Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2009, then the nominal GDP for 2017 equals: O 18672.5 O8250 O8750 2009 Statistics Quantity 100 85 60 11,000 104025 Price $52.00 3.00 35.00 0.85 2016 Statistics Quantity 115 120 55 10,000 Price $65.00 3.00 30.00 0.70 2017 Statistics Quantity Price $70.00 3.50 30.00 0.75 110 135 75 11,000 If the base year is the year

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2009, then the nominal GDP for 2017 equals: O 18672.5 O8250 O8750 2009 Statistics Quantity 100 85 60 11,000 104025 Price $52.00 3.00 35.00 0.85 2016 Statistics Quantity 115 120 55 10,000 Price $65.00 3.00 30.00 0.70 2017 Statistics Quantity Price $70.00 3.50 30.00 0.75 110 135 75 11,000 If the base year is the year

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. The output produced in kilograms of a commodity and the price of this commodity (RO per kilogram) over the last three years are as follows: Output in Kilograms 7,000 7,500 8,000 Year Price in RO per Kilogram Consumer Price Index 2006 2.20 1.40 1.70 2.90 2.80 (2007 2008 1.95 Assume that the only source of income is from the production of this commodity. The best in terms of REAL INCOME was: year (a) 2006 (6) 2007 (c) 2008 (d) Can't say; insufficient information
Economics Use the table to answer the question 2015 Quantity Price Hotdogs 152 2 T-shirts 92 26 Toy cars 36 11 2016 Quantity Price Hotdogs 163 3 T-shirts 95 30 Toy cars 41 15 Refer to the table above. The table gives the quantities produced and prices in 2015 and 2016. What is chained-dollar real GDP of 2015 in 2016 dollars? O A. 3760.62 O B. 3820.32 O C. 3251 OD. 3342.17 O E. None of the above undefined
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Suppose you have the following information about household expenditure:Year Nominal ($m) Real ($m)2013 145 1302014 150 128Which of the following must be true? Select one: a. Both the price and quantity of goods and services in household expenditure have increased. b. Both the price and quantity of goods and services in household expenditure have decreased. c. The price of goods and services in household expenditure has increased and the quantity has decreased. d. The price of goods and services in household expenditure has decreased and the quantity has increased.
3. Suppose an economy has two years worth of data, years 1 and 2. Sup- pose there are also two goods, bread and corn. Suppose, in year one, 30 units of corn are sold at a price of 1 $ and 20 units of bread are sold at a price of 2 S. Suppose in year two, 60 units of corn are sold at a price of 1.5 $ and 80 units of bread are sold at a price of 4 $. Compute nominal GDP in both periods. Compute real GDP under both defini tions of a base year. Compute also a chain weighted real GDP series. For all three measures, compute the GDP deflator
Production Prices Year1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 60 80 100 $1.00 $1.00 $1.40 Good Y 100 110 130 $0.80 $0.90 $1.00 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is Select one: О а. 100 O b. 179 O c. 106.5 O d. 93.9
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Table 15-11 Nominal GDP $8,782 $9,274 Year 1998 1999 Real GDP $8,509 $8,859 Refer to Table 15-11. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 1999 equals O 95.5. O 104.7. O 105.6. O 104.1.
Assume a hypothetical economy produces only two goods as shown below. (base year=2017). O Year 2017 2018 2019 $7 $20 $28 $36 Quantity 2 4 The real GDP in the year 2019 is equal to: Apples 6 Price 5 Quantity 1 2 Oranges 2 Price 2 3 1
Item € (thousand) Mixed income 165 Government spending 136 Compensation of 1,735 employees Personal taxes 37 Gross investment 128 Indirect taxes 300 Corporate profits 194 Exports of goods and 249 services Imports of goods and 289 services Subsidies 41 Using the data in the above table, gross domestic product equals O €2,592. O €2,090. O €2,094. O €2,353.
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