week 4 Worksheet Quantity in 2014 Price in 2014 Quantity in 2015 Price in 2015 iPhones 60 200 65 300 200 600 225 600 iPads Kindles 150 120 225 75 Figure 1: Output and prices in a simply economy 1. For this question, refer to figure 1. What is the growth rate of nominal GDP between 2014 and 2015? Using 2014 as your base, calculate the growth rate of Real GDP between 2014 and 2015. 2. For this question, refer to figure 1. Using 2014 as your base year, calculate the GDP deflator in each year. What is the inflation rate in this economy?

week 4 Worksheet Quantity in 2014 Price in 2014 Quantity in 2015 Price in 2015 iPhones 60 200 65 300 200 600 225 600 iPads Kindles 150 120 225 75 Figure 1: Output and prices in a simply economy 1. For this question, refer to figure 1. What is the growth rate of nominal GDP between 2014 and 2015? Using 2014 as your base, calculate the growth rate of Real GDP between 2014 and 2015. 2. For this question, refer to figure 1. Using 2014 as your base year, calculate the GDP deflator in each year. What is the inflation rate in this economy?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In Panel A that nominal GDP is larger than real GDP. Explain why nominal GDP is larger than real GDP in 2022.
4. From the table below, compute the following: a. Compute the missing numbers of real GDP in 2017 and 2018, and the missing numbers for deflator in 2016 and 2020. b. Calculate the real GDP growth between 2016 to 2020. Year Real GDP (Billion) SR800 Nominal GDP Deflator 2016 2017 (Billion SR800 SR850 106.3 112.5 2018 2020 SR900 SR1000 SR870
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Subject: Business economics Problem # 5): Suppose that a simple economy produces only the following four goods andservices: shoes,hamburgers, shirts, and cotton. Further, assume that all of the cotton is used in the production of shirts. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2015. PRODUCTION AND PRICE STATISTICS FOR 2015 Product Quantity Price Shoes 100 60 Hamburgers 100 2 Shirts 50 25 Cotton 8000 0.6
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Question 10: Consider the following data on US GDP Year Nominal GDP GDP deflator (in billions of dollars) (base year 2009) 108.3 73.8 2014 17419 1994 7309 a. What was the growth rate of nominal GDP between 1994 and 2014? b. What was the growth rate of the GDP deflator between 1994 and 2014? c. What was real GDP in 1994 measured in 2009 prices? d. What was real GDP in 2014 measured in 2014 prices? e. What was the growth rate of real GDP between 1994 and 2014? f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
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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. 2012 Statistics Quantity Product Shoes 110 120 Hamburgers 85 120 Shirts 50 30.00 50 Cotton 11,000 0.09 10,000 a. If the base year is the year 2012, then real GDP for 2022 equals $ Price $55.00 3.00 2022 Statistics Quantity 2023 Statistics Quantity Price $75.00 3.50 25.00 0.07 Price $70.00 120 3.00 135 25.00 65 0.08 11,000 (round your answer to the nearest penny)
Question 2 Item: Quantity Price Price Hot dogs 4 $1.75 $2.00 Pepsi 2 $1.25 3 $1.50 2. The table gives data on the production and prices in a very small local economy. Use 2018 as the base period. What does real GDP equal in 2019? Ⓒ$14.25 O $16.50 O $3.50 O $11.00 Data for 2018 Data for 2019 Quantity 6