three-year period. Consider a simple economy that produces two goods: plastic cups and donuts. The following table shows the prices and quantities of the goods over a Plastic cups Donuts Price Quantity Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) (Dollars per donut) (Number of donuts) 2019 2 295 2 180 2020 2 140 210 2021 145 160 Use the information from the preceding table to fill in the following table. Real GDP Year Nominal GDP (Dollars) (Base year 2019, dollars) GDP Deflator 2019 2020 2021 From 2020 to 2021, nominal GDP , and real GDP

three-year period. Consider a simple economy that produces two goods: plastic cups and donuts. The following table shows the prices and quantities of the goods over a Plastic cups Donuts Price Quantity Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) (Dollars per donut) (Number of donuts) 2019 2 295 2 180 2020 2 140 210 2021 145 160 Use the information from the preceding table to fill in the following table. Real GDP Year Nominal GDP (Dollars) (Base year 2019, dollars) GDP Deflator 2019 2020 2021 From 2020 to 2021, nominal GDP , and real GDP

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.…
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5. Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over a three-year period. Year 2017 2018 2019 Year 2017 2018 2019 Cupcakes Price (Dollars per cupcake) 1 2 Quantity (Number of cupcakes) 110 140 100 Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars) (Base year 2017, dollars) Price (Dollars per eraser) 1 Erasers GDP Deflator Quantity (Number of erasers) 180 210 190
Consider an economy that produces and consumes final products: bread and automobiles. In the following table are data for two different years. Good Year Quantity Price Quantity 2010 Price 2010 $60,000 $20 2000 2000 $50,000 $10 Automobiles 100 120 Bread 500,000 400,000 a. Compute the nominal GDP for each year. b. Compare the numbers you get for each year. If we use GDP as a measure of production capacity of an economy in a certain year, can we infer the economy is more productive in one year than the other? What is your concern when you compare the numbers directly?
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Table 23.1: Vital Economic Statistics for An Earthly Economy Nominal RGDP Total GDP Price Population Year ($ Billion) Index (in Million) 7 $5,000.00 119 129.00 9. $4,900.00 117 128.50 5. $4,950.00 114 128.16 $4,890.00 110 127.45 Refer to Table 23.1. Real GDP per person is about in Year 6. O S32.590.71 O S32,491.71 O $32.501.71. O S32.591.71 4.
1. A simple economy produces three commodities: beer, cheese, and popcorn. The following data shows total production for this economy in 1999 and 2000: Beer Cheese Popcorn 1999 2000 1999 Quantity 200 300 100 1999 2000 Using 1999 as the base year, complete the following table for the economy: Nominal GDP (a) (b) Nominal GDP Real GDP 10,000 (1) (c) (d) 1999 Price $ 6.00 7.00 7.00 Real GDP (2) (3) GDP Price Index (e) (f) 2000 Quantity 200 300 100 Inflation Growth rate of rate nominal GDP 2. Complete the following table for a simple economy, assuming that 1999 is the base year: GDP Price (g) Index (4) (5) Inflation rate 2000 Price $7.00 9.00 9.00 --- (h) 5% Growth rate of real GDP Growth rate of nominal GDP (6) (i) Growth rate of real GDP 5%
Consider the following data for a hypothetical economy that produces two goods: milk and honey. Quantity Produced Prices Milk (litres) Honey (kg) Milk ($/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.
Using the table below, Pear Phone Year Price (S) Quantity Price (S) Quantity 2015 3 210 450 54 2016 4 200 500 50 14. Compute nominal GDP in each year. 15. By what percentage did the nominal GDP change between 2015 and 2016? 16. Compute real GDP each year by using "2015" as the base year. 17. By what percentage did real GDP change between 2015 and 2016? 18. By using the table and your answers to #15, and #17, explain (in one or two paragraphs) why "real GDP" is better than "nominal GDP" in measuring the production activity of an eçonomy. LA
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Consider a simple economy that produces two goods: plastic cups and donuts. The following table shows the prices and quantities of the goods over a three-year period. Plastic cups Donuts Price Quantity Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) (Dollars per donut) (Number of donuts) 2018 2 215 3 155 2019 4. 135 3 210 2020 2 150 3 190 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year 2018, dollars) GDP Deflator Year 2018 2019 2020 From 2019 to 2020, nominal GDP and real GDP The inflation rate in 2020 was
GDP 1. Calculate the values for the blanks in the shaded areas of the table below: Expenditure Components of GDP by Country, 2020 (83Son of current US dollars) Australia Canada Denmark Finland Japan India 1617 137.9 873 65.9 C E FOOD 80.0 65.3 16 0.5 L M N 195.4 97.G 1725 96.7 Household consumption Government expenditure Investments Gross fixed Investments Changes in inventories Net Exports Exports Imports A: ÄÜÄ÷ B: C: D: E: F: G: H: I: J: 746.5 K: L: 297.2 A 316.9 4.3 3152 254.7 943.7 371.8 B 377.7 (147) K 476.0 509.8 M: N: 0: P: 1,591.7 Q: R: 292.1 722.0 97.0 4973 $11.3 કીડી || T: 2.700.7 Y: 1,066.4 1,279.5 106 785.4 786.2 New Zealand UK 122.0 43.7 G 47.3 (p.s) P 46A GDP S U W Y Source: GOP by Type of Expenditure at current prices-US dollars, Retrieved 7/27/2022. National Accounts Estimates of Main Aggregates United Nations feste Division 472 Z: ZZ: 1,683.7 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports?…