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: Quantities Produced Laptops = 50 Books = 1,000 Year Price ($) Laptops = 200 Books = ? 2015 Laptops = 90 Books = ? Laptops = 170 Books = 8 2016 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. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: %.

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: Quantities Produced Laptops = 50 Books = 1,000 Year Price ($) Laptops = 200 Books = ? 2015 Laptops = 90 Books = ? Laptops = 170 Books = 8 2016 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. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: %.

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

If there are only two goods, apples and bikes produced in the economy; in 2015 total production of apples was 1000 tones and price of apple is $2 per tone; total production of bikes was 100 units and price of bikes was $500 per unit. in 2016 total production of apples was 1500 tones and price of apple is $3 per tone; total production of bikes was 110 units and price of bikes was $600 per unit. According to the information above, please calculate the consumer price index for 2016. O a. 136,89 Ob. 133,12 Oc 135,58 Od. 134,34
None
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
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
Consider the following table, which provides the price of beef and the price of all foods from 2014 to 2022. Price of Price of Relative Year All Food Beef Price 2014 96 98 102.08 2015 97 99 102.06 2016 100 100 2017 103 103 2018 104 105 2019 108 106 2020 111 114 2021 113 116 2022 116 114 The relative price of beef is calculated as: (Price of Beef/Price of all foods) x 100. In 2020, the relative price of beef was close to O 114.16 O 111.10 O 102.70 O 98.27
Britney is a baseball fan and attends several games per season. Her expenses per season are listed in the table below: Year 2 Year 1 5 Baseball $500$560 Tickets Jersey $120 $150 $150 $160 Food Transport $60 S$70 Assuming that year 1 is the base year, calculate the price index for year 1 and for year 2. 100, 113 100, 88 88, 113 88, 100
P1
Eden, a country, produces just two output goods: apples and snakeskin handbags. In 2014 the prices of apples and hand bags were 10 and 24, respectively. In 2015, the prices increased to 12 and 25. The quantities produced of the two goods were unchanged in both 2014 and 2015, at 100 and 20. From this information, we can conclude that:
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 .
The next five questions involve the following situation: Consider an economy with only three consumption goods: cocaine, silver, and Doge memes.' The following table shows prices for 2017-2020. Use 2017 as the base year for any relevant calculations. Based on a 2017 survey, the typical consumer has an annual consumption of 20g of cocaine, 10 oz of silver, and 1,000 memes. Year Price of Cocaine (g) Price of Silver (oz) Price of a Meme 2017 $150 $17 $1 2018 $150 $16 $5 2019 $120 $16 $10 2020 $200 $28 $100 18. What is the CPI for 2017? (А) 100. (В) 196. (C) 301. (D) 2501. 19. What is the CPI for 2020? (А) 100. (В) 196. (C) 301. (D) 2501. 20. Based on these data and their associated Consumer Price Indices, what is the inflation rate from 2018 to 2020? (A) 2,501%. (В) 731%. (C) 100%. (D) 1,176%. 'Doge Coin to the moon.
Ross is a senior citizen who consumes food and health care. When he retired in 2002, he consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $73. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $285. As a result, Ross consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Ross using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is (Enter your response rounded to two decimal places.)