QUESTION 15The production and prices in a country in two subsequent years are described by the following tableYear 1Year 2GoodОиаntityPriceОuantityPriceApplesOranges60$1.0055X40$1.0045yWhere x is $1.53 and y is $1.53. What is the nominal GDP growth rate in percent terms? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and11.44 for 11.442%.)

The formula for nominal GDP: Nominal GDP = Price of goods in current year * Quantity of goods in…

QUESTION 15 The production and prices in a country in two subsequent years are described by the following table Year 1 Year 2 Good Quantity Price Quantity Price Apples Oranges Where x is $1.53 and y is $1.53. What is the nominal GDP growth rate in percent terms? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.) 60 $1.00 55 40 $1.00 45 y

QUESTION 15 The production and prices in a country in two subsequent years are described by the following table Year 1 Year 2 Good Quantity Price Quantity Price Apples Oranges Where x is $1.53 and y is $1.53. What is the nominal GDP growth rate in percent terms? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.) 60 $1.00 55 40 $1.00 45 y

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A small economy only produces two goods: steak and potatoes. This information is shown in the table. Based on the table, if year 1 is the base year, the growth rate of real GDP is: Good Steak Potato 6.6%. 8.0%. 9.4%. 10.8%. Year 1 Price $15 $1 Quantity 1,000 50,000 Year 2 Price $20.00 $0.50 Quantity 800 60,000
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County A & Country B both recorded an increase in real GDP of 5% per year from 1970 to 2005. During this time, the population of country A grew at 7% per year & the population for Country B grew at 3%. Which of the following is true during this period? a. Per capita GDP was the same for both Country A & Country B b. Per capita GDP decreased for Country B only c. Per capita GDP decreased for both Country A & Country B d. Per capital GDP decreased for Country A only
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