2021 2022Quantity of pistachios9001,100Quantity of video games 500 400Price of pistachios$2.00$1.50Price of video games$15.00$16Using the Laspeyres index, the percent change in real GDP from 2021 to 2022 will be about ________ percent. 12 6 0 -6 -12

Laspeyres quantity index=Base year cost of current year basketBase year cost of base year basket×100

Answered: 2021 2022 Quantity of pistachios…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

2012 2013 Product Quantity Price Quantity Price Sweatshirts 50 $35.00 55 $38.00 Dental examinations 50 $75.00 60 $42.00 Coffee drinks 1,000 $4.00 1,200 $4.50 Refer to the table above. Suppose that a simple economy produces only three goods and services: sweatshirts, dental examinations and coffee drinks. Assume 2012 is the base year. Using the information in the above table, real GDP in 2013 equals O $8,080 O $11,225 O $8,500 O $9,170 O $10,010
Table 2.5.4 from BEA What categories of consumption expenditures have the highest inflation rate between 2012 and 2021? Are there any categories for which prices are relatively stanle or cheaper?
Real-Time Data Analysis Exercise The following table contains data for nominal GDP, real GDP, and potential real GDP from FRED* for the fourth quarter of 2020. U.S. GDP Data Value (in billions) $21,487.9 21,496- Series 20,597- Nominal GDP 19,698 Real GDP Potential real GDP $18,783.9 $19414.2 18,799- 5 17,900- A variable identified as real is one that is measured in V dollars. 17,001- 16,102- base-year 15,203- current 14,304- 13.405- 12,506- Q4: 1404: 1624: 1804: 20 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. GDP (billions of dollars)
The bar graph shows trends in the consumer price index over the period 2012-2017. Over the six-year period, about what was the greatest change in the consumer price index, and when did it occur? 7.6 Consumer Price Index The greatest change in the consumer price index was %, and it occurred in the year (Type whole numbers or decimals rounded to the nearest tenth as needed.) 7.2 Percent change from previous year 6.8 6.4 6 5.6 5.2 4.8 4.4- 4- 3.6 3.2 2.8 6 2.4 2 1.6 1.2 0.8 0.41 01 2012 2013 2014 2015 2016 2017 目 www
7
Suppose you have the following information about household expenditure:Year Nominal ($m) Real ($m)2013 145 1302014 150 128Which of the following must be true? Select one: a. Both the price and quantity of goods and services in household expenditure have increased. b. Both the price and quantity of goods and services in household expenditure have decreased. c. The price of goods and services in household expenditure has increased and the quantity has decreased. d. The price of goods and services in household expenditure has decreased and the quantity has increased.
Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 2010 Price of an automobile $40,000 $50,000 Price of a loaf bread $20 $30 | Number of auto-mobiles produced 100 cars 120 cars Number of loaves of bread produced 600,000 loaves 500,000 loaves Using the year 2000, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as CPI.(
Refer to the table below for a very simple economy producing three goods: movies, burgers and bikes. Steel bike frames are used for bike production and meat patties are used for making burgers. 2015 2020 Product Quantity Price Quantity Price Steel frames 10 $5000 20 $7500 Movies 30 $10 50 $15 Bikes 10 $10000 20 $15000 Meat patties 200 $1.50 300 $2.00 Burgers 200 $2.00 300 $3.00 What is the nominal GDP in 2020? What was the nominal GDP in 2015? What is the real GDP in 2020 using 2015 prices as base year prices? What is the real GDP growth rate between 2020 and 2015? Explain the three main types of unemployment and outline the policies that can be used to reduce each type of unemployment.
2018 2022 2018 2022 Table 1: Prices and Quantities in 2018 and 2022 Quantity of Corns 10 20 Price of Corns RM 10 RM 12 Quantity of Corns 10 20 Quantity of Carrots Using data from Table 1 above and assuming that 2018 is the base year, find real GDP for the year 2022 and 2018. 15 30 Table 1: Prices and Quantities in 2018 and 2022 Using data from Table 1 above and assuming that 2018 is the base year, find real GDP for the year 2022 and 2018. Price of Corns RM 10 RM 12 Price of Carrots RM 5 RM 6 Quantity of Carrots 15 30 Price of Carrots RM 5 RM 6
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. 2012 Statistics Quantity Product Shoes 110 120 Hamburgers 85 120 Shirts 50 30.00 50 Cotton 11,000 0.09 10,000 a. If the base year is the year 2012, then real GDP for 2022 equals $ Price $55.00 3.00 2022 Statistics Quantity 2023 Statistics Quantity Price $75.00 3.50 25.00 0.07 Price $70.00 120 3.00 135 25.00 65 0.08 11,000 (round your answer to the nearest penny)
1. Key facts about economic fluctuations The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP). [ 1949 1950 1951 YEAR REAL GDP (Billions of dollars) 2170 2070 1970 1870 1770 1947 Source: "Current-dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls. 1948 Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are often referred to as True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. O True 000 False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. ? Home sales declined. Consumer spending increased. The unemployment rate…

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

	2021	2022
Quantity of pistachios	900	1,100
Quantity of video games	500	400
Price of pistachios	$2.00	$1.50
Price of video games	$15.00	$16

2021 2022 Quantity of pistachios 900 1,100 Quantity of video games 500 400 Price of pistachios $2.00 $1.50 Price of video games $15.00 $16 Using the Laspeyres index, the percent change in real GDP from 2021 to 2022 will be about ________ percent. 12 6 0 -6 -12