Consider an economy that produces and consumes bread and automobiles. The table includes data for two different years.20152015QuantityPrice140$55000420000$20GoodAutomobilesBread2010Quantity80600000Round answers to to places after the decimal where necessary2010 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 = $2010Price2010 GDP deflator =2010 CPI =$48000$92015 Nominal GDP = $2015 Real GDP = $2015 GDP deflator =2015 CPI =

Nominal GDP is that GDP which are measured on current year price level on the other Real GDP is that…

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 a. Using 2010 as the base year, compute nominal GDP, real GDP, the implicit price deflator for GDP, and the CPI for each ye 2010 Nominal GDP = $ 2010 Real GDP = $ 2010 Price $48000 $9 2010 GDP deflator = 2010 CPI = 2015 Nominal GDP = $ 2015 Real GDP = $ 2015 GDP deflator = 2015 CPI =

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 a. Using 2010 as the base year, compute nominal GDP, real GDP, the implicit price deflator for GDP, and the CPI for each ye 2010 Nominal GDP = $ 2010 Real GDP = $ 2010 Price $48000 $9 2010 GDP deflator = 2010 CPI = 2015 Nominal GDP = $ 2015 Real GDP = $ 2015 GDP deflator = 2015 CPI =

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You are trying to decide whether to use the GDP deflator or the CPI to calculate the inflation rate in an economy. You will decide to use the GDP deflator if Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a you want to make sure you include all goods and services captured in GDP b you are only concerned about prices that firms face C you are only concerned about prices consumers face d you want to make sure you include all transactions that take place in the economy
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The following data represents the output and price of the goods and services produced in the country of Florin in 2018, which specializes in the production of just three things. 2017 is the base year. Production Data Products 2017 Quantity 2017 Price 2018 Quantity 2018 Price haircuts 8 686 face wash 8 3 3.8 prom dresses 2 4 1 5 Calculate Florin's 2017 GDP deflator.
Using the table below, Pear Phone Year Price (S) Quantity Price (S) Quantity 2015 3 210 450 54 2016 4 200 500 50 14. Compute nominal GDP in each year. 15. By what percentage did the nominal GDP change between 2015 and 2016? 16. Compute real GDP each year by using "2015" as the base year. 17. By what percentage did real GDP change between 2015 and 2016? 18. By using the table and your answers to #15, and #17, explain (in one or two paragraphs) why "real GDP" is better than "nominal GDP" in measuring the production activity of an eçonomy. LA
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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 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: 2. Calculate the compound annual growth rate of per capita spending from 2010 to 2020 3. Calculate spending-to-GDP ratios in 2010 and 2020, respectively. *Results round to the nearest 2 decimal places. 2010 spending-to-GDP ratio: 2020 spending-to-GDP ratio: Interpret what the two spending-to-GDP ratios tell us about City A’s spending trend. 4. Assuming City A’s population grows at a constant rate in the next decade.…
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Consider the price and quantity information for the three goods listed in the table below. You may assume the base year is 2018. Item Quantity Price Price Quantity 2018 2018 2019 2019 Movie $10 $11.87 14 tickets Bags of 2 $3 $3.24 6 popcorn Drinks of soda 16 $1 $1.71 Based on the GDP deflator method, what was the rate of inflation between the two years? Round your answer to two decimal places. Do not enter a percent sign. SUS