The table shows an economy’s total production of final goods and services. Compute nominal GDP. 1. The nominal GDP in 2010 is ___ and in 2011___ ItemShoesOrangesMedicalServicesQuantity82512GDP data2010Price 2010304120Quantity1031122011Price 2011353140

Answered: Item Shoes Oranges Medical Services…

Item Shoes Oranges Medical Services Quantity 8 25 12 GDP data 2010 Price2010 30 4 120 Quantity 10 31 12 2011 Price 2011 35 3 140

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: GDP tends to overstate the amount of output produced by a nation's economy. C a) True C b) False

A: Economic development is the process of creating wealth for the benefit of the community. It's more…

Q: GDP can be thought of most accurately as: elect an answer and submit. For keyboard navigation, use…

A: GDP stands for Gross Domestic Product. It is a measure of the total value of all 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: From the data below find the measure of GDP. Personal Consumption Expenditures 50 Depreciation 3…

A: GDP is the sum of the value of goods and services produced in a nation in a particular period of…

Q: France produces two goods: milk and wheat. Below is a table showing prices and quantities of output…

A: Given information:- Year Price of milk(€ ) Quantity of milk Price of wheat(€ ) Quantity of wheat…

Q: The 2010 Deep Water Horizon oil spill in the Gulf of Mexico caused the tourism industry to lose $2…

A: Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

A: The value of all the final goods and services produced in an economy during a financial year is…

Q: In 2018, the total consumption in the X Country was $22,400 and the total investment activities…

A: GDP is the monetary value of final goods and services produced within a domestic territory of a…

Q: In 2020 and 2021, a country produced two products: X, Y, and Z. The quantities produced and the…

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

Q: 2. A particular country had consumption equal to 675, residential investment was 158, nonresidential…

A: Consumption = 675Residential investment = 158Non-residential investment = 344Change in business…

Q: In 2016, country A faced unfavorable weather conditions. Wheat production decreased to 450kg.…

A: The gross domestic product (GDP) is the market value of goods and services produced within a year on…

Q: Government Purchases 11 Consumption [ 60 Gross Investment 16 Consumption…

A: Gross domestic product is a measure to analyze and compare the economic growth between two or more…

Q: Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator,…

A: The Real GDP is the summation of the money value of all the final goods and services produced within…

Q: Use the table to find GDI, GDP, gross private domestic investment, personal income, and personal…

A: The calculation of GDI, GDP, gross private domestic investment, personal income, and personal…

Q: Based on the following data, GDP would equal ___ while Net National Product equals ___ in…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: 2005 2010 Qty Produced Price Qty Produced Price Guns 80 $ 7 100 $ 8 Butter 50…

A: Real GDP is that GDP which is measure on base year price level. As given 2005 is Base year.

Q: Which of the following would not be included in 2015 U.S. GDP. OCalifornia constructing a new state…

A: GDP measures the total value of all final goods and services produced in a country, in a period of…

Q: As an economist with the World Bank you have been asked to measure the Gross Domestic Product for…

A: Gross domestic product (GDP) measures the market value of final goods and services produced by an…

Q: Depreciation = $479 Gross private domestic Investment (I) = $516 Government spending = $924 Imports…

A: National income is the total monetary value of all goods and services that are produced by a nation…

Q: Find Nominal GDP if GDP deflator is 136 and real GDP is $16,000

A: The data presented in the question above is:- GDP deflator = 136 Real GDP = $16,000 Nominal GDP is…

Q: Answer the questions given for a country that produces goods A and B and produces 2 goods according…

A: a) Real GDP for 2010: The goods of the current year is taken with the prices of the base year in…

Q: Fill in the blanks: GDP = The ______________value of all ___________ goods and services…

A: Note : Since the question contains multiple sub parts , only the first three sub parts shall be…

Q: The economy of Fantasia produces only 2 goods namely Shoes and Computers. The total production and…

A: The gross domestic product implicit price deflator, often known as the GDP deflator, is a metric…

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

A: We have the following information-

Q: How Real GDP is measured? Explain Real GDP of the United States at present time.

A: Real GDP is the final value of goods produced in an economy in a given fiscal year. It only…

Q: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and…

A: When comparing the economic performance of other nations, monitoring economic growth over time, and…

Q: Company X produces $50,000 of wine in 2019 and they plan to sell the wine in 2021 to foreigners. How…

A: The market value of all final goods and services produced in the economic territory of the country…

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: In 2018, the total consumption in the X Country was $22,400 and the total investment activities…

A: Gross Domestic Product (GDP) is termed as the final value of all the services and goods which are…

Q: Provide a table with the nominal GDP for Belize for 2020 and 2021. Using only the nominal GDP, what…

A: Gross domestic product is the final combination of goods and services in a country. GDP is an…

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…

Q: Donuts Sushi Fiction Novels price $12 $6 $50 uantity 100 10 200 price $12 $7 $60 uantity 110 15 200

A: Nominal GDP measures market value of goods and services using current price level whereas real GDP…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

A: The value of all the final goods and services produced in an economy during a financial year is…

Q: Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200.…

A: Nominal GDP is the GDP that is unadjusted for inflation. Real GDP is the GDP that is adjusted for…

Q: Which of the following is a way to compute real GDP? a. add up the market values of all final…

A: The value of all goods and services generated by an economy in a given year (expressed in base-year…

Q: In 2001 the Nominal GDP = $120 billion and Real GDP = $135 billion. Calculate the GDP deflator for…

A: Nominal GDP is the value of GDP that includes the effect of inflation. Real GDP is the value of GDP…

Q: The omission of household production from GDP means that GDP total production and the growth rate of…

A: The GDP is an indicator of a nation's economic production during a given time frame, often one year.…

Q: Consider the following simple economy that only produces three goods. 2009(Base year) 2017…

A: GDP is the final value of all the goods and services produced which are produced within the domestic…

Question

The table shows an economy’s total production of final goods and services. Compute nominal GDP.

1. The nominal GDP in 2010 is ___ and in 2011___

Item
Shoes
Oranges
Medical
Services
Quantity
8
25
12
GDP data
2010
Price 2010
30
4
120
Quantity
10
31
12
2011
Price 2011
35
3
140

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

Expert Solution

Step 1

Here, the given table shows three items that are produced in 2010 and 2012 with different market prices.

Step by step

Solved in 2 steps

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

Which spending category of GDP does each of the following transactions count in? Please enter the letter C, I, G, NX, or N to represent consumption, investment, government spending, net exports, or none. The government paid a total of $30,000 in subsidies to people who had installed solar panels on their homes . Bill spent his $400 social security check on rent and food . Company X produces $5,000 of wine this year but they do not sell it . Your parents pay $8,000 for tuition to UCF . The government pays $1 million to people it hires to collect census data
Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports.
Analyze how much Pakistan’s GDP and each of its components is affected by the following transactions? Explain your answers (Maximum 200 words). i. Bank Al Habib issues new shares to finance the construction of an office in Sukkur, Sindh. ii. Sadia spends 50000 on a computer to use in her editing business in Karachi. She got last year’s model on sale for a great price from a local manufacturer. iii. You mother spend weekend cleaning your apartment and your brother pays a shopkeeper to buy a laptop in Karachi
Gross domestic product is a measure of _______.the nonmarket production of goods and services.the volume of goods and services, which involved in international tradethe goods and services produced strictly by corporations.the money value of all final goods and services produced in a year by the economy.the size of the largest industry in an economy.
What is the value of real GDP in 2019 if the GDP deflator is equal to 1.1 and nominal GDP is $21.5 trillion?
Explain three limitations in measuring the real GDP
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).
The table shows the quantities produced and prices in 2015 and 2016 for an island. economy which produces only bananas and coconuts. The base year is 2016. Calculate real GDP in 2015 and 2016 using the chained-dollar method. In terms of what dollars is each of these two real GDPS measured? Real GDP in 2016 using the chained-dollar method is $ Real GDP in 2015 using the chained-dollar method is $ >>> Answer with a whole number Real GDP in 2015 and real GDP in 2016 are measured in ▼ dollars In 2015 Item Bananas Coconuts In 2016 Item Bananas Coconuts Quantity 99 bunches 53 bags Quantity 114 bunches. 66 bags. Price $10 a bunch $9 a bag Price $11 a bunch $10 a bag
John owns a small farm in central lowa. John has been using the same resources to grow the same amount and quality of potatoes each year on the farm for 25 years. Is John helping to drive growth in real GDP? Because John is not adding additional value each year by doing something better than he did the year before, he is contributing to GDP; but he is not driving growth in real GDP. John is using land as a factor of production and making something with it; thus, he is driving growth in real GDP. John is adding value by growing potatoes, so each year he contributes to driving growth in real GDP. Because John is not adding additional value each year by doing something better than he did the year before, he both not contributing to GDP nor driving growth in real GDP.
stuck in homework
Consider the following data for a hypothetical economy that produces two goods, milk and cheese. Quantity Produced Mak (litres) Cheese (kg) 110 121 Year 1 Year 2 Prices Milk (Slitro) Cheese (S/kg) 6 7 66 3 Using year 1 as the base year, the 53 35% increase in nominal GDP may be explained by a % increase in real GDP and a 1% increase in prices (Round your responses to two decimal places)