Use following data to answer following questions.A country produces only milk and honey. The baseYear201620172018Price of Milk$1$2$3Quantity ofMilk100 Quarts200 Quarts200 Quartsyearis 2016.Price ofHoney$2$2$4Quantity ofHoney50 Quarts100 Quarts100 QuartsC):1a. Calculate the nominal GDP for 2016, 2017 and 2018.b. Calculate real GDP for 2016, 2017, and 2018.c. Calculate growth rate of nominal and real GDP for 2017 and 2018.d. Are nominal and real GDPs same for a given year? Please explain.e. Calculate the inflation rates for 2017 and 2018 using GDP deflatormethod.

Gross domestic product (GDP) measures the market value of final goods and services produced under a…

Answered: Use following data to answer following…

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 5SQ

See similar textbooks

Similar questions

What are the main components of measuring GDP with what is demanded?
Which of the following are included in GDP, and which are not? The cost of hospital stays The rise in life expectancy over time Child care provided by a licensed day care center Child care provided by a grandmother A used car sale A new car sale The greater variety of cheese available in supermarkets The iron that goes into the steel that goes into a refrigerator bought by a consumer.
Why is the GDP deflator not an accurate measure of inflation as it impacts a household?
What are the main components of measuring GDP with what is produced?
Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?
What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?
Table 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…
able 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…
Given the following output for the economy of Scoob calculate the nominal GDP in 2020 in $. Gismo Applet Widgets Year Price Quantity Price Quantity Price Quantity 2019 $100 1 $10 8 $5 4 2020 $110 1 $12 10 $4 5 A. 225 B. 250 C. 200 D. none of the above
The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity Ford Escape SUV's $24,485 307,069 $24,645 308,296 F-Series Trucks $44,400 820,799 $47,800 896,764 A. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. B. Determine the growth rate of nominal GDP (if Ford were the entire economy). C. Determine the growth rate of real GDP (if Ford were the entire economy).
The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 20 2022 Year 2020 2021 2022 2 Price Quantity Price (Dollars) (Quarts) (Dollars) 1 150 2 150 2 2022 Milk The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP (Dollars) 350 700 1,400 300 % % From 2020 to 2021, 4 350 700 Honey 4 Quantity (Quarts) 100 % (Dollars) GDP Deflator 350 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. 100 100 Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 200 200 200 did not change; and from 2021 to 2022, Comparing the changes in 2021 and 2022, economic well-being increased more in did not change.

SEE MORE QUESTIONS

Recommended textbooks for you

MACROECONOMICS FOR TODAY

Economics

ISBN:

9781337613057

Author:

Tucker

Publisher:

CENGAGE L

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

ECON MACRO

Economics

ISBN:

9781337000529

Author:

William A. McEachern

Publisher:

Cengage Learning

MACROECONOMICS FOR TODAY

Economics

ISBN:

9781337613057

Author:

Tucker

Publisher:

CENGAGE L

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

ECON MACRO

Economics

ISBN:

9781337000529

Author:

William A. McEachern

Publisher:

Cengage Learning

Economics Today and Tomorrow, Student Edition

Economics

ISBN:

9780078747663

Author:

McGraw-Hill

Publisher:

Glencoe/McGraw-Hill School Pub Co

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Brief Principles of Macroeconomics (MindTap Cours…

Economics

ISBN:

9781337091985

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Use following data to answer following questions. A country produces only milk and honey. The base year is 2016. Year Price of Milk 2016 2017 -00 2018 $1 $2 $3 Quantity of Milk 100 Quarts 200 Quarts 200 Quarts Price of Honey $2 $2 $4 Quantity of Honey 50 Quarts 100 Quarts 100 Quarts