Production Prices Year1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X50 50 60 $1.00 $1.20 $1.20 Good Y 100 120 140 $06 $0.60 $1.00 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 GDP deflator in year 3 is Select one: O a. 135.9 O b. 73.6 O c. 147.2

Production Prices Year1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X50 50 60 $1.00 $1.20 $1.20 Good Y 100 120 140 $06 $0.60 $1.00 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 GDP deflator in year 3 is Select one: O a. 135.9 O b. 73.6 O c. 147.2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 3 Suppose the total market value of all the final goods and services produced in the country of GDPLAND was 530 billion in 2019 (measured in 2019 prices) and 532 billion in the year 2020 (measured in 2019 prices). Which of the following statements is definitely correct? O Nominal GDP increased in GDPLAND between 2019 and 2020. O Average price levels increased in GDPLAND between 2019 and 2020. O Production increased in GDPLAND between 2019 and 2020. O None of these statements is correct.
OC 7.5%. O D. 6.67%. O E. -3%. QUESTION 20 Suppose that a simple economy produces only the goods and services shown in the table. Assume all of the strawberries are used in the production of strawberry jam. Using the information in the table, nominal GDP for this simple economy equals Product Quantity Price Strawberries 250 $1.00 Strawberry jam 30 4.00 Second hand cars 10 950.00 Tablets 85 210.00 Shirts 60 18.00 O A. $19,300. O B. $19,050. OC. $28,800. O D. $28,550, O E. 435 units. Click Save and Submit to save and submít. Click Save All Answers to save all ansuwers.
Nominal Year Price level GDP 1982 100 €1,600 1992 150 €3,000 2002 300 €6,000 In the above table, using 1982 as the base year, what was real GDP in 1992? O €2,400. O €2,000. O €1,600. O €3,000.
The seasonally adjusted data below depict the performance of the economy of the United States in five quarters of 1953-1954. Year/Quarter 1953/Q4 1954/Q1 1954/02 1954/Q3 1954/04 Select one: OA. 1953/04. Annual Percent Change Nominal GDP OB. 1954/01 O C. 1954/02. O D. 1954/03. QE. 1954/04. -5.2 -0.6 0.8 5.1 9.2 Real GDP in the United States was lowest in which of the following quarters? Annual Percent Change Real GDP -5.9 -1.9 0.4 4.6 8.1
3. Suppose an economy has two years worth of data, years 1 and 2. Sup- pose there are also two goods, bread and corn. Suppose, in year one, 30 units of corn are sold at a price of 1 $ and 20 units of bread are sold at a price of 2 S. Suppose in year two, 60 units of corn are sold at a price of 1.5 $ and 80 units of bread are sold at a price of 4 $. Compute nominal GDP in both periods. Compute real GDP under both defini tions of a base year. Compute also a chain weighted real GDP series. For all three measures, compute the GDP deflator
If Ford produced $80 million worth of cars in 2020 in the United States but sold only $55 million worth of cars. US GDP in 2020 will include million worth of cars. O $55 O $80 $45 O $135
Production Prices Year1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 60 80 100 $1.00 $1.00 $1.40 Good Y 100 110 130 $0.80 $0.90 $1.00 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 Select one: О а. 100 O b. 179 O c. 106.5 O d. 93.9
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Table 15-11 Nominal GDP $8,782 $9,274 Year 1998 1999 Real GDP $8,509 $8,859 Refer to Table 15-11. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 1999 equals O 95.5. O 104.7. O 105.6. O 104.1.
Assume a hypothetical economy produces only two goods as shown below. (base year=2017). O Year 2017 2018 2019 $7 $20 $28 $36 Quantity 2 4 The real GDP in the year 2019 is equal to: Apples 6 Price 5 Quantity 1 2 Oranges 2 Price 2 3 1
Item € (thousand) Mixed income 165 Government spending 136 Compensation of 1,735 employees Personal taxes 37 Gross investment 128 Indirect taxes 300 Corporate profits 194 Exports of goods and 249 services Imports of goods and 289 services Subsidies 41 Using the data in the above table, gross domestic product equals O €2,592. O €2,090. O €2,094. O €2,353.