X.The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2017 and 2018 Price 2017 (Base year) Production Price 2018 Price per Unit ($) Production Price per Unit ($) 55,000 tem Rice ('000 tons) Wheat (000 tons) Tractors mid-size (units) Cotton (000 tons) Used cars ('00) Manufacture garments (000 tons) Eggs (000 Trays Coca Cola ('000 litres) Pepsi Cola ('000 litres) Beef (000 tons) Second hand cloths (000 tons) Alcoholic Beverages ('000 litres) Milk ('000) 50,000 100,000 1.50 2.00 23,000.00 2.00 98,000 45,000 2.50 24,500.00 50,000 120,000 5,000 150,000 110,000 6,000 100.00 120.00 5,000.00 7,000.00 50.00 145,000 70.00 2,000 6,000 2.50 3.50 2,300 6,500 0.80 1.20 700 1.10 850 1.50 5,000 500 500 7,000 6.50 4,800 8.50 15.00 450 25.00 3.25 600 3.75 2.30 7,500 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.

X.The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2017 and 2018 Price 2017 (Base year) Production Price 2018 Price per Unit ($) Production Price per Unit ($) 55,000 tem Rice ('000 tons) Wheat (000 tons) Tractors mid-size (units) Cotton (000 tons) Used cars ('00) Manufacture garments (000 tons) Eggs (000 Trays Coca Cola ('000 litres) Pepsi Cola ('000 litres) Beef (000 tons) Second hand cloths (000 tons) Alcoholic Beverages ('000 litres) Milk ('000) 50,000 100,000 1.50 2.00 23,000.00 2.00 98,000 45,000 2.50 24,500.00 50,000 120,000 5,000 150,000 110,000 6,000 100.00 120.00 5,000.00 7,000.00 50.00 145,000 70.00 2,000 6,000 2.50 3.50 2,300 6,500 0.80 1.20 700 1.10 850 1.50 5,000 500 500 7,000 6.50 4,800 8.50 15.00 450 25.00 3.25 600 3.75 2.30 7,500 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Interest rate (%) MS3 Ms₁ MS2 Interest rate 100 200 300 Dm Amount of money demanded and supplied ($)…

A: Detailed explanation: (a). Graph A shows the relationship between the interest rate and the amount…

Q: If the basket of goods was $1500 in 2000(Base Year) and $2100 in 2008 what is the CPI for both…

A: CPI = Cost of Basket of Goods in Current Year / Cost of Basket of Goods in base year * 100 Inflation…

Q: None

A: To determine the nominal GDP of Batterland in 2011, we need to calculate the total value of waffles…

Q: Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) 2019 2020 2021 Year 2019 2020…

A: Nominal GDP is the total value of goods and services produced in an economy within a given period,…

Q: The consumers in the economy buys only two general types of products: Apples, and Bananas. Price…

A: CPI is the consumer price index. It is calculated as :- CPI = (Cost of basket in current year ÷…

Q: State whether the following statements are true or false, then explain. (a) Buying a Japanese-brand…

A: Gross domestic product refers to the final value of all final goods and services produced in a…

Q: The nation of Kona cultivates coffee beans and cassava, from which all their consumer goods are…

A: A nominal wage, or money wage, is the precise amount of money you get paid per hour or per salary.…

Q: Perform these same calculations for 2018 and 2019, and enter the results in the following table.…

A: In an economy, the CSPI is calculated by dividing the current year's cost of basket to the cost of…

Q: Question: Which organization calculates GDP in India? [A] CSO [B] NSSO [C] Department of Economic…

A: Gross Domestic Product (GDP) is a measure of the economic performance of a country, representing the…

Q: The table below is extracted from Happyland Republic, Bureau of Statistics records for 2019-2020.…

A: Gross domestic product (GDP) is the total monetary all the finished goods and services produced…

Q: Create line chart for quarterly data for 2019 to 2021 of inflation of qatar In 2019 inflation rate…

A: 2019 Qatar

Q: Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base…

A: A) Formula: Price relative = (Price in 2009/Price in 2000)*100

Q: Suppose that the British economy produces two goods: laptops and books. The quantity produced and…

A: Gross domestic product measures the market value of final goods and services produced by a nation…

Q: Price (Php/kg) 20 25 Quantity Supplied (qs) of Palay in Luzon (in billion kg) 11 12 Quantity…

A: Price QS in Lunzon Qs in Visayas Qs in Mindanao Qs in Philipines 20 11 3 4 25 12 3.5 4.5…

Q: U.S. DEPARTMENT OF COMMERCE BUREAU OF THE CENSUS WASHINGTON, DC 38233-394 OFFICE OF THE DIRECTOR…

A: A census is the procedure of systematically acquiring, recording and calculating population…

Q: Please calculate the IIT shares for each of the products in the table above and fill in the blanks…

A: IIT stands for intra-industry trade. IIT shares in product's total trade = 1 - [(X-M) / (X+M)]…

Q: Circular flow diagram with three sectors: households, business firms, financial markets, and the…

A: It can be defined as a term that represents individuals or families who supply factors of production…

Q: assignment: describe these 3 things elaborately 1.Geographical Location in china 2.Administrative…

A: Economics is the study of how individuals, businesses, and societies allocate scarce resources to…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Income (Y) Money Supply (X) 116652 42011 120392 43313 124572 44808 132624 49243 139656 50094 148583 52117 150164 54253 153560 56512 157328 59243 161740 60783 168732 65173 176549 66338 182744 68694 190172 72238 191592 74544 195600 77300 201204 80021 204160 83482 212468 85868 214712 87911
iv) thanks
Suppose GDP in this country is $690 million. Enter the amount for consumption. Value National Income Account (Millions of dollars) Government Purchases (G) 150 Taxes minus Transfer Payments (T) 210 Consumption (C) Investment (I) 165
The consumers in the economy buys only two general types of products: Apples, and Bananas. Price and Quantity information of these items over a period are shown below: Year 2019 Year 2020 Product Quantity Average Price per Unit Quantity Average Price per Unit Apples 7 $5 9 $12 Bananas 18 $10 7 $16 Using year 2020 as the base year, the economy's consumer price index (CPI) in year 2019 is ______. (Your answer should include the first decimal point, if any.)
Other goods per month 2. (10 points) RB Inc., is a wholesaler specializing in dry foods, such as rice and dry beans. Assume that these dry goods are all considered inferior goods. RB, Inc.'s manager is troubled by a recent article in The Wall Street Journal that says a recession is imminent and that income will fall by 3 percent over the next year. What do you think is likely to happen to the equilibrium price of the products RB Inc. sells, if there is a recession and income falls? You have to explain what is expected to happen to demand and/or supply and therefore to the equilibrium price. You may include a graph if you wish to. 3. (10 points) (a) Angela 1112 (b) Betty Other goods per month 2 3 L' L², BOGOF 3 Rooms, Nights per month L2, BOGOF 4 Rooms, Nights per month (BOGOF indicates the Buy Three Get One Free budget line, which is L² in both graphs)) Angela and Betty are deciding how many nights to stay at a resort. Given above are the budget lines and indifference curves for both…
4.
1. Key facts about economic fluctuations The graph included below approximates United States business cycles between quarter one of 1953 and quarter three of 1957. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP). REAL GDP (Billions of dollars) 2700 2600 2500 2400 2300 1953 1954 1955 1956 1957 (?)
Based on the charts consulted, comment what is expected from the American economy in the next years in general terms. Are there differences in the forecasts? How do you think the state will act in the future based on the chart variables that inform us about its behavior? What will the behavior of families and companies be like? Using these graphs provided, Answer the questions in an essay format, comparing the two. Source: J.P. Morgan Asset Management; (Top left) Census Bureau, DOD, DOJ; (Top left and right) BLS; (Right and bottom left) BEA. GDP drivers are calculated as the average annualized growth in the 10 years ending in the fourth quarter of each decade. *The latest period reflects 1Q20 to 3Q23. Future working-age population is calculated as the total estimated number of Americans from the Census Bureau, per the November 2023 report, controlled for military enrollment, growth in institutionalized population and demographic trends. Growth in working-age population does not…
Answer ☐ U.S. Gas Prices in 2015 Month Price ($) March 2.556 April 2.499 May 2.749 June 2.863 July 2.877 August 2.779 Source: U.S. Energy Information Administration (Oct 2015) Sales in 2015: Grocery Stores Month Sales (Millions of Dollars) January 50,652 February 46,192 March 50,329 April 49,257 May 52,290 June 50,073
2007. 2. The data below shows the number of births, deaths, emigration and immigration for a countly m 200 Births 10,000 Deaths 3,000 Emigration 4,000 Immigration 7,000 If the total population at the beginning of the year was 104,000, calculate the (a) total population at the end of the year. (b) percentage increase in population for the year. (c) birth rate. (d) death rate. (e) net migration. (f) natural growth rate. 9.
This question requires effective research to gather pertinent labor market statistics. Consider the source of your data. Official labor market statistics are gathered into “jobs reports” by the United States federal governmental agency: the Bureau of Labor Statistics or BLS. (6 points.)a. Find the following statistics on employment in January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: c. Find the changes in each statistics from January, 2021 to January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: d. Find the changes in each statistics from January, 2010 to January, 2011:Unemployment rate: Labor Force Participation Rate: Employed population: e. Briefly compare the severity of the two recoveries citing relevant statistics.
The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow. Item Base year 2019 2020 Production Price Production Price Used cloth (units) 4,000 50.00 5000 60.00 Components used tractor factory production 8,000 500.00 11000 1,200.00 Cloth 8,000 25.00 12,000 30.00 Beef gifts during cultural festival 1,500 2.00 1,700 3.00 Milk litres 5,000 1.30 7,000 2.50 Computers 2000 500.00 2,500 600.00 Printers 500 300.00 400 355.00 Raw materials for car assembling plant 4500 250.00 4450 i. Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflator ii. Examine the importance of a GDP deflator for Khada Republic