The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018.Calculate real GDP in 2018 and real GDP in 2019 using the chained-dollar method.In 2018ItemQuantityPriceReal GDP in 2018 using the chained-dollar method isPizzas$6 each$7 each99$Tooth paste56Real GDP in 2019 using the chained-dollar method is$4In 2019>>> Answer with a whole number.ItemQuantityPricePizzas114$4 eachTooth paste70$8 eachEnter your answer in each of the answer boxes.MacBook ADDDIIF10F9000888F880F6F7F5F4F3escF1F2@734PY* 00TR%24E.

The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018. In 2018 Calculate real GDP in 2018 and real GDP in 2019 using the chained-dollar method. Item Quantity Price Pizzas $6 each $7 each Real GDP in 2018 using the chained-dollar method is 99 Tooth paste 56 Real GDP in 2019 using the chained-dollar method is In 2019 Item Quantity Price >>> Answer with a whole number. $4 each $8 each Pizzas 114 Tooth paste 70

The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018. In 2018 Calculate real GDP in 2018 and real GDP in 2019 using the chained-dollar method. Item Quantity Price Pizzas $6 each $7 each Real GDP in 2018 using the chained-dollar method is 99 Tooth paste 56 Real GDP in 2019 using the chained-dollar method is In 2019 Item Quantity Price >>> Answer with a whole number. $4 each $8 each Pizzas 114 Tooth paste 70

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

Homework GDP DIRECTIONS Each section below contains problems associated with a particular aspect of GDP. Use your knowledge of GDP to answer each question. You may use a calculator if needed. NOMINAL GDP AND REAL GDP 1) The following tables list GDP data for a fictional economy in two different years. Pretend this economy only produces these three items. What is the nominal GDP each year? Year 1 (Nominal GDP) Year 2 (Nominal GDP) Good Price Quantity GDP Cookies $2 50 Good Price Quantity GDP Doughnuts $5 35 Cookies $3 45 Cake $10 15 Doughnuts $7 40 ТОTAL Cake $1 25 TOTAL 2) Now calculate the real GDP for Year 2 using Year 1 as the base year. This means to use the Year 1 prices with the Year 2 quantities. Use the table to the right to fill in your Year 2 (Real GDP) Good Price Quantity Real GDP calculations. Cookies 45 Doughnuts 40 3) How much did nominal GDP for Year 2 overstate the growth in this economy? (i.e. How much larger was Year 2 nominal GDP than Year 2 real GDP?) Cake 25 TOTAL…
The table shows some data for an island economy which produces only herbal teas and hot chocolate. In 2015 The base year is 2015. Item Quantity Price Herbal teas 94 $6 each Calculate real GDP in 2015 and real GDP in 2016 using the chained-dollar method. Hot chocolate 53 $5 each In 2016 Item Quantity Price Real GDP in 2015 using the chained-dollar method is Herbal teas 112 $5 each Hot chocolate 67 $5 each Real GDP in 2016 using the chained-dollar method is >>> Answer with a whole number. Nct
Suppose in year 1 that a country’s economy produces 5 memes at $1 ameme and 7 tacos at $0.50 a taco. In year 2, that country produces 10 memesat $2 a meme and 10 tacos at $0.75 a taco.A) Calculate nominal GDP for both years.B) Calculate real GDP using prices from year 1 as the base year.
What is the relationship of the GDP deflator to real GDP? To make comparisons across time or across borders, one must use the notion of a GDP deflator to convert nominal GDP into real GDP for comparisons. Nominal variables are in current dollars and have price level changes such as inflation and deflation included in them. Real variables are in constant dollars due to the factoring out of price level changes using a base year and a deflator. What is the current nominal GDP for the US economy? What is the current real GDP for the US economy?
An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. If the base year is 2018, use the chained-dollar method to calculate real GDP in 2018 and 2019. Quest In terms of what dollars is each of these two real GDPS measured? In 2018 Item Quantity Price Real GDP in 2018 using the chained-dollar method is Food 90 $2 $4 Fun 71 $5 In 2019 Item Quantity Price Food 79 $3 Fun 68 $7 Enter your answer in the answer box and then click Check Answer. Check Answ Clear All parts remaining MacBook Air DD F11 F10 F9 F8 F7 80 F6 F5 F4 F3 F2 esc F1 & 2$ 7 8. 9 4 1 2 Y # 3
The table below presents a brief summary of City Y’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 per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. Calculate the compound annual growth rate of per capita spending from 2010 to 2020 Interpret what the two spending-to-GDP ratios tell us about City Y’s spending trend. Assuming City Y’s population grows at a constant rate in the next decade. Based on the information in the table, estimate City Y’s population in 2030.
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. 2010 132 69 2009 120 Quantity of fish Quantity of watches Price of fish 60 $8.00 $9.20 Price of watches $30.00 $31.50 Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices GDP for 2010 in 2010's prices Using 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 rates $ 69 % % %
Consider the following data for an economy that produces only two goods. In 2010, for Good A: Price = 100 and Quantity = 100, and for Good B: Price: 100 and Quantity = 100. In 2015, for Good A: Price = 200 and Quantity = 200, and for Good B: Price = Quantity 100. = 100 and = (a) Compute nominal GDP in 2010. (b) Compute nominal GDP in 2015. (c) Compute real GDP in 2010 (using 2010 as the base year).
The table shows the quantities produced and prices in 2015 and 2016 for an island. economy which produces only bananas and coconuts. The base year is 2016. Calculate real GDP in 2015 and 2016 using the chained-dollar method. In terms of what dollars is each of these two real GDPS measured? Real GDP in 2016 using the chained-dollar method is $ Real GDP in 2015 using the chained-dollar method is $ >>> Answer with a whole number Real GDP in 2015 and real GDP in 2016 are measured in ▼ dollars In 2015 Item Bananas Coconuts In 2016 Item Bananas Coconuts Quantity 99 bunches 53 bags Quantity 114 bunches. 66 bags. Price $10 a bunch $9 a bag Price $11 a bunch $10 a bag
The table shows some data for an economy which produces only herbal teas and hot chocolates. The base year is 2018. Calculate nominal GDP in 2018 and 2019. In 2018 Item Quantity Price Nominal GDP in 2018 is $ Herbal teas 97 $5 each $6 each Hot chocolate 53 Nominal GDP in 2019 is $ In 2019 Item Quantity Price Herbal teas 113 $6 each $8 each Hot chocolate 69 Enter your answer in each of the answer boxes. DD 888 F11 F12 F10 20 F7 F8 F9 F6 F5 F4 esc F2 F3 F1 & @ # $ % delet ! 6 7 8 1 2 3 4 P T Y [ Q W E tab G H J K S D F caps lock B M Y V A
Real versus nominal GDP Consider a simple economy that produces two goods: stickers and paper plates. The following table shows the prices and quantities of the goods over a three-year period. Year Stickers Paper plates Price Quantity Price Quantity (Dollars per sticker) (Number of stickers) (Dollars per paper plate) (Number of paper plates) 2020 3 260 2 160 2021 4 120 2 220 2022 3 155 2 140 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2020, dollars) 2020 2021 2022 From 2021 to 2022, nominal GDP DECREASED OR INCREASED , and real GDP INCREASED OR DECREASED. The inflation rate in 2022 was -13% or -.01% or 13% or 87% or 115%. Why is real GDP a more accurate measure of an economy's production than nominal GDP? a. Real GDP is not influenced by price changes, but nominal GDP is.…
Imagine that the United States produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below: Goods Apples Bananas Carrots Quantities Produced Prices ($) 7 2.00 10 24 1.00 1.50 Instructions: Round your answers to two decimal places. a. U.S. GDP is: $ b. Suppose that a drought hits the state of Washington. This drought causes the quantity of apples produced to fall to 4. Assuming that all prices remain constant, the new U.S. GDP is: $ c. Assume, once again, that the quantities produced and the prices of the three goods are as listed in the table. Now, given this situation, carrot sellers decide that the price of carrots is too low, so they agree to raise the price. If the U.S. GDP is $70.00, the new price of carrots is: $ per carrot.