Calculate the missing information in the table 1.1 taking into consideration that the base year is2015.YEARPrice of BooksQuantity of BooksPrice of SocksQuantity of SocksNominal GDPReal GDPGDP Deflator2015101201220036003600 2016123001520066005400 2017142751818070904910

The GDP deflator is a measure used to gauge the overall level of prices in an economy relative to a…

Answered: Calculate the missing information in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1) What is the GDP price index? How is the GDP Price Index used?
The following table contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question. Year Price of Soda Quantity of Soda 2020 100 $10 2021 120 12 2022 120 14 What is the approximate percentage increase in prices from 2021 to 2022? a. 0 percent b. 13 percent c. 16 percent d. 22 percent e. 38 percent $3 3 4 Price of Pizza Quantity of Pizza 50 70 70
The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices of these products in 2018 and 2019 are shown in the table below. 2018 Price $5 Rice Pajamas Beer Total Quantity 460 160 95 Item Rice Pajamas Beer Total 15 Quantity 20 $ $ 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price Quantity 520 175 100 a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. 2019 $ $ Nominal GDP Real GDP b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 10 units each of beer and rice and 5 units of pajamas each year, complete the following table. 2018 Basket cost Price $5.7 14 23 2019 Price Answer to one decimal place. $ Real GDP 4
34. Which of the following is the definition of GDP? a.The market value of intermediate goods and services in a year b.The market values of all final goods and services in a year c.The market value of non -durable goods in a year d.The market value of durable goods in a year
d. Calculate the missing information in the table 17.1. Price of Nutmeg Price of Drapes ($ per Nutmeg) ($ per Drapes) Year Real GDP Nominal GDP GDP Deflator 2013 2700 70 10 8 2014 3600 100 12 9 2015 3600 4680 14 10
Additional Problem 3 Appendix Question Help An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The base year is 2019. In 2018 Calculate the value of 2018 production in 2019 prices and the percentage change in production when valued at 2019 prices. Item Quantity Price Food 100 $1 The value of 2018 production in 2019 prices is $ Fun 71 $3 In 2019 Item Quantity Price Food 73 $6 Fun 69 $8 Enter your answer in the answer box and then click Check Answer. Check Answer Clear All 1 part remaining DII DD F12 F11 F10 O00 000 F9 F8 吕0 F7 F6 F5 F4 F3 esc F2 F1 & 2$ % @ 7 8 2 3 4 1 { P | W E R Q
5 HOW DO I CALCULATE THE NOMINAL GDP FOR EACH YEAR?
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Price Quantity Year (Dollars per sticker) (Number of stickers) 2020 3 210 2021 2 150 2022 3 125 Year 2020 2021 Use the information from the preceding table to fill in the following table. 2022 Stickers From 2021 to 2022, nominal GDP Nominal GDP Real GDP (Dollars) (Base year 2020, dollars) GDP Deflator The inflation rate in 2022 was Price (Dollars per paper plate) and real GDP 4 4 Paper plates 4 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of paper plates) 180 Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. O Real GDP is not influenced by price changes, but nominal GDP is. O Real GDP includes the value of exports, but nominal GDP does not. 200 180
1. Calculate the per capita value for each situation to two decimal places. a)Number of new cars sold in Ontario in 2017: 312 000. Number of Ontario drivers: 1 200 00 b) Gross federal government debt in 2017: $618 790 000 000.Canada's population: 33 100 00 Gini Index for Ontario, 1995–2005 2. The graph shows the Gini Index for Ontario, 50 which is a measure between 0 and 100 of the 45 degree of inequality in the distribution of 40.0 39.6 39 2 40 37.7 38.2 income. A Gini Index of close to 0 indicates 39.1 39.2 39.4 35 that most members of the population receive close to the same income. A Gini Index of close to 100 indicates that a few people in the population receive most of the income. 25 20 a) By what factor has the index changed from 3 15 1995 to 2005? 10 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Year b) What was the percent change in the Gini Index from 1995 to 2004° 3. A study stated that 85% of Canadian college graduates 22 to 24 years of age are employed…
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Table 23.1: Vital Economic Statistics for An Earthly Economy Nominal RGDP Total GDP Price Population Year ($ Billion) Index (in Million) 7 $5,000.00 119 129.00 9. $4,900.00 117 128.50 5. $4,950.00 114 128.16 $4,890.00 110 127.45 Refer to Table 23.1. Real GDP per person is about in Year 6. O S32.590.71 O S32,491.71 O $32.501.71. O S32.591.71 4.

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YEAR	Price of Books	Quantity of Books	Price of Socks	Quantity of Socks	Nominal GDP	Real GDP	GDP Deflator
2015	10	120	12	200	3600	3600
2016	12	300	15	200	6600	5400
2017	14	275	18	180	7090	4910

Calculate the missing information in the table 1.1 taking into consideration that the base year is 2015. YEAR Price of Books Quantity of Books Price of Socks Quantity of Socks Nominal GDP Real GDP GDP Deflator 2015 10 120 12 200 3600 3600 2016 12 300 15 200 6600 5400 2017 14 275 18 180 7090 4910