaf of bread $10 $20Number of automobiles produced 100 120Number of loaves of bread produced 500,000 400,000 Using the year 2005 as a base year,a. Calculate the nominal and real GDP of 2010.b. Find the value of GDP Deflator for the year 2010 and interpret.c. Calculate the inflation rate in 2010.
Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your research has uncovered the following data: Price of Crude Oil $ 80 90 100 110 GDP 17.0 16.9 16.8 16.7 #of New Mustaches Grown Price of Gasoline $2.75 3.00 3.25 3.50 3,000 2,000 5,000 1,000 Your client has asked you to plot GDP and gasoline prices on a graph. 1.) Using the multipoint curve drawing tool, plot GDP against gasoline prices on the graph to the right. Carefully follow the instructions above and only draw the required object. Click to enlarge graph Came Gasoline Prices ($per Galon) 3.75 3.50- 3.25 3.00- 2.75 2.50+ 16,5 16.9 GOP Q 16.7 17.1 17.3 After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.
How has government expenditure in France throughout the period for which data is available in the graph?
please zoom the table!!! construct the graph for the Gross domestic product at current prices, manufacturing and wholesale and retail trade, accommodation, and restaurants.

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15. What is the GDP Deflator for Year 2? a. 105 b. 135 c. 136 d. 142 e. 143