Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 23, Problem 1QCMC
To determine
The contribution to GDP .
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Give an example of a final good and an intermediate good.
A _______ is a final good and _______ is an intermediate good.
A.
tank of gasoline bought by you; jet fuel bought by Southwest Airlines
B.
new car bought by a student; a used SUV bought by a dealer
C.
new textbook; a used textbook
D.
new iPhone bought by a student; a new computer bought by Walmart to manage its inventories
Question 2
Consider an economy that produces and consumes shoes and houses. In the table below are data for two different users.
2000
2001
Price of a house
$120,000
$145,000
Number of houses produced
1000
1050
Price of a pair of shoe
$150
$170
Number of pairs of shoes produced
650,000
525,000
Year 2000 Year 2001 Price of a house $120,000 Price of a pair of shoes $150 $170 Number of houses produced 1,000 Number of pairs of shoes 650,000 525,000
(a) What is the Consumer Price Index (CPI)?
(b) Calculate the CPI for both years.
(c) Calculate the rate of inflation for 2001 using the CPI.
(d) Calculate the GDP deflator for both years.
(e) Calculate the rate of inflation for 2001 using the GDP deflator.
solution for D and E
Question 25
Chapter 23 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
Ch. 23.1 - Prob. 1QQCh. 23.2 - Prob. 2QQCh. 23.3 - Prob. 3QQCh. 23.4 - Prob. 4QQCh. 23.5 - Prob. 5QQCh. 23 - Prob. 1QRCh. 23 - Prob. 2QRCh. 23 - Prob. 3QRCh. 23 - Prob. 4QRCh. 23 - Prob. 5QR
Ch. 23 - Prob. 6QRCh. 23 - Prob. 7QRCh. 23 - Prob. 8QRCh. 23 - Prob. 1QCMCCh. 23 - Prob. 2QCMCCh. 23 - Prob. 3QCMCCh. 23 - Prob. 4QCMCCh. 23 - Prob. 5QCMCCh. 23 - Prob. 6QCMCCh. 23 - Prob. 1PACh. 23 - Prob. 2PACh. 23 - Prob. 3PACh. 23 - Prob. 4PACh. 23 - Prob. 5PACh. 23 - Prob. 6PACh. 23 - Prob. 8PACh. 23 - Prob. 9PACh. 23 - Prob. 10PACh. 23 - Prob. 11PA
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