Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for2015 and 2016 are shown in the table below:Quantities ProducedYear2015Laptops = 60Books = 800Price ($)Laptops = 200Books = ?2016Laptops = 70Books = ?Laptops = 120Books = 8Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round youranswer 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.%.c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was:

b. Using your answer from part (a), if the growth rate in nominal GDP was 15%,books must have been…

Answered: Suppose that the British economy…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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am. 265.
1
Suppose that consumers purchase fish and computer chips. In 2010, 1 pound of fish cost $1, a computer chip cost $1, and the typical consumer bought 10 pounds of fish and 10 computer chips. In 2011, 1 pound of fish cost $2, a computer chip cost $0.50, and the typical consumer bought 5 pounds of fish and 20 computer chips. In 2012, 1 pound of fish cost $2.10, a computer chip cost $0.90, and the typical consumer bought 12 pounds of fish and 20 computer chips. Using 2011 as the base year, the inflation rate between 2011 and 2012 is _____ percent.
Suppose that in the nation state of Craiglandia there are 2 final goods produced in the economy – food and clothing. Suppose the economy produces 10 units of food and 5 units of clothing in 2000 (the base year), and 10 units of food and 10 units of clothing in 2015. Further suppose the price of food was $2.00 per unit in 2000, and $3.00 per unit in 2015; whereas the price of clothing was $2.00 in 2000 and $2.00 in year 2015. What was the nominal GDP for Craiglandia in 2015? What was the real GDP for Craiglandia in 2015? The GDP deflator for Craiglandia, for 2015, is _______; and it follows that Craiglandia experienced _______between 2000 and 2015.
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:
In 2012 the nominal value for household spending on food and beverages was equal to $17593m and in 2021 it was $23888m. Using the most appropriate price index from the list below, calculate the percentage change in real household spending on food and beverages from 2012 to 2021 and answers the questions below. 2012 2021CPI (Food) 961 1057CPI (All groups) 949 1068PPI (Outputs - Food manufacturing) 1031 1171Import price index (food and beverages) 1436 1306 The percentage change in nominal household spending on food and beverages is equal to?
Consider an economy producing the following products: bread and cars. Use the information provided in the following table to answer the question below: Product Quantity Base Year Price (2012) Price (2019) Price (2020) Bread 1000 $20.00 $22 $24 Cars 2000 $8.00 $10 $12 Refer to the table above to answer the questions below: a) Compute the consumer Price Index for years 2019 and 2020 using 2012 as the base year and the consumption basket that consist of 1000 bread and 2000 cars. You will need to round your answer to the nearest whole number. b) Compute the Inflation rate for 2020
Solve all subparts correctly and explains
Please help with the calculations.
By how much did the change in the price of college tuition differ from the 2019 average rate of inflation? I know it rose but how do I find the percentage?
Assuming that a household in Hadililand consumes only apple juice and T-shirts. Last year, which was the base year, the household spent $440 on juice and $132 on shorts. In the base year, juice was $2.2 a bottle and shorts were $11 a pair. This year, juice is $3.3 a bottle, shorts are $13.2 a pair, and a typical household has bought 198 bottles of juice and 15 pairs of shorts. a) What is the basket used in the CPI? b) Calculate the CPI in the current year. c) Calculate the inflation rate in the current year. d) Is the inflation rate that you've calculated likely to be biased? Why or why not?
Suppose the price level reflects the number of dollars needed to buy a basket of goods containing one cup of coffee, one donut, and one newspaper. In year one, the basket costs $6.00. In year two, the price of the same basket is $7.00. From year one to year two, there is at an annual rate of . In year one, $12.00 will buy baskets, and in year two, $12.00 will buy baskets. This example illustrates that, as the price level rises, the value of money .

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