In 2020 and 2021, a country produced two products: X, Y, and Z. The quantities produced and the prices aregiven below:Quantity of X inunitsYear2020 82021 10a.b.C.d.Price of X in$55.4Quantity of Y inunits23Price of Y in$67Quantity of Z inunits46Find the nominal GDP for 2020 and 2021?Find the real GDP for 2020 and 2021 using 2020 as a base year?Find the GDP deflator for 2021?Find the inflation rate in 2021 using the GDP deflator?Price of Z in$23.5

The table containing the value of X, Y and Z is given as YearQuantity of X in UnitsPrice of X in…

In 2020 and 2021, a country produced two products: X, Y, and Z. The quantities produced and the prices are given below: Quantity of X in units Year 2020 8 2021 10 a. b. C. d. Price of X in $ 5 5.4 Quantity of Y in units 2 3 Price of Y in Quantity of Z in units $ 6 7 4 6 Find the nominal GDP for 2020 and 2021? Find the real GDP for 2020 and 2021 using 2020 as a base year? Find the GDP deflator for 2021? Find the inflation rate in 2021 using the GDP deflator? Price of Z in $ 2 3.5

In 2020 and 2021, a country produced two products: X, Y, and Z. The quantities produced and the prices are given below: Quantity of X in units Year 2020 8 2021 10 a. b. C. d. Price of X in $ 5 5.4 Quantity of Y in units 2 3 Price of Y in Quantity of Z in units $ 6 7 4 6 Find the nominal GDP for 2020 and 2021? Find the real GDP for 2020 and 2021 using 2020 as a base year? Find the GDP deflator for 2021? Find the inflation rate in 2021 using the GDP deflator? Price of Z in $ 2 3.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Year 2020 2021 2022 Nominal GDP Real GDP (Dollars) 350 700 1,400 (Dollars) GDP Deflator 350 350 700…

A: GDP is the gross domestic product.. GDP is the market value of all the final goods and services…

Q: The GDP deflator measures A .the changes in aggregate prices of all final goods and services…

A: GDP deflator: - it is a measure of the change in the price of goods and services produced in an…

Q: Reter to the diagram given below. Price A Bc Ouantity The above diagram shows the demand for and the…

A: Answer to the question is as follows:

Q: 2021 2022 Milk Price Quantity Price Year (Dollars) (Quarts) (Dollars) 2020 1 200 2 1 2 2 400 400…

A: Nominal GDP is an appraisal of economic production in an economy however remembers the ongoing costs…

Q: Suppose an economy produces and consumes only two goods, pastas, and books. The following table…

A: CPI: CPI refers to the total expenditure made in a particular year by the consumers of the economy.…

Q: The country of HOYA produces phones and fridges. The table below shows price and output data in…

A: GDP (Gross Domestic Product): It refers to the total of market value of all produced final goods and…

Q: 1. What is the GDP of this country for 2009? 5. What is the GDP of this country for 2010?

A: Nominal gdp is calculated on the basis of current price.

Q: If the GDP per capita of a country doubles every one hundred years, the shape of its graph on a…

A: The total population is divided by the gross domestic product to arrive at GDP per capita. The gross…

Q: Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP)…

A: Nominal GDP, or Gross Domestic Product, refers to the sum of the product of final goods price and…

Q: Calculate the PPP-adjusted GDP for each of the four countries, using the information found in the…

A: GDP or gross domestic product is the sum of the value of all end commodities produced within the…

Q: What is the term for the total value of goods and services produced within a country's borders in a…

A: In financial matters, the estimation of a country's monetary results and execution are basic for…

Q: 1. GDP Computations Year 2020 2021 2022 The following table shows some data for an economy that…

A: "GDP represents the money value of all finished goods and services produced in a nation at a given…

Q: Table 1 contains price and quantity information for two products produced by Apple, the iPhone and…

A: A key indicator of how well or poorly an economy is performing is the GDP, or gross domestic…

Q: The base year is 2011. A. Refer to the table, in 2010, this country nominal GDP was? B. Refer to the…

A: A. Nominal GDP of 2010:Nominal GDP= price of the current year×Quantity of the current yearNominal…

Q: The following table (attatched) lists 2015 GDP per capita for four countries. The data are given in…

A: Purchasing power refers to an adjustment performed on the rate of adjustment in an approach that the…

Q: The chart gives prices and output information for the country of New Zealand. Use this information…

A: GDP is the gross domestic product. GDP is the market value of all final goods and services produced…

Q: The following represents the production of goods for a country Commodity Quantity 2010 Quantity 2009…

A: Nominal GDP=Units of output×Price per unitsReal GDP=Units of output × Price per unit from base…

Q: Which statement is INCORRECT? Statisticians use the prices of goods and services like a ruler to…

A: Introduction Gross domestic product is the market value of final goods and services produced during…

Q: he table above gives the prices and quantities for a fictional country that only produces video…

A: Nominal GDP = current year output * current year price

Q: Table 1 contains price and quantity information for two products produced by Apple, the iPhone and…

A: Nominal gross domestic product (GDP) is calculated as the value of all the final items and services…

Q: Question 1 A tiny country only produces two goods: Computer and TV. The following table shows the…

A: The GDP deflator is a measure of price inflation or deflation in an economy. It is a price index…

Q: Please round your answers to 2 decimal digits

A: We are given the following table: Let us fill it out as follows: Formulas used; a) The…

Q: The economy of Tuland produces only two products fish and watches. The following information is…

A: We have the following information-

Q: An economy produces three products, bags, computers and shirts. The prices and quantities of these…

A: GDP estimates the market value of an economy's final products and services generated over a certain…

Q: Consider the data in the following table, which represents the total productio country Byzantium, a…

A: Nominal GDP - This is the GDP calculated with the price and quantity at current price without…

Question

In 2020 and 2021, a country produced two products: X, Y, and Z. The quantities produced and the prices are
given below:
Quantity of X in
units
Year
2020 8
2021 10
a.
b.
C.
d.
Price of X in
$
5
5.4
Quantity of Y in
units
2
3
Price of Y in
$
6
7
Quantity of Z in
units
4
6
Find the nominal GDP for 2020 and 2021?
Find the real GDP for 2020 and 2021 using 2020 as a base year?
Find the GDP deflator for 2021?
Find the inflation rate in 2021 using the GDP deflator?
Price of Z in
$
2
3.5

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: State the information given

VIEW

Step 2: a. Find nominal GDP for year 2020 and 2021.

VIEW

Step 3: b. Find Real GDP for year 2020 and 2021

VIEW

Step 4: c. Calculate GDP deflator for year 2021

VIEW

Step 5: Calculate the inflation rate for 2021

VIEW

Solution

VIEW

Step by step

Solved in 6 steps with 8 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

what are the privilages of familial capital
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
The US and Peru are the only countries in the world and they both produce cars and haircuts. The table below gives you the data on the quantity produced, the unit price of each item and the value of output for each sector. Cars Haircuts GDP The US (currency = US$) Quantity (units) 1000 2000 Price (USS) 100 5 Value of Output (USS) 100,000 10.000 Peru (currency = Sol) Quantity (units) 200 4000 What is the GDP of Peru in USS at the most likely market exchange rate? the GDP of Peru in US$ is: 240,000/2-US$120,000 the GDP of Peru in US$ is: 160,000/8=US$20,000 the GDP of Peru in US$ is: 160,000/2-US$80,000 the GDP of Peru in US$ is: 240,000/8-US$30,000 Price (soles) 800 20 Value of Output (soles) 160,000 80,000
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places. Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places. Why does % change calculated from constant dollars differ from % change calculated from current dollar? 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: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…
Suppose the output and prices in an economy are given as follows: Output of Year Price of Output of medical Price of medical computers computers care care 2020 10 $100 60 $200 2021 11 $50 70 $400 What is the value of nominal GDP in 2021? (Do not include $ or commas in your answer.) What is the value of real GDP in 2021, measured in base year 2020 prices? What is the value of real GDP in 2020, measured in base year 2021 prices? (Do not include $ or commas in your answer.)
The following table shows hypothetical values for the real GDP and population for the United States, Japan, Brazil, and Germany in 2016. Complete the table by calculating the real GDP per capita for each country. Instructions: Enter your answers as a whole number. Real GDP and Population, 2016: Select Countries Country United States Japan Brazil Germany Real GDP (millions of Population (millions of dollars) $14,059,255 4,199,260 1,709,488 2,958,902 people) 287 117 186 77 Real GDP per Capita (dollars) $
A hypothetical country of Narnia produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2017. Year 2016 2017 2018 2019 Price (Dollars per movie) 7.6% 7.5% Movies 7.2% 7% 10.00 11.00 12.00 12.00 Quantity Quantity (Movies) (Dollars per bag) (Bags) 500 600 650 625 Popcorn Refer to Table 23-5. What was the rate of inflation for Narnia in 2019? (Hint: round-off to the nearest decimal point) Price 5 4 5 6 1,000 900 950 925
through 6. Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Answer here 1 Total utility of swimming 40 22666 72 76 76 Jenny spends an average of $3 each hour she plays video games. What is her marginal utility per dollar for the second half hour?
Part a to d
The economy of Tuland produces only two products fish and watches. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2010 132 2009 Quantity of fish 120 Quantity of watches Price of fish Price of watches 100 130 $8.00 $30.00 $9.20 $31.50 Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices GDP for 2010 in 2010's prices Using 2009 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. % % % Using 2010 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. The geometric average of the two inflation rates
The economy of Tuland produces only two products fish and watches. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of fish Quantity of watches Price of fish 200 220 60 78 $12.00 $15.00 Price of watches $20.00 $22.00 Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices GDP for 2010 in 2010's prices % % Using 2009 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. Using 2010 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. The geometric average of the two inflation rates
The economy of Tuland produces only two products fish and watches. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2010 132 69 2009 120 Quantity of fish Quantity of watches Price of fish 60 $8.00 $9.20 Price of watches $30.00 $31.50 Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices GDP for 2010 in 2010's prices Using 2009 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. Using 2010 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. The geometric average of the two inflation rates $ 69 % % %