Compute the average annual growth (AAGR) for this economy. (round two decimal points) Ques The following table summarizes the real GDP in a country over three years: Year Real GDP (in year 1 prices) Year 0 90 Year 1 94 Year 2 110
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- Please answer asap What is the nominal gdp and the value added of service sector?Help fill out chartConsider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Year Apples Envelopes Price Quantity Price Quantity (Dollars per apple) (Number of apples) (Dollars per envelope) (Number of envelopes) 2016 2 115 5 175 2017 4 150 2 180 2018 1 100 2 160 Use the information from the preceding table to fill in the following table. Year Nominal GDP (Dollars) Real GDP (Base year 2016, dollars) GDP Deflator 2016 2017 2018 From 2017 to 2018, nominal GDP: (a. increased, b. decreased), and real GDP (a. increased, b. decreased) . The inflation rate in 2018 was: (a. -47.5%, b. -0.5%, c. 47.5%, d. 52.5%, e. 190.5%) . Why is real GDP a more accurate measure of an economy's production than nominal GDP? a. Real GDP includes the value of exports, but nominal GDP does not.…
- Compute Nominal and Real GDP in each year and find percentage changes in the GDP. (Use 2001 as base year). Orange Dates Year Price Quantity Price Quantity 2001 6 100 1.50 800 2002 7 150 2.00 900 2003 8 200 2.50 1000Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: Show all calculations and formulae Calculate the value of the country’s GDE (Gross Domestic Expenditure).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 6. $4,900.00 117 128.50 5. $4,950.00 114 128.16 4 $4,890.00 110 127.45 Refer to Table 23.1. Real GDP per person dropped by about in Year 6. O 3.50% 3.80% O 3.70% 3.60%
- Problem 3 (a) Suppose that when Jane is presented with the following two menus, her choices from them are as below 2 • When presented with the menu {6 units of apples, 5 units of bananas}, Jane chooses 6 units of apples. • When presented with the menu {7 units of oranges, 5 units of bananas}, Jane chooses 5 units of bananas. Suppose that Jane is then presented with the menu {7 units of oranges, 6 units of apples} What must Jane's choice be from this menu so that her behavior conforms to the axioms of rational choice? Explain. (b) Suppose that Frederick choices from the following menus are as follows • For any e > 0³, out of the menu {(4 + ɛ apples and 3 bananas), (5 oranges and 3 bananas)}, Frederick chooses (4 + ε apples and 3 bananas). • Out of the menu {(4 apples and 3 bananas), (5 oranges and 3 bananas)}, Fred- erick chooses (5 oranges and 3 bananas) What axiom of rational choice does Frederick's behavior evidently violate? Discuss.Consider an economy that produces and consumes final products: bread and automobiles. In the following table are data for two different years. Good Year Quantity Price Quantity 2010 Price 2010 $60,000 $20 2000 2000 $50,000 $10 Automobiles 100 120 Bread 500,000 400,000 a. Compute the nominal GDP for each year. b. Compare the numbers you get for each year. If we use GDP as a measure of production capacity of an economy in a certain year, can we infer the economy is more productive in one year than the other? What is your concern when you compare the numbers directly?Help The following table gives real GDP for a small economy going through a business cycle. Real GDP (2009 Dollars) Year 2010 100 2011 103 2012 103 2013 106 2014 108 2015 103 2016 102 2017 110 a) Which years are peaks? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. ?2010 ? 2015 ?2016 ? 2011 ?2012 ?2017 Next> 9 of 15GDP Data (in $ billion) Table 7-1 Durable goods = $10,600.49 Services = $12,500.56 %3D Business purchases of capital goods = $1,080.00 Fixed investment = $1,970.45 Exports = $700.00 Imports = $820.46 Nondurable goods = $1,000.46 Inventory investment = $301.25 Government transfer payments - $1,240.26 %3D Purchases of new residential housing - $890.45 Government purchases = $7.890.56 Refer to Table 7-1. GDP is equal to O S34,141.31 O $33,143.31 O $34,133.31 O $34.143.311. The following table shows Spain's (awalizr) quarterly real GDP growth rates for the 2007–2012 period. (Roman numbers refer to quarters.) Variable 2007 2007 2007 2007 2008 2008 I II III IV I II Real GDP 7.6 7.3 6.5 6.4 5.6 4.6 Variable 2008 2008 2009 2009 2009 2009 III IV I II III IV Real GDP 3.1 0.5 -0.1 -4.1 -4.5 -3.3 Variable 2010 2010 2010 2010 2011 2011 I II III IV I II Real GDP -1.5 -0.2 0.0 0.4 0.5 0.5 Variable 2011 2011 2012 2012 2012 2012 III IV II III IV Real GDP 0.6 0.0 -0.7 -1.4 -1.6 -1.9 а) Plot real GDP growth rate in a graph, and identify a trend in the data. b) Based on the data shown, identify the beginning (i.e., the year and the quarter) of the current recession. 2. Unemployment is a very important topic in macroeconomics. A high unemployment rate means that a lot of individuals willing to work cannot find a job. This is bad for the economy, as some resources (i.e., labour) remain idle. Comment on the effects that being unemployed have on an individual.Below are some data from the productions of milk and honey. a) Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2010 as the base year. b) Compute the percentage change (growth rate) in nominal GDP, real GDP, and the GDP deflator in 2011 and in 2012 from the preceding year.SEE MORE QUESTIONS