Refer to the Table. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is Year 1 Good X 60 Good Y 100 OA) $204. OB) $222. OC) $250. OD) $270. Production Year 2 80 110 Year 3 100 130 Year 1 $1.00 $0.80 Prices Year 2 $1.00 $0.90 Year 3 $1.40 $1.00

Refer to the Table. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is Year 1 Good X 60 Good Y 100 OA) $204. OB) $222. OC) $250. OD) $270. Production Year 2 80 110 Year 3 100 130 Year 1 $1.00 $0.80 Prices Year 2 $1.00 $0.90 Year 3 $1.40 $1.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

7. Please Solve the answer can u see in option im needed max in 15-20 minutes thank u
2. Which of the following will decline in US GDP according to national income accounting? a. An decrease in government financial assistance to families for groceries and food paid for by income tax revenue b. an increase in imports from China a drop in salaries paid to soldiers in the US military с. d. an old bridge collapses and is left un-repaired and untouched the entire year е. none of the above
5. An economy produces three goods: laptops, Apple phones, and plums. Production units and prices per unit for years 2020 and 2021 are as follows: 2020 2021 Quantity Price($) | Quantity Price($) Laptops Apple Phones Plums 10 2,000 12 3,000 4 1,000 6. 500 1,000 1 1,000 1 a. What is nominal GDP in 2020 and in 2021? b. Using 2020 as the base year, what is real GDP in 2020 and in 2021? c. What is the percentage increase in real GDP from 2020 to 2021? d. Repeat b. using 2021 as the base year. e. Does the growth rate for real GDP depend on which year is chosen as the base year?
The table gives data about Northland's economy in 2017. What is the value of GDP in Northland in 2017? The value of GDP in Northland in 2017 is _______. A. $2,262 billion B. $1,291 billion C. $971 billion D. $1,439 billion Item Amount (billions) Consumption expenditure 720 Wages 652 Indirect taxes less subsidies 148 Investment 235 Net exports of goods and services 54 Profit 171 Government expenditure on goods and services 282
7
Only DEF not ABC please. Thankyou
3. Suppose that an economy shows only the following activities in aspecific year:i. It costs an automobile manufacturing company €10 millionto assemble 5,000 cars. The cars are then sold to stores for€12 million.ii. The stores pay their workers an annual wage of €1 million andthen sell the cars directly to the consumers for €15 million.Please find other instances like this and correct them.a. Calculate the GDP in this economy using the productionof-final-goods approach.b. Calculate the GDP using the value-added approach. Showthe value added at each stage of production.c. Calculate the GDP using the income approach. Show thecosts incurred and profits earned.
Suppose that annual output in year 1 in a 3-good economy is 3 quarts of ice cream, 1 bottle of shampoo, and 3 jars of peanut butter. In year 2, the output mix changes to 5 quarts of ice cream, 2 bottles of shampoo, and 2 jars of peanut butter. 1.1. If the prices in both years are $4 per quart for ice cream, $3 per bottle of shampoo, and $2 per jar of peanut butter, what was the economy’s nominal GDP in year 1? Show the calculation. Recall that GDP is the core measure of an economy's health. Nominal GDP (also known as current–dollar economic statistics) is not adjusted to account for any price changes. To calculate nominal GDP (the value of all final goods and services evaluated at current-year prices) you have to use the formula: Nominal GDP= P*Q. To get a real picture of a nation's economic growth economists prefer using real GDP. To calculate real GDP (the value of all final goods and services evaluated at base-year prices for each year) you have to use the formula: Real GDP= P*Q.…
5. Problems and Applications Q9 A farmer grows wheat and sells to a miller for $90. The miller turns the wheat into flour and sells the flour to a baker for $145. The baker turns the wheat into bread and sells the bread to consumers for $155. Consumers eat the bread. Assume that these transactions account for all economic activity in this economy. GDP in this economy is S Value added is defined as the value of a producer's output minus the value of the intermediate goods that the producer buys to make the output. Assuming there are no intermediate goods beyond those just described, complete the following table by calculating the value added for each of the three producers. Then enter the total value added in the final row. Producer Farmer Miller Baker Total Value Added True or False: The total value added for the three producers in this economy equals the economy's GDP. True (Dollars) False
Question 2 Item: Quantity Price Price Hot dogs 4 $1.75 $2.00 Pepsi 2 $1.25 3 $1.50 2. The table gives data on the production and prices in a very small local economy. Use 2018 as the base period. What does real GDP equal in 2019? Ⓒ$14.25 O $16.50 O $3.50 O $11.00 Data for 2018 Data for 2019 Quantity 6
5. Problems and Applications Q9 A farmer grows wheat, which she sells to a miller for $70. The miller turns the wheat into flour, which she sells to a baker for $120. The baker turns the wheat into bread, which she sells to consumers for $135. Consumers eat the bread. Assume that these transactions account for all economic activity in this economy. GDP in this economy is $ Value added is defined as the value of a producer's output minus the value of the intermediate goods that the producer buys to make the output. Assuming there are no intermediate goods beyond those just described, complete the following table by calculating the value added for each of the three producers. Then enter the total value added in the final row. Value Added Producer (Dollars) Farmer Miller Baker Total True or False: The total value added for the three producers in this economy does not equal the economy's GDP.