A basket of goods in 2005 costs $625; the same basket of goods cost $800 in 2010.What is the percentage change in the price level between 2005 and 2010? Question 7Answer a. -21.875% b. 28% c. 55% d. 0%
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- Price level AD2 AD1 Real GDP Refer to Figure 13-1. Ceteris paribus, a decrease in personal income taxes would be represented by a movement from O AD1 to AD2- O AD2 to AD1- O point B to point A. O point A to point B.. The US consumer expenditure in durable goods decreased by 12%. In the US, the prices of oil quadrupled. In the UK, The US dollar appreciated by 12%. China is an important US trade partner. China's income quadrupled in the past 10 years, increasing the demand of many US products. At the same time, the Dow Jones Industrial Average (DJIA) increased by 12.5% over the past two quarters. The effect of these events on the US economy is: (show the final effects on your graph). The expenditure of durable goods in the US decreased by 14% in 2018. At the same time, minimum wage increased from $7.25 to $9 per hour, increasing production costs in the manufacturing industry and throughout several other industries.Price in Quantity in Price in Product Quantity in Price in Quantity in 2009 2009 2019 2019 2020 2020 A 10 8 12 10 13 14 B 6 13 8 9 9 20 C 14 17 17 17 17 21 D 13 11 14 10 13 13 The table above shows the quantities of Goods A-D produced and their prices in 2009, 2019 and 2020. The base year is 2009. Calculate the economic growth rate in 2020. (Enter your answer as a percentage rounded to 2 decimal places. Do not put the percent sign.) Your Answer: Answer
- what happen imports when price level increase? Describe in paragraphIf the countries that export oil (OPEC) to the rest of the world decide to increase the price per barrel of oil, explain what impact the increase in the price level will have on the following: -Maritime and land transportation of products. -Consumer goods and services -The electric energyLet's assume that prices substantially increased over the past year. How do you expect this will affect people's buying behavior? Be sure to tie this back to economic concepts discussed in this course. Time Atten 33 M.
- Please give a detailed solution with an explanation. Please double-check your sources and make sure the answer is 100% correct. Make sure all questions are answered too.Blank Answer #1:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #2:this year's pricesthe base year's pricesBlank Answer #3:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #4:this year's pricesthe base year's pricesBlank Answer #5:produced domesticallybought by consumersA typical consumer's "leisure basket" in the base year 2019 is as follows: 20 movie tickets $15.00 each 4 theme park tickets $80.00 each 30 swimming passes $10.00 each 2 interstate holidays $400 each 1 international holiday $2000 each The closure of international borders decreases demand for international holidays in 2020. This causes interstate holidays to rise in price to $800 each. The price of other items in the leisure basket are unchanged. a. Calculate the change (as a percentage) in the "leisure index" between 2019 and 2020. b. Suppose consumer preferences change in 2020 and they are completely indifferent between two interstate holidays and one international holiday. In this situation, how large is the substitution bias in the "leisure index"? c. Explain how biases in the "leisure index" create a difference between the price changes consumers experience and the price changes described by the "leisure index".Describe how different parts of the economy may have experienced shifts and changes in supply and demand. Provide at least 4 examples.
- The following table pertains to Wrexington, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys. Price of a Toy Price of Meat (Dollars per pound) (Dollars per toy) 3 Year 1 2 3 1 4 Refer to Table 25-2. The cost of the basket 2 7 5 increased from Year 1 to Year 2 and increased from Year 2 to Year 3. increased from Year 1 to Year 2 and decreased from Year 2 to Year 3. decreased from Year 1 to Year 2 and increased from Year 2 to Year 3. decreased from Year 1 to Year 2 and decreased from Year 2 to Year 3.Year GDP Disposable Income Consumption Imports 2036 $1050 $840 $830 $111 What is the marginal propensity to import? 2037 $1000 $800 $800 $100 Round to two decimal places. If your answer is 0.064 (i.e., 6.4%) enter .06. If your answer is 0.065 (i.e., 6.5%) enter .07. Do not forget to enter the negative sign, if appropriate.Observe the graph of a market for headphones. At what price will consumers aggregately want to purchase 8 thousand units? Answer in terms of USD. (round your answer to two decimal places if necessary) P(USD), 80- 60- pe. 40- 20- 2 S D Q(Thousands)