Suppose that an economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2019 and 2020 are shown in the table below: Price ($) Laptops = 220 Books Laptops = 200 Year Quantities produced Laptops = 60 2019 Books = 1200 ? %3D Laptops = 100 2020 Books = ? Books = 8 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2019, so that real GDP in 2019 equals nominal GDP in 2019. If the real GDP was $18,000 in 2019, the price of books must have been $ Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 15 percent, have been produced. books must Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2019 and 2020 was ]percent.

Suppose that an economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2019 and 2020 are shown in the table below: Price ($) Laptops = 220 Books Laptops = 200 Year Quantities produced Laptops = 60 2019 Books = 1200 ? %3D Laptops = 100 2020 Books = ? Books = 8 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2019, so that real GDP in 2019 equals nominal GDP in 2019. If the real GDP was $18,000 in 2019, the price of books must have been $ Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 15 percent, have been produced. books must Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2019 and 2020 was ]percent.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The country described in the table below produces and consumes only three goods: T- shirts, shampoo, and bread. Assuming that 2018 is the base year, by what percentage did real GDP grow between 2018 and 2019? (If your answer is 23.23%, please write 23.23) T-shirts Shampoo Bread 2018 Quantity Unit 10 units 20 bottles 30 kilograms Typed nuleric answer will be automatically saved. Price Quantity 40 10 9 2019 Unit 20 units 10 bottles 25 kilograms Price 45 18 20 C
need help with this one. Using the data in the table below related to nominal GDP and the chain-weighted price deflators for gross domestic product (e.g., price index for GDP), answer the following questions:
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 2020? Oa. $20.00 O b. $30.00 Oc. $57.50 Od. $85.00 Next page page
Q1. a) State the two reasons that nominal GDP increased (or decreased) between each pair of years. b) Using addition, show how the two reasons listed in part A contribute to the percentage change in nominal GDP in 2000. Explain your answer.
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. $85.00 Next page
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So far, we have learned to measure real GDP, but how do we end up with that real GDP? Of all of the different amountsof national income and price levels that might exist, how do we gravitate toward the one that gets measured each year asreal GDP?In short, it is the interaction of the buyers and producers of all output that determines both the national income (real GDP)and the price level. In other words, the intersection of aggregate demand (AD) and short-run aggregate supply (SRAS)determines the short-run equilibrium output and price level.Once we have a short-run equilibrium output, we can then compare it to the full employment output to figure out where inthe business cycle we are. If current real GDP is less than full employment output, an economy is in a recession. If currentreal GDP is higher than full employment output, an economy is experiencing a boom. If the current output is equal to thefull-employment output, then we say that the economy is in long-run equilibrium. The…
Can you inform from the graph the movement of the price level in the economy since the beginning of 2021? Explain GDP Were we ever in a recession during the period? How do you know?
explain how to get these answers
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below. Year 2015 2016 Quantities Produced Laptops 50 Books 1,000 Laptops 90 Books ? Price ($) Laptopa Books 7 Laptops 170 Books B 200 Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round your answer to one decimal place. a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015. If the real GDP in Britain was $15,000 in 2015, the price of books was: $[ b. Using your answer from part (a), if the growth rate in nominal GDP was 15% | books must have been produced in 2016. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: %
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