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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Students have asked these similar questions
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
The next few questions are about Ec102nia, a fictional country populated by Ec102 students. Data on purchases of different goods and
services in 2020 and 2021 is in the table below. For these problems use 2020 as the base year.
Year 2020
Year 2021
Price
Quantity
Price
Quantity
Shiba dogs
50
38
40
38
Hugs (at a cuddle café) 6
40
15
40
Doritos Tacos
9
38
12
38
Textbooks
7
20
15
20
economics tutoring
30
41
29
41
Corgis
17
39
34
39
Star Wars toys
33
33
45
33
The SUM function will sum the numbers in a group of cells you highlight.)
What was the nominal GDP for Ec102nia in 2021?
If households spend $80 billion on goods and $70 billion on services, how much in revenues do businesses receive in the product market?
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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- Question 9 Which of the following is an intermediate good? pizza sold to a customer in a restaurant O A tractor used by a farmer O A textbook used by a teacher in a classroom O Flour used to bake bread in a bakeryarrow_forwardSuppose 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. Product Shoes Hamburgers Shirts Cotton 2012 Statistics Quantity 90 85 70 12,000 Price $50.00 3.00 40.00 0.09 2020 Statistics Quantity 100 120 60 12,000 2021 Statistics Quantity 100 135 85 13,000 Price $60.00 3.00 35.00 0.07 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is%. (Enter your response as a percentage rounded to two decimal places.) Price $65.00 3.50 35.00 0.08arrow_forwardAgain, 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.)arrow_forward
- Question 13 Which one of the following is an example of the economic activity of consumption? An automobile rolls off an assembly line. Sandra wins the lottery. O Hector enjoys watching a sunset. O A new law is passed to improve air quality.arrow_forwardGive typing answer with explanation and conclusion Which of the following illustrates goods markets? A. Maggie took an educational loan of $10,000. Safeway sells milk at $4.35 a gallon. B. Anna got a job with a public firm. Smith wants to take a vacation in December. C. Walmart sells potatoes at $2.14 a pound. Ann bought a new condo for $200,000. D. Banks have raised interest rates to 2.5 percent. Ryan enjoys playing chess.arrow_forwardEconomics 1 Use the following basket of goods for years 2006, 2007, and 2008 to answer questions 1 through 10: Good and Quantity Price in Price in Price in unit 2006 2007 2008 Coffee, pounds 3 $10.25 $10.30 $11.25 $3.50 $3.85 $3.30 Gasoline, gallons 30 Cereal, boxes $4.25 $4.25 $4.50 Electricity, kwh 200 $0.11 $0.11 $0.10 Milk, quarts 12 $1.75 $1.80 $1.75 If the basket were adjusted again in 2008 to reflect the drop in gasoline prices and the subsequent rise in consumption of that good – returning the quantity to its 2006 level of 30 gallons – what would the price level be (rounded to the nearest tenth)? Answer herearrow_forward
- 15arrow_forwarddo fastarrow_forward0 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…arrow_forward
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