• Calculate the CPI for 2012 (using 1 decimal place).• Calculate the CPI for 2013 (using 1 decimal place).• Calculate the inflation rate for 2012 using the CPI (using 1 decimal place).• Calculate the inflation rate for 2013 using the CPI (using 1 decimal place).OCalculate the GDP deflator for 2012.• Calculate the GDP deflator for 2013 (using 1 decimal place).Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place).Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimb place).•%2Please answer all parts of the question. Question 2Suppose the information in the table is for a simple economy that produces and consumes only four cand services: textbooks, hamburgers, shirts and cotton.Base YearProductTextbooks=ShirtsCotton201190Hamburgers 7550100OQuantity Price2011WQuantity$50 1002X10050• Calculate the nominal GDP for 2011. 6,230300.80 800• Calculate the nominal GDP for 2012. 7,9302012Calculate the nominal GDP for 2013. 8,479Price$6012250.60Quantity100120201365120Price$6512.15250.70

Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

● Calculate the CPI for 2012 (using 1 decimal place). Calculate the CPI for 2013 (using 1 decimal place). Calculate the inflation rate for 2012 using the CPI (using 1 decimal place). Calculate the inflation rate for 2013 using the CPI (using 1 decimal place). Calculate the GDP deflator for 2012. %2 Calculate the GDP deflator for 2013 (using 1 decimal place). • Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place). • Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimb place).

● Calculate the CPI for 2012 (using 1 decimal place). Calculate the CPI for 2013 (using 1 decimal place). Calculate the inflation rate for 2012 using the CPI (using 1 decimal place). Calculate the inflation rate for 2013 using the CPI (using 1 decimal place). Calculate the GDP deflator for 2012. %2 Calculate the GDP deflator for 2013 (using 1 decimal place). • Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place). • Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimb place).

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 an economy that produces and consumes bread and automobiles. The table includes data for two different years. 2015 2015 Quantity Price 140 $55000 420000 $20 Good Automobiles Bread 2010 Quantity 80 600000 Round answers to to places after the decimal where necessary 2010 Nominal GDP = $ a. Using 2010 as the base year, compute nominal GDP, real GDP, the implicit price deflator for GDP, and the CPI for each year. 2010 Real GDP = $ 2010 Price 2010 GDP deflator = 2010 CPI = $48000 $9 2015 Nominal GDP = $ 2015 Real GDP = $ 2015 GDP deflator = 2015 CPI =
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The below economy survives on three goods, in which two final goods (Paint and Stories) and one intermediate good (Papers) are produced as per the below figures:Calculate CPI in 2021. Given 2020 as a base year. Price 2020 Price 2021 Goods Quantity 2020 Quantity 2021 in Liras in Liras Paint 54 560 60 640 104 360 100 480 Stories 52 120 48 200 Раper 134.0241 131.0241 102.8369 101.9481
Question 1: In an economy, there are only two goods (Cars and cycles) produced. The data for last three years is given in the below table. Calculate the nominal and real GDP of three years and then find the GDP deflator for all the three years. Find year on year (YoY) inflation for 2018 and 2019. Note: the base year for this economy is given as 2017. year Price of Car (AED) Number of Car Price of cycle (AED) Number of cycle 2017 1000 10 200 900 2018 1200 15 210 1000 2019 1500 25 250 1500 Question 2: Explain the role of fiscal and monetary policy in an economy facing a recession. Use appropriate graph to justify your answer
Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so, they conduct a Consumer Expenditure Survey in both 2018 and 2019. The table shows the results of the survey. It shows the items that consumers buy and their prices. 2018 2019 Item Quantity Price Quantity Price The Statistics Bureau fixes the reference base year as 2018. Burgers 30 $1 35 $1 Chicken 35 $4 25 $6 Calculate the CPI in 2019 if the CPI basket contains the 2019 quantities. The CPI in 2019 if the CPI basket contains the 2019 quantities is >>> Answer to 1 decimal place. Question Viewer Enter your answer in the answer box. MacBook Air DII DD F11 F10 000 000 888 F9 80 F7 F8 F6 F5 F4 F3 esc F2 F1 & % ! @ 6 7 8 2 3 4 5 1 | P Y U Q W E R tab K 云 00 %24
Calculate the GDP deflator and the rate of inflation for each year: (€ million) Nominal GDP Real GDP 2013 3,540,000 2,900,000 2014 4,730,000 3,250.000 2015 5,110,000 4,800,200
1. Calculating inflation using a simple price index.
The following table gives nominal and real GDP for an economy for two years. Based on the table, in Year 2, the value of the GDP deflator is Year 1 1430.0 1,300 Nominal GDP Real GDP (Round your answer to one decimal place.) The inflation rate between Year 1 and Year 2 is %. (Round your answer to one decimal place.) Year 2 1820.0 1560.0
For the next question assume that consumers in an economy only purchase two products, tablets and sushi. The following table provides the quantities purchased in the base year, 2007, and prices in 2007 and 2018. Base Year Price Product Quantity (2007) 2018 Price Tablets 10 25 50 Sushi 40 10 15 The CPI in 2018 is Base Year Price Product Quantity (2007) 2018 Price Tablets 10 25 50 Sushi 40 10 15 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 159.1 133.3 169.2 d 142.9
The CPI uses a fixed basket of goods and service, and the GDP deflator uses a variable basket of goods and services. Select one: True False