Assume that apples cost $0.50 in 2012 and $1 in 2019, whereas oranges cost $1 in 2012 and $1.50 in 2019. If 4 apples were produced in 2012 a 5 in 2019, whereas 3 oranges were produced in 2012 and 4 in 2019, then real GDP (in 2012 prices) in 2019 was Select one: a. $5 cross out b. $6.5 cross out c. $9.5 cross out d. $11 cross out e. $25 cross out

Q: Suppose that annual output in year 1 in a 3-good economy is 3 quarts of ice cream, 1 bottle of…

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Q: After reading a report that says that around 70% of U.S. GDP is consumption, your friend Alex…

A: GDP or the Gross Domestic Product is the monetory value of all the goods and services that is…

Q: 1) U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and…

A: Since you have asked multiple questions, therefore, we will solve the 1st question. If you want any…

Q: During a federal election campaign, the incumbent argues that he should be re-elected because GDP…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: 19. Which of the following is included in both the U.S. GDP and GNP? a) the value of all cars…

A:

Q: The following table shows some data for an economy that produces only two goods: milk and honey.…

A: we can be fill up the following blanks by using these methods   such as the formula of nominal…

Q: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and…

A: When comparing the economic performance of other nations, monitoring economic growth over time, and…

Q: 4. Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities…

A: GDP is the gross domestic product. GDP is defined as the market value of all the final goods and…

Q: Hint: Add the amount of money spent by buyers of final goods and services. Which of the following…

A: The expenditure method starts with money spent on goods and services. The expenditure approach is a…

Q: The country described in the table below produces and consumes only three goods: T- shirts, shampoo,…

A: Real Gross Domestic Product (Real GDP) is a measure of an economy's total output of goods and…

Q: Assume an economy in which only apple and orange are produced. In year 1, 200 million killograms of…

A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…

Q: 7) Assume that a tire company sells 4 tires to an automobile company for $400, another company sells…

A: We compute the GDP by getting the total market value of every final great and services produced in a…

Q: Refer to Table 6.2. Assume that this economy produces only two goods Good X and Good Y. Calculate…

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

Q: 5. a) Assuming the following were the only goods and services purchased in an economy in a year,…

A: GDP Deflator measures the change in prices of all goods produced domestically.

Q: Monica grows coconuts and catches fish. Last year she harvested 1500 coconuts and 600 fish. She…

A: Consumption in economics refers to how households use commodities and services. Contrary to…

Q: 1. Calculate the values for the blanks in the shaded areas of the table below (identify your…

A: Export: It refers to the goods and services that a country sends to other nations. Export helps the…

Q: "he following table gives data for a small country, Magnolia: Expenditure (in thousands) Component…

A: The following table gives data for a small country,Magnolia.