The economy of Tuland produces only two products fish and watches. The following information is available for production and prices of Tuland's products for the years 2009 and 2010.Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.)GDP for 2009 in 2009's pricesGDP for 2009 in 2010's pricesGDP for 2010 in 2009's prices20092010Quantity of fish180198Quantity of watches100125Price of fish$10.00$12.50Price of watches$40.00$43.20GDP for 2010 in 2010's pricesUsing 2009 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint you need to compute the GDP deflator first.Using 2010 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first.The geometric average of the two inflation ratesQQQüüüü

GDP for 2009 in 2009's prices: $5800GDP for 2009 in 2010's prices: $7875.24GDP for 2010 in 2009's…

Answered: The economy of Tuland produces only two…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the data below to answer the questions. Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 GDP $5,803 5,995 6,337 6,657 7,072 7,397 7,816 8,304 8,747 9,268 9,817 10,128 10,469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,527 15,518 16,163 16,768 17,393 18,037 18,754 19,543 20,612 21,433 Total Government Spending (billions) $1,180 1,234 1,271 1,291 1,325 1,369 1,416 1,468 1,518 1,620 1,721 1,825 1,961 2,092 2,217 2,355 2,508 2,675 2,878 2,918 3,000 3,169 3,169 3,143 3,152 3,218 3,299 3,407 3,595 3,748 Federal Spending (billions) $508 527 533 525 519 519 527 530 530 555 578 612 679 756 826 876 932 979 1,080 1,143 1,223 1,304 1,291 1,232 1,219 1,225 1,235 1,264 1,339 1,419 State and Local Spending (billions) $671 706 737 766 806 850 888 937 987 1,065 1,142 1,212 1,281 1,336 1,391 1,480 1,576 1,696 1,798 1,775 1,780 1,865 1,878 1,912 1,933 1,993 2,065 2,143 2,256 2,329
Compute the values of real GDP and GDP deflator in 2018 and 2019 (using 2017 as the base year).
GDP 1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical fashion in your document): Consumption Investment Business fixed investment Changes in inventories Government Net Exports Exports Imports Expenditure Components of GDP by Country, 2018 (billions of US dollars) Australia Canada Denmark Finland India Japan New Zealand 808.7 996.9 165.9 146.1 1650.6 2763.3 120.0 336.9 0.1 275.5 348.5 312.0 385.1 9.4 357.1 544.9 581.1 78.8 2.9 86.6 197.9 176.4 65.6 842.7 3.4 27.4 62.7 312.1 1202.5 11.2 981.6 Which country has the largest negative net exports? 106.8 548.6 917.1 108.8 657.0 904.4 GDP Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices - US dollars 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports? Which one(s)? 49.1 0.1 38.4 58.2 58.1 UK 1870.5 487.3 5.8 528.3 856.8 907.1 US 13998.7 4260.7 54.7 2904.3…
Table 1 shows some data on the prices and quantities for a simple economy that produces the following goods and services. Table 1: Price and quantity for three types of product Product Year 2017 Year 2018 Year 2019 Price Quantity Price Quantity Price Quantity (RM) (RM) (RM) A 1 180 1 200 1.25 200 90 75 90 100 100 120 C 0.6 675 0.5 600 0.5 630 (i) Compute the values of nominal GDP in 2017, 2018 and 2019. Compute the values of real GDP and GDP deflator in 2018 and 2019 (using 2017 as the base year). (ii) Compute the percentage change in the real GDP in 2018 and 2019 from the preceding year. (iii)
Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 100 2 50 2021 2 100 4 50 2022 2 200 4 100 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022
Calculate GDP deflator from the following table: Year Nominal GDP Real GDP 2000 8952 8952 2001 9200 9050 2002 10,000 9500 2003 10,030 9330 2004 11,100 10,000
Using the table below calculate the missing values. Take all calculations to 2 decimal places. $ not required. Year 2010 2011 2012 2013 2014 2015 Nominal GDP 2,450 2,660 2,870 3,155 Number 3,558.4 Real GDP Number 2,745 Number 3,025 3,140 3,353.4 GDP Deflator 0.94 Number 1.00 Number Number 1.06 Number Include a negative sign where appropriate in the following answers: Part 7: Nominal growth rate year (2010-11) Number Part 8: Nominal growth rate year (2012-13) Part 9: Inflation rate year (2010-11) Number Part 10: Real growth rate year (2011-12) Number Part 11: Inflation rate year (2014-15) Number Part 12: Real growth rate year (2013-14) Number
Year 2014 (base) 2015 Product Quantity Price Quantity Price 2016 Quantity Price Beer 15 550 575 Pizza 7 275 280 Hot Wings 10 640 660 Given the above table, the nominal GDP in 2015 is: 500 300 600 17 8 12 20 10 13 A/ (whole number) dollars. The real A (whole number) GDP in 2016 is: dollars. The GDP deflator for 2016 equals:
The table provides data on the economy of Pak Republic that produces only fish and crabs. Quantities Fish Crabs Prices Fish 2009 2010 1,000 tons 500 tons 2009 Rs.2000 a ton Rs.3000 a 1,100 tons 525 tons 2010 ton Crabs Rs.1000 a ton Rs.800 a ton Calculate Pak Republic's nominal GDP in 2009. Calculate Pak Republic's nominal GDP in 2010. Calculate Pak Republic's real GDP in 2010 expressed in 2009 dollars.
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Given the following information for a country: Year 1981 1986 1991 GDP(current prices, mil) 282,596 608,807 1,244,741 Population (mil) 49.54 56 62.87 GDP deflator (1997= base year) 16.45 37.93 64.49 Calculate real GDP for all the years. Calculate real GDP per capita for all the years.

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