Imagine that a hypothetical economy produces three items food, clothes and Aluminum and a typical consumer buys food and clothing only. The table below shows the hypothetical results. Item Food Price/unit (2009) Tk. 5 Qty (2009) 100 Price/unit (2008) Tk. 20 Clothes Tk. 100 5 Tk. 400 Aluminum Tk. 200 2 Tk. 800 Base year: 2008 Question Qty (2008) 400 20 80 a) Calculate GDP Deflator of 2009. b) Calculate the Growth rate of real GDP of 2009.

Imagine that a hypothetical economy produces three items food, clothes and Aluminum and a typical consumer buys food and clothing only. The table below shows the hypothetical results. Item Food Price/unit (2009) Tk. 5 Qty (2009) 100 Price/unit (2008) Tk. 20 Clothes Tk. 100 5 Tk. 400 Aluminum Tk. 200 2 Tk. 800 Base year: 2008 Question Qty (2008) 400 20 80 a) Calculate GDP Deflator of 2009. b) Calculate the Growth rate of real GDP of 2009.

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

41. Ahmed is a new student in the economics course. On the first day of the course the teacher told him about Micro and Macroeconomics in detail. Which of the following illustrates Micro and Macroeconomics? a. All of these. b. Study of the individual consumer is Microeconomics and the study of all consumers are Macroeconomics c. Study of one product is microeconomics and study of all products are macroeconomics d. Study of one person’s income is microeconomics and study of national income is macroeconomics
If Pp denotes the price of a pound of pasta and Pb denotes the price of a loaf of bread, then Pp/Pb represents the number of loaves of bread consumer has to give up in order to buy another pound of pasta. the number of pounds of pasta a consumer has to give up in order to buy another loaf of bread. the number of loaves of bread a consumer is willing to give up to have another pound of pasta. the number of pounds of pasta a consumer is willing to give up to have another loaf of bread.
In the diagrams below, shift one or both curves to show the effects of the following events. a. Fuel efficiency regulations reduce the use of steel in automobile production and increase the use of lighter materials such as aluminum. Also, increased import restrictions are imposed that limit the amount of steel that can be imported into the U.S. Graph: (inserted picture) (Market for steel in US) b. The developments described have (a negative, an indeterminate, a positive) effect on the equilibrium price of steel and (an indeterminate, a positive, a negative)effect on the equilibrium quantity. c. Incomes decline due to a recession. Also, Norwegian Airlines adds more U.S. cities to its list of international flight destinations. Graph (inserted picture) ( Market for international flights) d. The developments described have (a positive, an indeterminate, a negative) effect on the equilibrium price of international flights and (a negative, a positive, an indeterminate) effect…
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 110 $55.00 120 $70.00 120 $75.00 Hamburgers 80 2.50 110 2.50 125 2.75 Shirts 70 40.00 60 35.00 85 35.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 9275.00 (round your answer to the nearest penny) and the real GDP for 2021 equals $ 10312.50 (round your answer to the nearest penny). b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)
Write down the equation for the budget constraint and then graph it for .. Px = $100 Py = $25 Income = $5,000.00
The following graph plots the market for scones in Dallas, where you can assume there are always over 1,000 bakeries. Suppose the number of bakeries increases significantly. Show the effect of this change on the market for scones by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars perscone) QUANTITY (Scones) Supply Demand Demand -0 Supply ?
Refer to Figure 2-1. The most inefficient point depicted is: 1): Point A 2): Point C 3): Point D 4): Point G
The slope of the budget constraint cannot change unless the budget amount changes. True or False?
Akio consumes two goods, books and sweaters. His income is $24, the price of a sweater is $4, and the price of a book is $2. Suppose Akio's parents gives him two sweaters for his birthday. He cannot return or resell the sweaters. Draw a diagram of his budget constraint.
Discuss how prices are determined in a market economy. Find a good/service for which the price has recently changed and try to provide an explanation as to why the price changed the way it did using the concepts of supply and demand. That is, if the price of that good/service increased (or decreased), explain why.
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 110 $55.00 120 $70.00 120 $75.00 Hamburgers 80 2.50 110 2.50 125 2.75 Shirts 70 40.00 60 35,00 85 35.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 9275.00 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).
You are analyzing the purchasing decisions of students. You are focusing on the quantity of tablet computers purchased by a particular student. The price of tablet computers is $228 each. The other good in your model is a composite good. To purchase one more tablet computer, the student must give up ? units of the composite good.