1. GDPComputationsThe following table shows some data for an economy that produces only two goods: milk and honey.PriceYear (Dollars)2020112202120222. PercentageChangesMilkYear202020212022Quantity Price(Quarts)200400400(Dollars)22Honey4Quantity(Quarts)100200200STEP: 1 of 2Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.Nominal GDP Real GDP(Dollars)(Dollars) GDP Deflator

The total valuation of all final products produced within a country's borders during a specific…

The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars) 1 1 Milk 2 Quantity (Quarts) 200 400 400 Honey Price (Dollars) 2 2 4 Quantity (Quarts) 100 200 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP (Dollars) (Dollars) GDP Deflator

The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars) 1 1 Milk 2 Quantity (Quarts) 200 400 400 Honey Price (Dollars) 2 2 4 Quantity (Quarts) 100 200 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP (Dollars) (Dollars) GDP Deflator

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

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
Question3 The Desert Republic produces only sheep and oil. The base year is 2010 and the table below gives the quantities produced and the market prices. 2010 Price Sheep Oil $104 per sheep $28 per barrel Quantities 10.193 sheep 13,306 barrels 2020 Sheep Oil $126 per sheep $57 per barrel 12,884 sheep 11.148 barrels Calculate nominal GDP in 2020
Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Year Apples Envelopes Price Quantity Price Quantity (Dollars per apple) (Number of apples) (Dollars per envelope) (Number of envelopes) 2016 2 115 5 175 2017 4 150 2 180 2018 1 100 2 160 Use the information from the preceding table to fill in the following table. Year Nominal GDP (Dollars) Real GDP (Base year 2016, dollars) GDP Deflator 2016 2017 2018 From 2017 to 2018, nominal GDP: (a. increased, b. decreased), and real GDP (a. increased, b. decreased) . The inflation rate in 2018 was: (a. -47.5%, b. -0.5%, c. 47.5%, d. 52.5%, e. 190.5%) . Why is real GDP a more accurate measure of an economy's production than nominal GDP? a. Real GDP includes the value of exports, but nominal GDP does not.…
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places. Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places. Why does % change calculated from constant dollars differ from % change calculated from current dollar? Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…
Only typed answer
Real versus nominal GDP Consider a simple economy that produces two goods: pens and oranges. The following table shows the prices and quantities of the goods over a three-year period. Year Pens Oranges Price Quantity Price Quantity (Dollars per pen) (Number of pens) (Dollars per orange) (Number of oranges) 2017 1 115 2 175 2018 2 150 4 180 2019 4 120 4 190 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2017, dollars) 2017 2018 2019 From 2018 to 2019, nominal GDP , and real GDP . The inflation rate in 2019 was . Why is real GDP a more accurate measure of an economy's production than nominal GDP? Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. Real GDP is not influenced by price changes, but nominal…
The following data represents the output and price of the goods and services produced in the country of Florin in 2018, which specializes in the production of just three things. 2017 is the base year. Production Data Products 2017 Quantity 2017 Price 2018 Quantity 2018 Price haircuts 8 686 face wash 8 3 3.8 prom dresses 2 4 1 5 Calculate Florin's 2017 GDP deflator.
Suppose the following table records the total output and prices of rice and gasoline for an entire economy. This economy produces rice and gasoline only. Further suppose the base year is 2015. Rice Gasoline Year Price Quantity Price Quantity 2015 $8.00 500 $2.00 2000 2016 $9.00 600 $2.30 2000 2017 $10.00 600 $3.00 1800 (1) Compute nominal GDP for 2015, 2016, and 2017. (2) Compute real GDP for 2015, 2016, and 2017. (3) Compute GDP deflator for 2015, 2016, and 2017. (4) Calculate inflation rate from 2016 to 2017 using GDP deflator you calculated above. Write your calculation below:
The country of Huskies produces two goods: footballs and basketballs. Below is a table showing prices and quantities of output for three years: Quantity of Footballs Quantity of Basketballs Price of Price of Year Footballs Basketballs Year 2016 $10 120 $12 200 Year 2017 12 200 15 300 Year 2018 14 180 18 275 a) Calculate nominal GDP for three years b) Calculate real GDP using 2016 as a base year c) Calculate GDP deflator for these three years
The Table shows the GDP deflator for the year 2019 and nominal GDP of Fairyland for the years 2019 and 2020. You are told that prices in Fairyland rose by 5% in 2020 Calculate the percentage increase in Real GDP in 2020. Year GDP deflator Nominal GDP 2019 120 $240000 2020 Not given $277200 According to the U.S. Bureau of Labour Statistics a bread cost $5 in the year 1997 and cost $10.26 in 2022. Imagine your salary was $100 in 1997 and $250 in 2022. How much % has your real salary grown in terms of bread?
V4