An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. In 2018 Item Quantity Price If the base year is 2018, compare the growth rates of nominal GDP and real GDP in 2019. Food 97 $2 >>> Answer to 1 decimal place. >>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign. Fun 51 $2 The growth rate of nominal GDP in 2019 is percent. In 2019 Item Quantity Price Food 71 $4 Fun 67 $10

An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. In 2018 Item Quantity Price If the base year is 2018, compare the growth rates of nominal GDP and real GDP in 2019. Food 97 $2 >>> Answer to 1 decimal place. >>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign. Fun 51 $2 The growth rate of nominal GDP in 2019 is percent. In 2019 Item Quantity Price Food 71 $4 Fun 67 $10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider a simple economy that produces two goods: stickers and donuts. The following table shows the prices and quantities of the goods over a three-year period. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars per sticker) 2 3 2 Stickers From 2021 to 2022, nominal GDP Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Dollars) (Base year 2020, dollars) GDP Deflator The inflation rate in 2022 was Quantity (Number of stickers) 255 165 130 and real GDP Donuts Price (Dollars per donut) 2 3 3 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of donuts) 195 190 195 Real GDP is not influenced by price changes, but nominal GDP is. Real GDP includes the value of exports, but nominal GDP does not. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.
Using the following information. Show all working and calculate (i) the growth in nominal GDP and the growth in Real GDP (ii) did economic well being rise more in 2008 or 2009? Explain
Question 9 Which of the following affects this year's GDP? There may be more than one answer. a) The government decides to hand out more money to the poor. b) The government decides to raise health workers' salaries. c) The parliament decides to freeze their own salaries. d) You volunteer as a vaccine provider.
GDP is the total market value of goods and services produced ina country in a year. Google the GDP’s of three countries. Everyoneshould use different countries. Use one advanced economy, onedeveloping country, and then a country on a different continentthan the first two countries you found. What I want to know and youneed to share is current (1) total gdp, (2) gdp per capita and (3)gdp growth rate for the last year. Explain what has been happeningin the countries you chose. If you have heritage from anothercountry, share the gdp numbers from your country.
Compare the nominal GDP growth rates and the real GDP growth rates for 2015, 2016, and 2017. What do you conclude? Which of the two accurately measures the GDP and why?
1. A simple economy produces three commodities: beer, cheese, and popcorn. The following data shows total production for this economy in 1999 and 2000: Beer Cheese Popcorn 1999 2000 1999 Quantity 200 300 100 1999 2000 Using 1999 as the base year, complete the following table for the economy: Nominal GDP (a) (b) Nominal GDP Real GDP 10,000 (1) (c) (d) 1999 Price $ 6.00 7.00 7.00 Real GDP (2) (3) GDP Price Index (e) (f) 2000 Quantity 200 300 100 Inflation Growth rate of rate nominal GDP 2. Complete the following table for a simple economy, assuming that 1999 is the base year: GDP Price (g) Index (4) (5) Inflation rate 2000 Price $7.00 9.00 9.00 --- (h) 5% Growth rate of real GDP Growth rate of nominal GDP (6) (i) Growth rate of real GDP 5%
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Read the news clip, then answer the following question. The statement that total sales by businesses were up 0.3 percent means that GDP because OA. Increased by 0.3 percent; GDP is a record of the value of all production B. decreased by 0.3 percent; "total sales by businesses are sales of intermediate goods and services OC. did not change by 0.3 percent, GDP measures production of all final goods and services and "total sales by businesses includes final and intermediate goods and services OD. increased by less than 0.3 percent; we need to subtract retail sales of 1.3 percent from the total sales by businesses to eliminate double counting OE. increased by more than 0.3 percent; "total sales by businesses includes only sales of intermediate goods and services Expansion remains slow The Commerce Department reported that retail sales increased 1.3 percent in Net exports were up 0.8 percent in the first quarter and inventories held by businesses rose by 0.3 percent in June. Total sales by…
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Question 1 Use Table 1 to calculate the following (show your calculations): 1. GDE for 2015. 2. GDE for 2016. 3. GDP for 2020. 4. GDE growth for 2016 5. GDP growth for 2020 Table 1: Expenditure on GDP (constant 2010 prices, R million) Final consumption expenditure Gross capital formation Imports of goods and services Exports of Gross fixed Change in goods and services General Year Households capital Government inventories formation 2015 1853657 614957 634540 20917 909345 966025 2016 1864436 628434 612111 -9653 912546 928730 2017 1902851 629712 618516 3189 905898 937740 2018 1937396 641512 609614 -5440 929792 968651 2019 1957656 651103 603928 -9130 906445 963940 2020 1851300 654482 498530 -89797 813265 803784 Source: StatsSA (2021) Question 2 2.1 Use the 2020 information provided in the table and show the determination of the value of total expenditure and of income using the 45-degree model. 2.2 With following values, c 0,7, t 0,41 and m 0,86 use the multiplier and calculate the…
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1 a. US GDP was 14,419 billion in 2009 and 14,964 billion in 2010. What was the percentage increase in GDP over this period? Show your work. 1 b. Inflation between 2009 and 2010 was 1.2 percent. What was the approximate percentage growth in real GDP? 2. According to the Bureau of Economic Analysis in the U.S. Census Bureau, what was US GDP in 2017, in billions of current dollars? 3. Approximately when did the most recent U.S. recession occur?