Good Year 1 Year 2 Price Quantity Price Quantity Steak $15 1,000 $20.00 800 Potato $1 50,000 $0.50 60,000 a. $72,000 Ob. $46,000 Oc. $76,000 d. $34,600 A small economy only produces two goods: steak and potatoes. This information is shown in the table. Based on the table, if year 1 is the base year, real GDP in year 2 is | a) 72,000 b) 46,000 c) 76,000 d) 34,600

Good Year 1 Year 2 Price Quantity Price Quantity Steak $15 1,000 $20.00 800 Potato $1 50,000 $0.50 60,000 a. $72,000 Ob. $46,000 Oc. $76,000 d. $34,600 A small economy only produces two goods: steak and potatoes. This information is shown in the table. Based on the table, if year 1 is the base year, real GDP in year 2 is | a) 72,000 b) 46,000 c) 76,000 d) 34,600

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 the economy has only three goods and that the base year is 2015. Year Price of Burgers Quantity of Burgers Price of Soda Quantity of Soda Price of Shoes Quantity of Shoes 2015 $6.04 119 $2.89 226 $55.43 34 2016 $3.24 120 $2.12 245 $87.52 32 2017 $3.24 121 $2.40 205 $72.39 38 Refer to the table above showing data for an economy that produces only the goods shown. What is nominal GDP for 2017? (Round your answer to two digits after the decimal without a $ and without commas.)
A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 115 600 Product Apple Pies Software Price Per Unit Production and Prices in Year 2 Quantity 143.75 900.00 Product Apple Pies Software In Year 2, nominal GDP is equal to: $ and real GDP is $ $2.50 $60.00 Price Per Unit $3.75 $120.00 (enter both responses rounded to the nearest penny).
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?
Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Barbados. Year year 1 year 2 year 3 Real GDP $20,597 $10,557 $40,977 What is the nominal GDP for year 1? What is the nominal GDP for year 2? GDP deflator What is the nominal GDP for year 3? 122 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. 113 100 year 1: year 2: year 3: $ $ 13234 Incorrect 12457 Incorrect 40977
A small economy only produces two goods: steak and potatoes. This information is shown in the table. Based on the table, if year 1 is the base year, the growth rate of real GDP is: Good Steak Potato 6.6%. 8.0%. 9.4%. 10.8%. Year 1 Price $15 $1 Quantity 1,000 50,000 Year 2 Price $20.00 $0.50 Quantity 800 60,000
A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: In Year 2, nominal GDP is equal to: $ and real GDP is $ Production and Prices in Year 1 (Base year) Quantity 105 550 Product Apple Pies Software Price Per Unit Production and Prices in Year 2 Quantity 131.25 825.00 Product Apple Pies Software $2.00 $50.00 Price Per Unit (enter both responses rounded to the nearest penny). $3.00 $100.00
What does the term "GDP" stand for in economics? a) Gross Domestic Product b) General Demand Principle c) Government Debt Payment d) Growth Development Plan
Suppose nominal GDP was $13,302.3 billion in 2007 and was $13,790.2 billion in 2009. If the GDP deflator for 2009 (with a base year of 2007) was 103.034, what is the growth rate of real output between 2007 and 2009? Show your calculations, otherwise you will lose a lot of points..
Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 51 79 81 $1.1 $1.7 $1.4 Good Y 62 92 115 $0.7 $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 real GDP in year 2?
Consider the following data for an economy that produces only two goods. In 2010, for Good A: Price = 100 and Quantity = 100, and for Good B: Price: 100 and Quantity = 100. In 2015, for Good A: Price = 200 and Quantity = 200, and for Good B: Price = Quantity 100. = 100 and = (a) Compute nominal GDP in 2010. (b) Compute nominal GDP in 2015. (c) Compute real GDP in 2010 (using 2010 as the base year).
There are two economies: Mexico and the United States. On year 1, the Mexican economy produced $3000 billion dollars worth of goods and services. In that same year the U.S. economy produced $16,000 billion dollars of goods and services. From year 1 to year 2 the Mexican economy grew at 6% and the U.S. economy grew at 2.5%. This means that in year 2 the Mexican economy produced $ than it did in year 1, and that the U.S. economy produced $ and services more than it did in year 1. Fill in the correct numbers in the correct sequence from the choices below. 1.800; 4,000 18.000; 40,000 The answer is different from the other answers provided. 18:40 180; 400 billion more billion in goods
Consider the following data for Canada: GDP deflator, 2016 (base year: 2010): 108.091 GDP deflator, 2017 (base year: 2010): 110.556 GDP, 2016 (current prices): 2,035.5 billion Canadian dollars GDP, 2017 (current prices): 2,144.4 billion Canadian dollars Labor Force, 2017 (millions of people): 19.665 Employment, 2017 (millions of people): 18.421 Interest rate (10-year Government bond yield, annual interest rate, 2017): 1.78% Calculate: (a) the inflation rate for 2017; (b) the real GDP growth rate for 2017; (c) the unemployment rate for 2017; (d) the real interest rate for 2017.