Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 21.A, Problem 2IAP
To determine
To compute:
The value of 2016 production in 2015 prices and percentage increase in production when valuation is made at the prices of 2015.
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A hypothetical country of Narnia produces only movies and popcorn. Quantities and prices of these goods
for the last several years are shown in the following table. The base year is 2017.
Year
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7.6%
7.5%
Movies
7.2%
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10.00
11.00
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500
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5
4
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1,000
900
950
925
What is the U.S. GDP for the 1st quarter of 2017?
An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The
base year is 2019.
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Calculate the value of 2019 production in 2018 prices and the percentage increase in production when valued at 2018
prices.
In 2018
Item
Quantity
Price
Food
The value of 2019 production in 2018 prices is $
97
$3
Fun
70
$2
In 2019
Item
Quantity
Price
Food
71
$9
Fun
67
$8
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Chapter 21 Solutions
Foundations of Economics (8th Edition)
Ch. 21.A - Prob. 1SPPCh. 21.A - Prob. 2SPPCh. 21.A - Prob. 3SPPCh. 21.A - Prob. 4SPPCh. 21.A - Prob. 5SPPCh. 21.A - Prob. 6SPPCh. 21.A - Prob. 7SPPCh. 21.A - Prob. 1IAPCh. 21.A - Prob. 2IAPCh. 21.A - Prob. 3IAP
Ch. 21.A - Prob. 4IAPCh. 21.A - Prob. 5IAPCh. 21.A - Prob. 6IAPCh. 21.A - Prob. 7IAPCh. 21 - Prob. 1SPPACh. 21 - Prob. 2SPPACh. 21 - Prob. 3SPPACh. 21 - Prob. 4SPPACh. 21 - Prob. 5SPPACh. 21 - Prob. 6SPPACh. 21 - Prob. 7SPPACh. 21 - Prob. 8SPPACh. 21 - Prob. 9SPPACh. 21 - Prob. 10SPPACh. 21 - Prob. 1IAPACh. 21 - Prob. 2IAPACh. 21 - Prob. 3IAPACh. 21 - Prob. 4IAPACh. 21 - Prob. 5IAPACh. 21 - Prob. 6IAPACh. 21 - Prob. 7IAPACh. 21 - Prob. 8IAPACh. 21 - Prob. 9IAPACh. 21 - Prob. 10IAPACh. 21 - Prob. 11IAPACh. 21 - Prob. 12IAPACh. 21 - Prob. 1MCQCh. 21 - Prob. 2MCQCh. 21 - Prob. 3MCQCh. 21 - Prob. 4MCQCh. 21 - Prob. 5MCQCh. 21 - Prob. 6MCQCh. 21 - Prob. 7MCQ
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