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.

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.

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

Table 1 Quantity Price Quantity Price Item 1990 1990 1991 1991 Coffee 10 ---- 8 $50 Sugar 20 $1 15 $2 Refer to table 1 to answer the below question. In 1990, consumers in Dexter consumed only Coffee and Sugar. The prices and quantities for 1990 and 1991 are listed in table 1. The reference base period for Dexter's is 1990 and the Nominal GDP1990 was 320. Calculate the consumer price index (CPI) in 1991 * 59.37 134.37 168.75 118.75
The table below presents a brief summary of City Y’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ 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.
Consider the following data for a hypothetical economy that produces two goods: milk and honey. Quantity Produced Prices Milk (litres) Honey (kg) Milk ($/litre) Honey ($/kg) Year 1 110 45 2 6 Year 2 125 40 37 Compute nominal GDP for each year in this economy. Using year 1 as the base year, compute real GDP for each year. What is the percentage change in real GDP from year 1 to year 2? Using year 1 as the base year, compute the price deflator for each year. Now compute the GDP deflator for each year, using year 2 as the base year. Explain why the measures of real GDP growth (and growth in the deflator) depend on the choice of base year.
The country of Old Jersey produces milk and butter, and it has published the following macroeconomic data, where quantities are in gallons and prices are dollars per gallon. Year 1 Year 2 Good Quantity Price Quantity Price Milk 500 $2 900 $3 Butter 2000 $1 3000 $2 Between Year 1 and Year 2, the GDP deflator (based on Year 1 as a base year) rose Select one: a. 123.00%. b. 83.33%. c. 60.00%. d. 81.25%.
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 $10 a bag
2015 2016 2017 P Q P Q P Q Onion 1,2 400 1,5 600 2,5 400 Tomato 1 320 2,5 200 4 400 Pepper 4 50 12 50 14 50 Assume that there are only 3 goods produced in the economy. As seen in the table above, price(P) and quantity(Q) of goods are given for each year. Base year is 2016. According to this, Calculate nominal GDP for each year Calculate real GDP for each year Calculate the growth rate for the years 2016 and 2017 Calculate the inflation in 2016 and 2017 by using GDP deflator
QUESTION 1 What is the percent change between the 28 years from 1991 to 2019 for GDP (constant 2010 US$)? 96% 103% 130%
Note:Hand written solution not allowed.
The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work. Price 2017 (base year) Price 2018 Item Production Price per unit($) Production Price per unit($) Rice 50,000 1.50 55,000 2 Wheat 100,000 2.00 98,000 2.5 Tractors mid-size 50,000 23,000.00 45,000 24,500 Cotton 120,000 100.00 110,000 120 Used cars 5,000 5,000.00 6,000 7,000 Manufacture garments 150,000 50.00 145,000 70 Eggs 2,000 2.50 2,300 3.5 Coca Cola 6,000 0.80 6,500 1.2 Pepsi Cola 700 1.10 850 1.5 Beef 5,000 6.50 4,800 8.5 Second-hand clothes 500 15.00 450 25…
COMPUTE THE NOMINAL GDP
Measure GDP and NDP from the following data Consumption Expenditure $ 28,500 Government Expenditure $ 21,000 Investment Expenditure $ 18,000 Exports $ 7,500 Imports $ 8,700 Depreciations $ 1,400 Retained Earnings $ 1,100 Indirect Business Taxes $ 1,000