The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk 2008 $4.00 90 $1.50 150 2009 $4.00 100 $2.00 180 In 2009, this country's Select one: O a. real GDP was $660, and the GDP deflator was 115.2 O b. real GDP was $670, and the GDP deflator was 115.2 C. real GDP was $670, and the GDP deflator was 113.4 O d. real GDP was $660, and the GDP deflator was 113.4 Next page ge

The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years shown below. The base year is 2008. Prices and Quantities Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk 2008 $4.00 90 $1.50 150 2009 $4.00 100 $2.00 180 In 2009, this country's Select one: O a. real GDP was $660, and the GDP deflator was 115.2 O b. real GDP was $670, and the GDP deflator was 115.2 C. real GDP was $670, and the GDP deflator was 113.4 O d. real GDP was $660, and the GDP deflator was 113.4 Next page ge

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. In the country of Mieleche, the land of milk and honey, the price of honey has been increasing while the price of milk fluctuates. Year 2018 2019 2020 Price of Milk $1.00 $5.00 $3.00 Quantity of Milk 100 200 200 Price of Honey $2.00 $4.00 $5.00 a. What is the nominal GDP in 2018, 2019, and 2020? Quantity of Honey 50 100 100 b. What is the real GDP in 2018, 2019, 2020 using 2018 as the base year? c. How does GDP change from 2019 to 2020? What is the difference between using nominal GDP and real GDP? Why is or isn't there a difference?
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Transfer payments are not included in GDP calculation because these are OA. no different from income tax payments. B. income received, but not as payments for providing current goods and services. C. income from foreign countries that is transferred to the U.S. OD. payments received from an employer as a reimbursement for moving expenses.
Suppose we have a two good economy that produces beef and soy.The price of a unit of beef = $19 and the price of a unit of soy = $14 Suppose also that we produce 125 units of beef and 460 units of soy. a. What is the value of beef produced in our economy? $b. What is the value of soy produced in our economy? $c. What is the GDP for our economy? $
estion 2 Which statement is INCORRECT? To calculate the US GDP, statisticians add up the market value of our output. To calculate the US GDP, statisticians add up the value of all the intermediary and final output. Statisticians use the prices of goods and services like a ruler to measure the size and growth of US output. To calculate the US GDP, statisticians add up the output produced within the country, regardless of whether the people and businesses which produce that output are nationals of other countries. All the statements are correct. A Moving to the next question prevents changes to this answer. Q 7 $ 4 R % 5 19 T tv 6 MacBook Pro Y & 7 U * 00 8 4+ I Nc ( fr O O P Question 2 of 14 > W 13 = RA #1
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Good X Good Y Production Year 2 200 120 Year 1 150 100 Year 3 230 180 Table 5A Year 1 $1.00 $0.80 Refer to Table 5.4. Suppose this economy produces only the two goods X and Y. Nominal GDP in year 1 is: $230. $296. $360. $448. Prices Year 2 Year 3 $1.20 $1.30 $1.00 $1.10
A country produces only meat and potatoes in the quantities and prices listed below. Use 2011 as the base year. Year 2011 2012 2013 O 134. 113. O 122. Price of Potatoes 92. $2.00 $2.50 $3.50 Quantity of Potatoes Refer to Table 23-8. In 2012, GDP deflator is 10 15 20 Price of Meat $20 $22 $25 Quantity of Meat 6 8
Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Peaches Pecans Year Price Quantity Price Quantity 2000 $11 10 $6 10 2001 $9 20 $10 10 What is the real GDP for 2001? $200 O $150 $280 $170
Measuring GDP - Income approach Assume an economy with a coal producer and a steel producer. In a given year, the coal producer produces 15 million tons of coal, selling for $5 a ton, and pays $50 million in wages. The steel producer uses 25 million tons of coal (10 of which are imported) as input to steel production, paying $5 per ton. The steel producer produces 10 million tons of steel, selling at $20 a ton. The steel producer pays $40 million in wages. All profits made by the coal and steel firm are distributed to domestic consumers. Considering both producers, what is the total amount of wages paid in this economy? Answer in millions.
Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Barbados. Year year 1 year 2 year 3 Real GDP $20,597 $10,557 $40,977 What is the nominal GDP for year 1? What is the nominal GDP for year 2? GDP deflator What is the nominal GDP for year 3? 122 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. 113 100 year 1: year 2: year 3: $ $ 13234 Incorrect 12457 Incorrect 40977