Question 8Refer to the information provided in Table 21.9 below to answer the question(s) that follow.Table 21.9ProductionPricesYear 1 Year 2Year 3$1.40$1.00Year 3Year 1Year 2$1.00$0.90Good X 6080100$1.00Good Y 100110130$0.80Refer to Table 21.9. 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 isO 93.9.O 100.O 106.5.O 179.

The GDP deflator measures the price changes of all the goods and services produced within the…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consumer goods (per period) 0 Reference: Ref 2-5 X •Z -Curve 2 Curve 1 Capital goods (per period) (Figure: Consumer and Capital Goods) Look at the figure Consumer and Capital Goods. Point Z: A will be attained as soon as the economy becomes efficient and moves to curve 2. B. is attainable if the quantity and/or quality of factors decreases. C. is attainable if the economy is able to reach full employment. D. is unattainable, all other things unchanged.
28 24 point A point E point F 20 point B 16 12 • point C point D 8 4. 4 12 16 20 24 product X product Y
To answer Questions #1 through #4 use the following information: Suppose that in the nation state of Raleighville there are 2 final goods produced in the economy - dog food and kitten chow. Suppose the economy produces 15 units of dog food and 5 units of kitten chow in 2000 (the base year), and 20 units of dog food and 10 units of kitten chow in 2020. Further suppose the price of dog food was $1.00 per unit in 2000, and $3.00 per unit in 2020; whereas the price of kitten chow was $1.00 in 2000 and $2.50 in 2020. What was the real GDP for Raleighville in 2000? O a. $20.00 O b. $30.00 O c. $57.50 O d. $85.00 Next page
P1
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2020 Statistics 2021 Statistics Quantity 2012 Statistics Product Quantity Price Quantity Price Price $50.00 $65.00 Shoes Hamburgers Shirts Cotton $60.00 2.00 90 100 100 100 75 2.00 30.00 0.09 120 2.25 50 50 25.00 65 25.00 11,000 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 6700 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).
(a) Suppose that the 149 million square kilometers of land on the surface of the population of 7 billion people in late 2011 or early 2012. population of 7 billion people in late 2011 or early 2012. 4. According to the United Nations Population Fund (UNFPA), the world reached a (a) Suppose that the 149 million square kilometers of land on the surface of the earth was divided equally among this population, so that each person was allotted a square parcel of land How long would the sides of each square parcel be? (b) According to the United Nations Food and Agriculture Organization (FAO), only about 32% of the surface of the earth is considered arable and suitable for farming. If only the arable land was divided into equal square parcels among the population, how long would the sides of each square parcel be? (c) Express your answers to parts (a) and (b) in terms of some concrete unit of length. For instance, you might compare them to the height of the Empire State Building, the span of…
If the maximum potential combination of consumer and capital goods produced by an economy has increased over time, which of the following is true? a. Marginal tax rates have increased due to contradictory fiscal policy. b. Keynesian policy initiatives have allowed for increased consumption of both consumer and capital goods. c. New physical capital has been introduced to firms throughout the economy. d. Resources are being utilized inefficiently at this combination of goods and services. e. Monetary policy authorities have effectively decreased bank reserves through open market operations.
You have a field on which you can grow two types of crops, barley and wheat. The field has 30 acres and each acre can produce 2 wheat or 3 barley. Suppose you are producing 60 barley and it is economically efficient for you to do so. How much wheat are you producing? 5 wheat 10 wheat 15 wheat 20 wheat
Course: Macroeconomics Assume that one day's labor in Argentina can produce either 20 units of cloth or 2 units of wine, while in Chile one day's labor can produce either 24 units of cloth or 12 units of wine. Question: What would you suggest each of these countries produce? Explain your answer. (Make sure to include the amount of cloth and amount of wine each country should produce.)

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