QUESTION 1 An economy produced the following: Year 2017 2018 Quantity of Bread 100 200 Price of Bread $2 $3 Calculate the following using 2017 as the base year. GDPN for 2017 is: a.100 b.200 c. 300 d.400 QUESTION 2 An economy produced the following: Year 2017 2018 Quantity of Bread 100 200 Price of Bread $2 $3 Calculate the following using 2017 as the base year. GDPr for 2018 is: a.400 b.300 c. 200 d.100 QUESTION 3 An economy produced the following: Year 2017 2018 Quantity of Bread 100 200 Price of Bread $2 $3 Calculate the following using 2017 as the base year. GDPD 2017 is: a.50 b.100 c. 150 d.200

QUESTION 1 An economy produced the following: Year 2017 2018 Quantity of Bread 100 200 Price of Bread $2 $3 Calculate the following using 2017 as the base year. GDPN for 2017 is: a.100 b.200 c. 300 d.400 QUESTION 2 An economy produced the following: Year 2017 2018 Quantity of Bread 100 200 Price of Bread $2 $3 Calculate the following using 2017 as the base year. GDPr for 2018 is: a.400 b.300 c. 200 d.100 QUESTION 3 An economy produced the following: Year 2017 2018 Quantity of Bread 100 200 Price of Bread $2 $3 Calculate the following using 2017 as the base year. GDPD 2017 is: a.50 b.100 c. 150 d.200

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

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Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2009. Prices and Quantities Year Price of Quantity of Price of Quantity of D. Movies Movies Popcorn Popcorn Tab 2009 $11.00 500 $4 900 pres 2010 $12.00 600 $5 1000 What was this country's GDP deflator in 2010? Exp Cons Select one: Da. 150 Refer the Ob 77.8 A 17 128.6 Od. 100 MG 20 Type here to search.
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Which of the following activities of a computer manufacturer during the current year are included in this year’s measure of GDP? The manufacturer produces a chip in June, uses it as a component in a computer in August, and sells the computer to a customer in November. A retail outlet of the firm sells a computer completely built during the current year. c. A marketing arm of the company receives fee income during the current year when a buyer of one of its computers elects to use the computer manufacturer as her Internet service provider
Suppose in year 1 that a country’s economy produces 5 memes at $1 ameme and 7 tacos at $0.50 a taco. In year 2, that country produces 10 memesat $2 a meme and 10 tacos at $0.75 a taco.A) Calculate nominal GDP for both years.B) Calculate real GDP using prices from year 1 as the base year.
Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2002 and 2006 are shown in the table: 2002 2006 Product Quantity Price $10 $15 $40 Quantity Price Pizzas Haircuts 100 120 $12 $20 $45 50 45 Backpacks 200 210 Calculate real GDP in 2006 assuming the base year is 2002. Do the same calculation assuming the base year is 2006. Are the calculations different? Why?
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