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- Again, please work with the following data set. It describes production of the only three goods made by Economy Zeta, along with their prices, for each of three years. Quantity Price of Quantity of Price of Quantity of Price of of Food Food Energy Energy Shelter Shelter 2018 800 $5 1000 $10 200 $100 2019 850 $6 1100 $12 240 $100 2020 850 $7 1200 $14 300 $100 Year Economists estimate that the average person in this economy consumes 12 units of food, 20 units of energy, and 2 units of shelter over the relevant period. 2018 is the base year. Using the GDP deflator, the inflation rate between 2018 and 2019 for this nation is ______________ percent. (Enter your answer "as a percent, but without the percentage sign." If you think the inflation rate is 99.99 percent, enter only 99.99 in the blank.)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. 2003 2004 Good Quantity Price Quantity Price Milk 500 $2 900 $3 Butter 2000 $1 3000 $2 Between 2003 and 2004, the percent change in real GDP (based on 2003 as a base year) was Select one: Оа. 58% O b. 190% О с. 60% O d. 130%0 Stats Good Year Price Cars. 2020 $10,000 Tires 2020 $50 @ 2 W Homework Question 4: All Tired Out The economy of Toyotonia produces two goods: cars and tires. The tires that are produced are sold directly to car manufacturing companies while the cars are sold directly to consumers. Each new car that is produced requires 5 new tires (4 tires for driving on and one spare tire). The prices and quantities of goods purchased in Toyotonia are provided in the table below. For simplicity, assume the following: no other goods or services produced or consumed in the economy. S # 3 E a) Calculate the value of inventory investment for 2020 and for 2022. b) Calculate Nominal GDP for 2020 and 2022. c) Calculate Real GDP for 2020 and 2022, using 2020 as the base year. d) Assume the tires were imported. Redo b) and c). e) Ignore d). Of the 100 cars produced in Toyotonia in 2022, suppose only 30 cars sold in 2022. The remaining 70 will be sold in 2023. Recalculate inventory investment, Nominal GDP and…
- 10 Which of the following is NOT a macroeconomics statement? The real domestic output increased by 2.5 percent last year. The price of wheat declined last year. Unemployment was 9.8 percent of the labor force last year. The general price level increased by 4 percent last year.Consider an economy which produces and sells, among a host of other things, 100 million T-shirts a year. The average T-shirt begins life when a farmer plants seeds she put away last year, waters them, harvests the cotton, then sells the cotton to a mill for $0.75, which sells the fabric to a T-shirt factory for $1.50, which sells the T-shirt to a wholesaler for $5, who sell it to Nordstrom for $10, which finally sells it to you for $17. Calculate the income earned for each firm involved in the production of T-shirts. Then, calculate the total income contribution from T-shirt production to GDP.In problem 5, suppose that a flood destroys several potato farms and as a result supply decreases by 20 million bags a week at the same time as the new snack food comes onto the market. What is the new equilibrium price and quantity of chips? The table shows data from the United Kingdom in 2005. Item Billions of pounds Wages paid to labor 685 Consumption expenditure 791 Taxes 394 Transfer payments 267 Profits 273 Investment 209 Government expenditure 267 Exports 322 Saving 38 Imports 366 7. Calculate GDP in the United Kingdom. The transactions in Jupiter last year are in the table to the right. Calculate Jupiter’s aggregate expenditure. Calculate Jupiter’s net exports. Calculate Jupiter’s government expenditure.
- Which of the following is a macroeconomic issue? The price of butterThe number of new cars producedThe growth rate of total outputThe price of products sold in the steel industryThe price of cell phone service Question 8.8.When economists make the assumption that wants are unlimited, they mean that most people want more of everything.are satisfied with what they have.want more of some goods, even if they don’t want more of everything.don’t care what they have.are greedy. Question 9.9.What will cause a change along the supply curve? The supplier’s expectationsThe supplier’s costsThe price of the goodThe price of all other good? Question 10.10.Ceteris paribus, as applied in demand theory, means accounting for all possible simultaneous changes.holding constant all factors that affect demand except one.observing the real world.holding technology and resource prices constant.holding one input constant while changing the other input.Consider a small country that produces and consumes only two goods: coffee and bananas. The quantity produced and price of each good in 2018 and 2019 are provided in the table below. Year 2018 Coffee Bananas Year 2019 Coffee Bananas The real GDP for year 2018 is: $ The real GDP for year 2019is: $ The growth of the real GDP is: Quantity % 650 pounds 300 pounds Quantity 700 pounds 330 pounds Price $5.5 per pound $0.4 per pound Assume that 2019 is the base year and round your response to two decimal places. (e.g. $963.45, 5.69%) The nominal GDP for year 2018 is: The nominal GDP for year 2019is: $ Price $6.0 per pound $0.5 per pound The GDP Deflator in 2018 is: The GDP Deflator in 2019 is: The inflation rate between the two years using the GDP deflator is. % Assume the average consumer buys 1 pound of coffee and 2 pounds of Bananas. Assume that 2019 is the base year and round your response to two decimal places. (e.g. $963.45, 5.69%) The consumer price index for 2018 is: The consumer price…Can you please answer the last three questions. Thank you.
- 3 pts Which of the following studies would be included in Macroeconomics? o individual markets. O changes in the price fluctuations of bottled water, o the behavior of a consumer. o changes in the production of a firm. O changes in the demand for laptops. O changes in the gross domestic product.Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2020 Statistics 2021 Statistics Quantity 2012 Statistics Product Quantity Price Quantity Price Price $50.00 $65.00 Shoes Hamburgers Shirts Cotton $60.00 2.00 90 100 100 100 75 2.00 30.00 0.09 120 2.25 50 50 25.00 65 25.00 11,000 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 6700 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).a. Consider an economy which produces and sells, among a host of other things, 100 million T‑shirts a year. The average T‑shirt begins life when a farmer plants seeds she put away last year, waters them, and harvests the cotton, then sells the cotton to a mill for $0.75, which sells the fabric to a T‑shirt factory for $1.50, which sells its T‑shirts to a wholesaler for $5, who sells it to Nordstrom for $10, which finally sells it to you for $17. Determine the impact of T‑shirts on annual GDP by calculating the value added of the entire production process. b. Now, calculate the amount spent on T‑shirts in a year if 100 million T‑shirts are sold, each for $17. How does this compare to the amount calculated through the value‑added method?
