Given the following table: Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 50 Good Y 100 $1.20 $1.20 $0.60 $1.00 50 60 $1.00 120 140 $0.60 1- Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is 2- Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is 3- Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 2 is 4- Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is 5- Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is 6- Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is 7- Assume that this economy produces only two goods Good X and Good Y. If year 2 is the base year, the value for this economy's real GDP in year 3 is

Given the following table: Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 50 Good Y 100 $1.20 $1.20 $0.60 $1.00 50 60 $1.00 120 140 $0.60 1- Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is 2- Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is 3- Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 2 is 4- Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is 5- Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is 6- Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is 7- Assume that this economy produces only two goods Good X and Good Y. If year 2 is the base year, the value for this economy's real GDP in year 3 is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose that in 1994 the total output in a single-good economy was 10,000 buckets of chicken. Also suppose that in 1994 each bucket of chicken was priced at $1O. Finally, assume that in 2015 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $
Suppose that in 1994 the total output in a single-good economy was 7,000 buckets of chicken. Also suppose that in 1994 each bucket of chicken was priced at $15. Finally, assume that in 2015 the price per bucket of chicken was $20 and that 23,000 buckets were produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $
Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 54 78 78 $1.2 $1.5 $1.2 Good Y 69 86 111 $0.9 $0.8 $0.8 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, what is the value for this economy's GDP deflator in year 1?
Only typed answer and please answer correctly
3
The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Price Year 1 $6 $4 $3 Good Quarts of ice cream Bottles of shampoo Jars of peanut butter Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? $ b. What was its nominal GDP in year 2? 3 1 3 Price Year 2 $6 $4 $3 Quantity of Goods Year 2 5 2 2
Consider the following data on the GDP of Z-product: a) What was real GDP in 2012 measured in 2008 price? b) What was the growth rate of real GDP between 2011 and 2012? c) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
1. Explain with your own words the definition of Gross Domestic Product. 2. How does the growth rate of real GDP contribute to an improved standard of living? 3. Use the following data to answer the question. The table lists some macroeconomic data for the United States in 2008. Item Billions of dollars Wages paid to labor 8,000Consumption expenditure 10,000Net operating surplus 3,200Investment 2,000Government expenditure 2,800Net exports –700Depreciation 1,800 3a) Calculate U.S. GDP in 2008.
Suppose that there are only two goods produced in an economy haircuts and banking services. Prices, quantities, and the number of workers occupied in the production of each good for year 1 and for year 2 are given in the table below Year 1 Year 2 P₁ Q₁ W₁ P₂ Q₂ W₂ Haircuts 7 120 50 9 120 50 Banking 7 190 50 9 220 60 Nominal GDP in year 1 is S (Enter your response to the nearest dollar) Nominal GDP in year 2 is S (Enter your response to the nearest dollar) Using year 1 prices, real GDP in year 2 is $ (Enter your response to the nearest dollar) The growth rate of real GDP is % (Round your response to two decimal places) The rate of inflation using the GDP deflator is % (Round your response to two decimal places) Using year 1 prices, real GDP per worker in year 1 is $ (Round your response to two decimal places) Using year 1 prices, real GDP per worker in year 2 is $ (Round your response to two decimal places) The growth rate of labor productivity between year 1 and year 2 for the whole…
Assume an economy in which only apple and orange are produced. In year 1, 200 million killograms of apple are produced and consumed and its price is $0.6 per kilogram, while 150 million killograms of orange are produced and consumed and its price is $0.7 per killogram. In year 2, 250 million kilograms of apple are produced and consumed and its price is $0.7 per kilogram, while 300 million kilograms of orange are prduced and its price is $0.8 per kilogram. (Show the results upto 1 decimal point when required) (a) If the base year is year 1 then the GDP price deflator in year 2 is (b) If the base year is year 2 then the GDP price deflator in year 1 is (c) If the base year is year 1 then the inflation rate between years 1 and 2 is (d) If the base year is year 2 then the inflation rate between years 1 and 2 is (e) The chain weighted inflation rate between year 1 and year 2 is % (f) If the base year is year 1 then CPI inflation rate is % % %
Refer to Table 6.2. Assume that this economy produces only two goods Good X and Good Y. Calculate the value for this economy's nominal GDP in year 2 ______.
Page 550 1. Suppose that annual output in year 1 in a 3-good economy is 3 quarts of ice cream, 1 bottle of shampoo, and 3 jars of peanut butter. In year 2, the output mix changes to 5 quarts of ice cream, 2 bottles of shampoo, and 2 jars of peanut butter. If the prices in both years are $4 per quart for ice cream, $3 per bottle of shampoo, and $2 per jar of peanut butter, what was the economy's GDP in year 1? What was its GDP in year 2?