An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019.If the base year is 2018, use the chained-dollar method to calculate real GDP in 2018 and 2019.QuestIn terms of what dollars is each of these two real GDPS measured?In 2018ItemQuantityPriceReal GDP in 2018 using the chained-dollar method isFood90$2$4Fun71$5In 2019ItemQuantityPriceFood79$3Fun68$7Enter your answer in the answer box and then click Check Answer.Check AnswClear AllpartsremainingMacBook AirDDF11F10F9F8F780F6F5F4F3F2escF1&2$78.9412Y# 3

Chained dollars is a method of adjusting real dollar amounts for inflation over time, to allow the…

An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. In 2018 If the base year is 2018, use the chained-dollar method to calculate real GDP in 2018 and 2019. Item Quantity Price Food 90 $2 In terms of what dollars is each of these two real GDPS measured? Fun 71 $5 Real GDP in 2018 using the chained-dollar method is In 2019 Item Quantity Price Food 79 $3 Fun 68 $7

An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. In 2018 If the base year is 2018, use the chained-dollar method to calculate real GDP in 2018 and 2019. Item Quantity Price Food 90 $2 In terms of what dollars is each of these two real GDPS measured? Fun 71 $5 Real GDP in 2018 using the chained-dollar method is In 2019 Item Quantity Price Food 79 $3 Fun 68 $7

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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An economy produces only fun and food. The table given above shows the prices and the quantities of fun and food produced in 2019 and 2020. The base year is 2019. Use the information given below to answer questions 4 to 5. GDP data for 2019 Item Quantity Price Fun 40 $2 Food 60 $3 GDP data for 2020 Item Quantity Price Fun 35 $3 Food 65 $2 7 Q4. Calculate nominal GDP in 2019 and 2020. .....
Suppose the following table records the total output and prices for an entire economy. The base year in the following table is 2020. Year Price of Apples Quantity of Price of Haircuts Quantity of Apples Haircuts 2020 $5.00 40 $20.00 70 2021 $6.00 50 $22.00 60 a) What was the value of nominal GDP in 2020 and 2021? b) What was the value of real GDP in 2020 and 2021? c) What was the value of the GDP deflator in 2020 and 2021? d) From 2020 to 2021, what was the economy's real economic growth? e) From 2020 to 2021, what was the inflation rate? ... + v В I U A Paragraph III
Calculate the value of GDP based on the data given.
Homework GDP DIRECTIONS Each section below contains problems associated with a particular aspect of GDP. Use your knowledge of GDP to answer each question. You may use a calculator if needed. NOMINAL GDP AND REAL GDP 1) The following tables list GDP data for a fictional economy in two different years. Pretend this economy only produces these three items. What is the nominal GDP each year? Year 1 (Nominal GDP) Year 2 (Nominal GDP) Good Price Quantity GDP Cookies $2 50 Good Price Quantity GDP Doughnuts $5 35 Cookies $3 45 Cake $10 15 Doughnuts $7 40 ТОTAL Cake 25 TOTAL 2) Now calculate the real GDP for Year 2 using Year 1 as the base year. This means to use the Year 1 prices with the Year 2 quantities. Use the table to the right to fill in your calculations. Year 2 (Real GDP) Good Price Quantity Real GDP Cookies 45 Doughnuts 40 3) How much did nominal GDP for Year 2 overstate the growth in this economy? (i.e. How much larger was Year 2 nominal GDP than Year 2 real GDP?) Cake 25 ТОTAL GDP…
An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The base year is 2019. Using the chained-dollar method, calculate real GDP in 2018 and 2019. In 2018 In terms of what dollars is each of these two real GDPS measured? Item Quantity Price Food Real GDP in 2019 using the chained-dollar method is 91 $2 Fun $4 51 $5 In 2019 Item Quantity Price Food 80 $5 Fun 70 $6 Enter your answer in the answer box and then click Check Answer. Check Answer Clear All parts remaining MacBook Air DII DD F11 F10 :こ F9 F8 20 O00 F7 F6 F5 F4 F3 esc F1 F2 & 2$ ! 8. 3 4 5 1 2 Y W E R Q T
Suppose an economy consists of only three goods, as shown in this Table: What is the nominal value of GDP in 2020 and 2021?
Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200. Calculate the US Real GDP for 2010. $30 trillion $300 trillion $7.5 trillion $0.75 trillion
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places. Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places. Why does % change calculated from constant dollars differ from % change calculated from current dollar? Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…
Calculate GDP given the following. Please leave off the dollar sign in your answers. Item Quantity Price Apples 10 $2 Oranges 20 $2 Bananas 30 $1
In an economy, Nominal GDP for year 2005 (base year = 1996) is $60 billion and the GDP deflator 2005 (base year = 1996) is 120. Calculate the Real GDP for 2005.
You are given the following: Year Quantity of Cars Price of Cars Quantity of Buses Price of Buses 2013 5 million $20,000 1 million $100,000 2014 5.1 million $22,000 1.2 million $102,000 Base Year = 2013 2a. Calculate nominal GDP for 2013. Nominal GDP for 2013 = (5 million × $20,000) + (1 million × $100,000) = $100,000 million + $100,000 million = $200,000 million 2b. Calculate nominal GDP for 2014. Nominal GDP for 2014 = (5.1 million × $22,000) + (1.2 million × $102,000) = $112,200 million + $122,400 million = $234,600 million. 2c. Calculate real GDP for 2014. The real GDP for 2014 will be calculated as:- Real GDP for 2014 = (5.1 million × $20,000) + (1.2 million × $100,000) = $102,000 million + $120,000 million = $222,000 million. 2d. Calculate the GDP Deflator to the nearest tenth for 2014. 2e. What does your previous number mean? 2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)
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.