Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 23.2, Problem 2QQ
To determine
The contribution to GDP .
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Which contributes more to GDP—the production of aneconomy car or the production of a luxury car? Why?
What is export,import rate and net export reflecting in terms of GDP of a country? What it indicates when the value is high or low?
A country has just one resource - labor - that it can use to produce two goods, books and clothing.
At first the country has 10 million workers, and each worker can produce either 2 books or 5 units of
clothing per day.
Suppose the country wants to produce 8 million books.
Suppose the price of a book is $10, and the price of a unit of clothing is $20. Using this
information and your answer from the last question, calculate the country's GDP (measured in
dollars per day). Enter your answer as a number in the space below. (For example, if your
answer is $3.75 million, enter it as 3750000 in the space below.)
Chapter 23 Solutions
Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
Ch. 23.1 - Prob. 1QQCh. 23.2 - Prob. 2QQCh. 23.3 - Prob. 3QQCh. 23.4 - Prob. 4QQCh. 23.5 - Prob. 5QQCh. 23 - Prob. 1CQQCh. 23 - Prob. 2CQQCh. 23 - Prob. 3CQQCh. 23 - Prob. 4CQQCh. 23 - Prob. 5CQQ
Ch. 23 - Prob. 6CQQCh. 23 - Prob. 1QRCh. 23 - Prob. 2QRCh. 23 - Prob. 3QRCh. 23 - Prob. 4QRCh. 23 - Prob. 5QRCh. 23 - Prob. 6QRCh. 23 - Prob. 7QRCh. 23 - Prob. 8QRCh. 23 - Prob. 1PACh. 23 - Prob. 2PACh. 23 - Prob. 3PACh. 23 - Prob. 4PACh. 23 - Prob. 5PACh. 23 - Prob. 6PACh. 23 - Prob. 7PACh. 23 - Prob. 9PACh. 23 - Prob. 10PACh. 23 - Prob. 11PACh. 23 - Prob. 12PA
Knowledge Booster
Similar questions
- show how to get all partsarrow_forwardState three ways used to measure the amount of economic activity in the economy GDP at factor price is greater than GDP at factor cost True or False?arrow_forwardAble to find the percentages, but don’t know how to find the price amount to the answersarrow_forward
- Please no written by handarrow_forwardCalculate the PPP-adjusted GDP for each of the four countries, using the information found in the table below. Instructions: Round your answers to the nearest dollar. Country GDP ($) Price level (%) Ona 12,000 5 Rye 12,800 -26 Zolfo 14,000 -9 Avon 23,300 22 PPP-adjusted GDParrow_forwardGo online and find the current GDP for countries, which are the largest countries in the world in terms of GDP. Find a PPP GDP, which are the largest countries now? Why the difference?arrow_forward
- Imagine that the United States produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below: Goods Apples Bananas Carrots Quantities Produced Prices ($) 7 2.00 10 24 1.00 1.50 Instructions: Round your answers to two decimal places. a. U.S. GDP is: $ b. Suppose that a drought hits the state of Washington. This drought causes the quantity of apples produced to fall to 4. Assuming that all prices remain constant, the new U.S. GDP is: $ c. Assume, once again, that the quantities produced and the prices of the three goods are as listed in the table. Now, given this situation, carrot sellers decide that the price of carrots is too low, so they agree to raise the price. If the U.S. GDP is $70.00, the new price of carrots is: $ per carrot.arrow_forwardCalculate the PPP-adjusted GDP for each of the four countries, using the information found in the table below. Instructions: Round your answers to the nearest dollar. Country Ona Rye Zolfo Avon GDP ($) 9,000 12,800 14,100 23,100 Price level (%) 8 -24 -12 23 PPP-adjusted GDP 8,333 -3,072 16,022.73 18800 Marrow_forwardIf the price of a hot dog is Rs 2 and the price of a hamburger is Rs 4 then 30 hotdogs contribute as much as to GDP as how much hamburgerarrow_forward
- What is the difference between GDP and Gross National Product (GNP)? Why do economists look at per capita measures of GDP and GNP when making comparisons between nations?arrow_forwardMonica grows coconuts and catches fish. Last year she harvested 1500 coconuts and 600 fish. She values one fish as having a worth of three coconuts. She gave Rachel 300 coconuts and 100 fish for helping her to harvest coconuts and catch fish, all of which were consumed by Rachel. Monica set aside 200 fish to help with next year's harvest. In terms of fish, consumption would equal 700 fish 900 fish 1100 fish 2700 fisharrow_forwardWhat is household consumption expenditure reflecting in terms of GDP of a country? What it indicates when the value is high or low?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning