### Table DataThe table provided is structured to show the output and pricing of a single product over a five-year period.**Year | Units of Output | Price Per Unit** 1 | 3 units | $3 2 | 4 units | $4 3 | 6 units | $5 4 | 7 units | $7 5 | 8 units | $8 ### DescriptionThis data table represents an economy producing only one product, with year 3 designated as the base year. Each year's output and price per unit are specified, and this data is used to understand economic concepts such as GDP.### QuestionUsing the table, calculate the nominal GDP for year 4. The options provided are:1) $49 2) $35 3) $55 4) $40 To calculate nominal GDP, multiply the units of output by the price per unit for year 4:\[ \text{Nominal GDP for year 4} = 7 \text{ units} \times \$7 = \$49 \]Therefore, the correct answer is option 1: $49.

Given: The data for an economy producing only one good and that year 3 is base year. Nominal GDP…

Answered: Units of Price Per Unit Output 3 Year…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(a) The following table shows the outputs and prices of three products produced by an economy in 2018, 2019 and 2020. (i) Measure the nominal GDP, the real GDP and the GDP deflator in 2019 and 2020, taking 2018 as the base year.(ii) Using the GDP deflator, measure the inflation rate in the economy between 2018 and 2019, and also between 2019 and 2020. (b) Assume all household consumption items are locally produced as shown in the table in Question (a). A typical household in the economy consumes 5 units of rice, 4 units of shirt and 2 units of shoes in 2018. Using 2018 as the base year, measure the CPI for 2019 and 2020 and the inflation rate between 2018 and 2019, and also between 2019 and 2020. Explain why the inflation rate is different from those computed from (a)(ii).
(Expenditure approach to GDP). You have the following annual information about a hypothetical economy (all figures are in billion dollars) Personal taxes 25 Exports 20 Depreciation 15 Personal consumption 100 Government transfer payment 30 Government purchases 55 Gross private Domestic Investment 50 Imports 40 WHAT IS THE VALUE OF GDP? WHAT IS THE VALUE OF NET EXPORTS? WHAT IS THE VALUE OF NET DOMESTIC INVESTMENT?
Product Quantity Price Year 1 Cereal 1,000 $1.00 Beef 700 $2.00 Doughnuts 600 $0.50 Year 2 Cereal 1,400 $1.10 Beef 600 $2.50 Doughnuts 500 $0.75 If year 1 is the base year, what is the GDP delflator in year 2?
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:
am. 133.
A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 115 600 Product Apple Pies Software Price Per Unit Production and Prices in Year 2 Quantity 143.75 900.00 Product Apple Pies Software In Year 2, nominal GDP is equal to: $ and real GDP is $ $2.50 $60.00 Price Per Unit $3.75 $120.00 (enter both responses rounded to the nearest penny).
Use the numbers to help calculate the Net GDP(NDP);Green GDP;& Genuine Progress Indicator (GPI). Also explain how they are different and offer an opinion on which one was a better method to measure the performance.
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
We Suppose U.S. nominal GDP increases from one year to the next year. conclude that U.S. production of goods and services has increased because: Prices have decreased from one year to the next Prices have increased as well from one year to the next We do not know whether prices have changed from one year to the next The best measure for determining growth in output between two periods is real GDP
Find the attached file.
GDP minus depreciation is the formula used to calculate a- Net national product b- Gross natioal Product c- Gross Domestic Product d- Natioal income
You are given the following: Year Quantity of Cars Price of Cars Quantity of Buses Price of Buses 2013 5 million $20,000 1 million $100,000 2014 5.1 million $22,000 1.2 million $102,000 Base Year = 2013 2a. Calculate nominal GDP for 2013. Nominal GDP for 2013 = (5 million × $20,000) + (1 million × $100,000) = $100,000 million + $100,000 million = $200,000 million 2b. Calculate nominal GDP for 2014. Nominal GDP for 2014 = (5.1 million × $22,000) + (1.2 million × $102,000) = $112,200 million + $122,400 million = $234,600 million. 2c. Calculate real GDP for 2014. The real GDP for 2014 will be calculated as:- Real GDP for 2014 = (5.1 million × $20,000) + (1.2 million × $100,000) = $102,000 million + $120,000 million = $222,000 million. 2d. Calculate the GDP Deflator to the nearest tenth for 2014. 2e. What does your previous number mean? 2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)

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