QUESTION 21Refer to Table 2. The nominal GDP of 2019 is arounda.$ 260.10b.$ 417.55$ 334.45$ 57.50С.d.aO dQUESTION 22Refer to Table 2. Given the base year 2017, the GDP deflator and inflation of 2019 are around, respectively,a.116, 57 and 16.57%b.100 and 25.01%.C.125.01 and7.23%d.125.01 and 25.01%ad.O O O QUESTION 20Table 2. Production of Country ABCmilk (in gallons)QuantityPizza PiesPriceQuantityPrice2017102030201812232.134201913262.1537202013232.136Refer to Table 2. Using 2017 as the base year, the real GDP of 2018$ 29820.a.t 247 40

1)Nominal GDP of 2019 Price*quantity of pizza pies+milk 13*36=338 2.15*37=79.55=417.55. Therefore…

QUESTION 21 Refer to Table 2. The nominal GDP of 2019 is around a. $ 260.10 b. $ 417.55 С. $334.45 d. $ 57.50 a O d QUESTION 22 Refer to Table 2. Given the base year 2017, the GDP deflator and inflation of 2019 are around, respectively, a. 116, 57 and 16.57% b. 100 and 25.01%. С. 125.01 and7.23% d. 125.01 and 25.01% O a

QUESTION 21 Refer to Table 2. The nominal GDP of 2019 is around a. $ 260.10 b. $ 417.55 С. $334.45 d. $ 57.50 a O d QUESTION 22 Refer to Table 2. Given the base year 2017, the GDP deflator and inflation of 2019 are around, respectively, a. 116, 57 and 16.57% b. 100 and 25.01%. С. 125.01 and7.23% d. 125.01 and 25.01% O a

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In year 1 the price level is constant and the nominal rate of interest is 6 percent. But in year 2 the inflation rate is 3 percent. If the real rate of interest is to remain at the same level in year 2 as it was in year 1, then in year 2 the nominal interest rate must: a. fall by 3 percentage points b. rise by 9 percentage points c. rise by 6 percentage points d. rise by 3 percentage points
QUESTION 19 4. Table. The table below applies to an economy with only two goods - Mixed Rice and Noodles. The fixed basket consists of 4 plates of mixed rice and 8 plates of noodles. Price of a Plate of Mixed Price of a Plate Year Rice of Noodles 2017 $5.00 $3.00 2018 5.50 3.30 2019 5.61 3.63 Refer to Table. If the base year is 2017, then the economy's inflation rate in 2018 is O a. 10 percent. O b. 20 percent. O c. 10.91 percent. O d. 5 percent.
In 2014, Apple’s revenue was $183 billion, and it grew to $267 billion in 2018. a. What is the nominal growth rate of Apple’s revenue from 2014 to 2018? b. What is the value of Apple’s 2018 revenue in 2014 dollars? (In 2014, the CPI was 236.7, and in 2018, it was 251.1.) c. What is the real growth rate of Apple’s revenue from 2014 to 2018?
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G If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase?
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For many everyday economic applications, when economists adjust nominal dollar figures for inflation, they use the CPI rather than the GDP deflator, because the CPI reflects a , whereas the GDP deflator reflects a. "all" goods and services in GDP; market basket of "all" expenditures by "urban consumers' O b. market basket of "all" expenditures by "urban consumers"; "all" goods and services in GDP Ос. "all" goods and services in GDP; representative market basket of goods and services consumed by typical "urban consumers"; O d. representative market basket of goods and services consumed by typical "urban consumers"; "all" goods and services in GDP Next page
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Both!!!
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