Select one:SnackYear Price per Unit2021GDP deflator is 118 in 2022.202215 pesos20 pesosQuantity4040Nominal GDP is 1000 pesos in 2022.Real GDP is 1180 pesos in 2022.The rate of inflation from 2021 to 2022 is 0%.CheesePrice per Unit Quantity1020 pesos15 pesos12The table above describes production and price levels of Macroland in 2021 & 2022. According to this table, which one of the following is correct? (In thisquestion, take 2021 as the base year in your calculations whenever necessary)SodaPrice per Unit8 pesos10 pesosQuantity2520

Accurate national income data enables governments to make informed judgments while implementing…

Snack Year Price per Unit 2021 15 pesos 2022 20 pesos Select one: Quantity 40 GDP deflator is 118 in 2022. Nominal GDP is 1000 pesos in 2022. Real GDP is 1180 pesos in 2022. The rate of inflation from 2021 to 2022 is 0%. 40 Cheese Price per Unit Quantity 20 pesos 10 15 pesos 12 The table above describes production and price levels of Macroland in 2021 & 2022. According to this table, which one of the following is correct? (In this question, take 2021 as the base year in your calculations whenever necessary) Soda Price per Unit Quantity 8 pesos 25 10 pesos 20

Snack Year Price per Unit 2021 15 pesos 2022 20 pesos Select one: Quantity 40 GDP deflator is 118 in 2022. Nominal GDP is 1000 pesos in 2022. Real GDP is 1180 pesos in 2022. The rate of inflation from 2021 to 2022 is 0%. 40 Cheese Price per Unit Quantity 20 pesos 10 15 pesos 12 The table above describes production and price levels of Macroland in 2021 & 2022. According to this table, which one of the following is correct? (In this question, take 2021 as the base year in your calculations whenever necessary) Soda Price per Unit Quantity 8 pesos 25 10 pesos 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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10. Under the following conditions, estimate the price of an item during year 3 A. If it is estimated that its price at the beginning of the analysis is $8.50 and suffers an inflation of 5.5% per year. B. If it is estimated that its price at the beginning of the analysis is $8.50 and it suffers an inflation in year 1 of 3%, in year 2 of 5% and in year 3 of 2%. C. If it is estimated that its price in the first year of the analysis will be $8.50 and it suffers an inflation of 5% per year. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
A hypothetical country of Narnia produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2017. Year 2016 2017 2018 2019 Price (Dollars per movie) 7.6% 7.5% Movies 7.2% 7% 10.00 11.00 12.00 12.00 Quantity Quantity (Movies) (Dollars per bag) (Bags) 500 600 650 625 Popcorn Refer to Table 23-5. What was the rate of inflation for Narnia in 2019? (Hint: round-off to the nearest decimal point) Price 5 4 5 6 1,000 900 950 925
The following table shows the typical market basket consumed in an economy as well as data on price for years 2001 to 2003. Use this table to calculate the inflation rate between 2001 and 2002. 2003 is the base year. Price in year Price in year Price in Year Items Quantities 2001 2002 2003 Pizza $10 $20 $0.50 $12 $25 $0.55 $11 $26 $1 10 T-shirts 10 Candy 100
Module Three Quiz Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) 2018 2019 2020 Year 2018 2019 2020 2 Nominal GDP (Dollars) 2 4 Plastic cups Use the information from the preceding table to fill in the following table. From 2019 to 2020, nominal GDP The inflation rate in 2020 was 295 140 Real GDP (Base year 2018, dollars) GDP Deflator F 145 and real GDP Price (Dollars per seltzer) 2 4 Seltzers Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of seltzers) 180 210 160 Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP includes the value of exports, but nominal GDP does not.
In 2019 and in 2020, consumers in Dexter purchased only books and pens. The prices and quantities for 2019 and 2020 are listed in the table. The reference base period for Dexter's CPI is 2019, and 2019 is also the year of the Consumer Expenditure Survey. What is the inflation rate in 2020? 2019 2020 Item Price Quantity Price Quantity Books $2 3 $4 5 Pens $8 8 $9 6 The inflation rate in 2020 is _______ percent. A. 5.0 B. 84.0 C. 120.0 D. 20.0
Now you see what the BLS economist do, except with a more complex basket of goods. Now try to construct an index and determine the inflation rate on your own. The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the “basket” of fruit with the quantities shown in column 2? (5 points) Items Qty. 2001 2002 2003 2004 Price Amount Spent Price Amount Spent Price Amount Spent Price Amount Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries 1 $2.00 1.9 2.05 2.13 $2.13 Total Construct the price index for a “fruit basket” in each year using 2003 as the base year. (5 points) Compute the inflation rate…
3. In a small community, breakfast is the most important meal of the day. Therefore, the only two goods that this community produces are coffee and scones in the following amounts: Year 2020 2021 Quantity 60 cups 90 cups Coffee Price $1.25 $1.45 Quantity 45 units 65 units Scones Price $2.10 $3.95 a) Calculate the inflation rate for 2021 using the GDP deflator method (assume that 2020 is the base year for real GDP calculations). Show your work. b) Calculate the inflation rate for 2021 using the CPI method (assume that 2020 is the base year for CPI calculations). Additionally, assume that the consumption basket for both years contains only 10 cups of coffee and 40 scones. Show your work. c) Compare the results of both inflation calculations and explain why they are similar or different based on the two methods and on the specific data used in this example.
A price index for a basket of goods over four years was calculated to be: 2014 = 92, • 2015 =97, • 2016=100, • 2017=107. Calculate the inflation rate for each year so that you will enter: Blank #1 = Inflation Rate for 2015 Blank #2 = Inflation Rate for 2016 • Blank #3 = Inflation Rate for 2017 What is the base year in this scenario? • Blank #4 = Base year for this basket %3D Round to two decimal places Blank # 1 Blank # 2 Blank # 3 Blank # 4
Use the following data for 2019 to answer the question: Prices That Rose Health insurance Gasoline Lettuce (%) Prices That Fell +20.5 Televisions +12.8 Peanut butter +7.6 Oranges +5.9 Apples +4.2 Eggs +1.9 College textbooks +0.6 Coffee Average Inflation Rate: +2.3% Cigarettes Hot dogs College tuition Bananas (%) -20.8 -6.0 -5.5 -4.8 -4.6 -3.1 -1.4
Question 2 Part (a) Refer to the table below for a very simple economy producing three goods: education, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and projectors are used for educational service. Product Steel panels Education Cars Cheese Pizzas Projectors Quantity 40 400 400 2500 2500 4000 2017 Price $5000 $1000 $10000 $1.50 $9.00 $2000 Quantity 50 450 500 3500 3500 5000 2022 Price $6000 $1100 $12000 $1.50 $12.00 $3000 What is the nominal GDP for the economy in 2022? What was the nominal GDP in 2017? What is the real GDP in 2022 using 2017 prices as base year prices? What is the overall real GDP growth rate between 2022 and 2017? Part (b) Assume for an economy, there are 11.5 million people employed, unemployment rate is 5.2%, labor force participation rate is 64%, number of defence force personnel
The monthly market basket for consumers consists of pizza, t-shirts, and rent. The table below shows market basket quantities and prices for the base year (Year 1) and in the following two years. Product Pizza T-Shirts Rent Base Year (Year 1) Quantity 10 3 1 The inflation rate between Year 1 and Year 2 is The inflation rate between Year 2 and Year 3 is Price in the Base Year $3.50 $10.00 $500.00 Price in Year 2 $4.38 $9.00 $550.00 Price in Year 3 $4.73 $10.50 $600.00 %. (Round both answers to one decimal place.) %.
Consider a simple economy that only produces: pencils, t-shirts, and bananas. Using the information in the table below, calculate the inflation rate for 2020, as measured by the consumer price index. Product Pencils T-shirts Bananas 1.9% 1.1% O-1.1% 1.5% O-1.9% Quantity 8 15 5 Base year price (2010) $2 $5 $1 Price (2019) $3 $7 $1.50 Price (2020) $3.50 $6.75 $1.75