5. National accounting over time (II): Consider an economy that produces oranges and boomerangs. The prices and quantities of these goods in two different years are reported in the table below. Fill in the missing entries. Quantity of oranges Quantity of boomerangs Price of oranges (dollars) Price of boomerangs (dollars) Nominal GDP Real GDP in 2020 prices Real GDP in 2021 prices Real GDP in chained prices, benchmarked to 2021 2020 100 20 1 3 ? ? 2021 105 22 1.10 3.10 ? Percentage change 2020-2021

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A: three goods, snack, cheese and soda are produced in the economy.2021 is the base year.

Q: Question 5 An economy produces only apples and oranges. The table shows the prices and the…

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A: A. Calculation of nominal GDP for 2017 As the economy produce only burgers and coke drinks, the…

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A: The nominal GDP and GDP deflator for 4 years is given below:YearNominal GDPGDP…

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A: Nominal GDP = price of current year * quantity of current year Real GDP = price of base year *…

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A: Year   2018 2019 2020 1 Quantity of Y 100 105 103 2 Quantity of X 5 3…

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A: Nominal GDP measures the market value (at current prices) of final goods and services produced in an…

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A: Real GDP refers to the value of goods and services produced by a country and the value of goods is…

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A: GDP stands for Gross Domestic Product. It is a measure of the total value of all final goods and…

Q: 1. What is the GDP of this country for 2009? 5. What is the GDP of this country for 2010?

A: Nominal gdp is calculated on the basis of current price.

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Q: Using the table in Question 6, what was Fruitland's nominal GDP in year 2? Answer:

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A: A key indicator of how well or poorly an economy is performing is the GDP, or gross domestic…

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A: Gross domestic product refers to the final value of all goods and services produced in a territory…

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A: A. Real GDP is a measurement of GDP in which the quantities produced are valued at the prices in a…

Q: 1. Suppose that the economy of Fruitopia produces two goods, apples and oranges, according to the…

A: For 2020,   Quantity (2020) Price (2020) Nominal GDP Apples 30 2 60 Oranges 18 4 72 Total -…

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Q: The table below shows output for the country of Copernicus. Compute the nominal GDP. GDP data…

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A: Nominal gross domestic product (GDP) is calculated as the value of all the final items and services…

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A: Nominal GDP is the value of final goods and serviced produced in the market within a country in a…

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Q: use real GDP is preferred by economists over nominal GDP to gauge economic well-being

A: Hi there! Since you have posted a question with multiple sub-parts, we will solve the first three…

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A: Nominal GDP takes into account the current market prices of goods and services, including any price…

Q: 16. Nominal GDP differs from real GDP because nominal GDP is based on constant pricesreal GDP is…

A: GDP is a macroeconomic measure of the aggregate total production of output in an economy. It can be…

Q: Why do economists include only final goods in measuring GDP for a particular year? Why don’t they…

A: The measure that depicts the final value of goods and services that are being produced in an economy…

Q: 9. Assume that below is some data from an economy that produces Rugby Balls and Apples. Year Price…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: Nominal GDP evaluates economic production in an economy yet remembers the current prices of goods…

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