2. Real versus nominal GDPConsider a simple economy that produces two goods: plastic cups and seltzers. The following table shows the prices and quantities of the goods over athree-year period.20192020PriceQuantityPriceYear (Dollars per plastic cup) (Number of plastic cups) (Dollars per seltzer)201822Plastic cups4295Seltzers140145Quantity(Number of seltzers)180210160 Module Three QuizPriceQuantityYear (Dollars per plastic cup) (Number of plastic cups)201820192020Year2018201920202Nominal GDP(Dollars)24Plastic cupsUse the information from the preceding table to fill in the following table.From 2019 to 2020, nominal GDPThe inflation rate in 2020 was295140Real GDP(Base year 2018, dollars) GDP DeflatorF145and real GDPPrice(Dollars per seltzer)24SeltzersWhy is real GDP a more accurate measure of an economy's production than nominal GDP?Quantity(Number of seltzers)180210160Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods andservices an economy consumes.Real GDP is not influenced by price changes, but nominal GDP is.Real GDP includes the value of exports, but nominal GDP does not.

Nominal GDP = Current year quantity * current year pricesReal GDP = Current year quantity * base…

2. Real versus nominal GDP Consider a simple economy that produces two goods: plastic cups and seltzers. The following table shows the prices and quantities of the goods over a three-year period. Plastic cups 2019 2020 Price Quantity Price Year (Dollars per plastic cup) (Number of plastic cups) (Dollars per seltzer) 2018 2 2 4 Seltzers 295 140 145 Quantity (Number of seltzers) 180 210 160

2. Real versus nominal GDP Consider a simple economy that produces two goods: plastic cups and seltzers. The following table shows the prices and quantities of the goods over a three-year period. Plastic cups 2019 2020 Price Quantity Price Year (Dollars per plastic cup) (Number of plastic cups) (Dollars per seltzer) 2018 2 2 4 Seltzers 295 140 145 Quantity (Number of seltzers) 180 210 160

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ei Quantity of good A Price of good A Quantity of good B Price of good B a. In 2010, nominal GDP $ Year 2009 3 $500 10 $2 b. With 2009 as the base year, real GDP in 2010-$ Year 2010 4 $550 10 $4 Year 2011 5 $550 10 $5
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3. Consider an economy that only produces mittens. In Year 1, 4000 pairs of mittens are produced and the price is $5 per pair. In the Year 2, 5000 pairs of mittens are produced and the price is $7 per pair. In Year 3, 7000 pair of mittens are produced and the price is $9 per pair. Use Year 1 as the base year. What is the nominal GDP for each year? What is the real GDP for each year? What is the GDP deflator for each year? What is the percentage growth rate of real GDP from year 2 to year 3? What is the inflation rate (as measured by the GDP deflator) from year 2 to year 3?
What was nominal GDP in each year? What was real GDP in 2010, in terms of year 2000 dollars? What was realGDP growth over the period?
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Suppose the following table records the total output and prices of rice and gasoline for an entire economy. This economy produces rice and gasoline only. Further suppose the base year is 2015. Rice Gasoline Year Price Quantity Price Quantity 2015 $8.00 500 $2.00 2000 2016 $9.00 600 $2.30 2000 2017 $10.00 600 $3.00 1800 (1) Compute nominal GDP for 2015, 2016, and 2017. (2) Compute real GDP for 2015, 2016, and 2017. (3) Compute GDP deflator for 2015, 2016, and 2017. (4) Calculate inflation rate from 2016 to 2017 using GDP deflator you calculated above. Write your calculation below:
GDP 1. Calculate the values for the blanks in the shaded areas of the table below: Expenditure Components of GDP by Country, 2020 (83Son of current US dollars) Australia Canada Denmark Finland Japan India 1617 137.9 873 65.9 C E FOOD 80.0 65.3 16 0.5 L M N 195.4 97.G 1725 96.7 Household consumption Government expenditure Investments Gross fixed Investments Changes in inventories Net Exports Exports Imports A: ÄÜÄ÷ B: C: D: E: F: G: H: I: J: 746.5 K: L: 297.2 A 316.9 4.3 3152 254.7 943.7 371.8 B 377.7 (147) K 476.0 509.8 M: N: 0: P: 1,591.7 Q: R: 292.1 722.0 97.0 4973 $11.3 કીડી || T: 2.700.7 Y: 1,066.4 1,279.5 106 785.4 786.2 New Zealand UK 122.0 43.7 G 47.3 (p.s) P 46A GDP S U W Y Source: GOP by Type of Expenditure at current prices-US dollars, Retrieved 7/27/2022. National Accounts Estimates of Main Aggregates United Nations feste Division 472 Z: ZZ: 1,683.7 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports?…
Look at the cost of producing a cell phone on the graphic provided. Which of the following will be calculated in this country's GDP? A)Intermediate costs and the final cost. B) All labor costs will be added. C) The outer case and keyboard. D) The cost of the final product.
Product A B For the given data, calculate the following: a. Nominal GDP for all the years b. Real GDP for all the years C. GDP Deflator for all the years C Quantity (2017) 45 54 Price (2017) Quantity Price (2018) Quantity (2018) (2019) BD 14 BD 3 58 63 36 BD 20 Note: Use 2017 as the base year in your calculation. 36 BD 16 BD 3-5 BD 25 63 72 45 Price (2019) BD 18 BD 3.75 BD 30
4. Calculate the Nominal GDP, Real GDP using 2019 as the base year, and the GDP Deflator. Year Quantity of Milk 100 Price of Honey $4 $4 Price of Milk Quantity of Honey $2 $4 2017 200 2018 100 210 2019 $4 120 $6 220
I know for real GDP you use price of base year and quantity of current year but I keep getting an answer that is not one of the options.