Consider the following table for the economy of a nation whose residents produce four final goods: 2023 Price $946.00 $8.00 $110.00 $1.00 a. Assume 2023 as the base year. Calculate nominal GDP for 2022. $ Calculate nominal GDP for 2023. $ 2022 Good Computers Bananas Televisions Cookies Quantity 12 3,162 535 10,880 Price $ 723.00 $9.00 $140.00 $2.00 Quantity 14 1,356 252 10,120
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- Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a county.the annual output and prices of a 3-good economy are shown in the table below. Good Price year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 Quarts of ice cream $ 4.00 3 $ 4.00 5 Bottles of shampoo 3.00 1 3.00 2 Jars of peanut butter 2.00 3 2.00 2 instructions: enetr your answers as whole numbers. What was the economy's GDP in year 1? What was its GDP in year 2?
- The table below includes data for a one-year period required to calculate GDP from the income side for a teeny-tiny economy. Gross investment expenditure Wages and salaries Consumption expenditure Interest and investment income Business profits Depreciation Indirect taxes less subsidies Net exports TABLE 20-4 $402.00 $1741.00 $1302.40 $99.40 $70.40 $199.20 $175.20 $94.00 Refer to Table 20-4. What is the value of GDP, as calculated from the income side? $2010.00 $1982.60 $1986.00 $2584.40 $2285.20The country described in the table below produces and consumes only three goods: T- shirts, shampoo, and bread. Assuming that 2018 is the base year, by what percentage did real GDP grow between 2018 and 2019? (If your answer is 23.23%, please write 23.23) T-shirts Shampoo Bread 2018 Quantity Unit 10 units 20 bottles 30 kilograms Typed nuleric answer will be automatically saved. Price Quantity 40 10 9 2019 Unit 20 units 10 bottles 25 kilograms Price 45 18 20 CYear 2019 Year 2020 Year 2021 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25 Refer to the GDP table above. Also suppose that a hypothetical “consumer market basket” consists only of goods B and C, in the quantities: B = 5 and C = 10. Use 2020 as a base year (i.e., 2020 = 100). a. What is the total money value spent on the consumer market basket in 2020 and 2021? b. Calculate the CPI for 2020, and 2021.…
- Year 2019 Year 2020 Year 2021 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25 Refer to the GDP table above. Also suppose that a hypothetical “consumer market basket” consists only of goods B and C, in the quantities: B = 5 and C = 10. Use 2020 as a base year (i.e., 2020 = 100). a. What is the total money value spent on the consumer market basket in 2020 and 2021? b. Calculate the CPI for 2020,…docs.google.com a Problem 2 10. The table below provides Cocoland's national income accounting. Use this data to compute the GDP * Transfer Payments $ 54 $ 186 $ 36 $ 67 S 124 $ 274 $ 74 $ 75 $ 18 $ 12 $ 156 $ 304 Interest Income Depreciation Wages Gross Private Investment Business Profits Indirect Business Taxes Rental Income Net Exports Net Foreign Factor Income Government Purchases Household Consumption GDP= $206 GDP= $506 GDP $502 GDP = $602 11. Which of the following are not included in GDP statistics? * The value of goods and servicesThe Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services I: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output b. Gross private investment % % c. Total government purchases % d. Exports e. Imports % $14,561 Instructions: Enter your responses as a percentage rounded to one decimal place. Calculate the following as a percentage of GDP for 2019: a. Personal consumption expenditures % 3,744 3,754 2,504 (3,136) $21,427 Wages and salaries Corporate profits Proprietors' income Income Rents Interest Taxes on output and imports Depreciation Statistical discrepancy Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427
- Gross Domestic Product The U.S. gross domesticproduct (GDP) (in trillions of dollars) for selectedyears from 2005 and projected to 2070 can be modeled by y = 0.116x2-3.792x + 45.330, where xis the number of years after 2000. During what yearsbetween 2005 and 2070 was the gross domestic product no more than $23.03 trillion?For the following question , please indicate whether current GDP of the United States will be affected and, if so, by how much .In each case, indicate also which component(s) of GDP will be affected and by how much This month, a manufacturer in colorado sells $60,000 worth of t-shirts to a distributor in New York City, who sells them to the public. Then the New York distributor buys corporate bonds for a value of $10,,000, which promise to return $9400 one year from now.Core chapter 1.2 will help with this question. Do not include the dollar sign in your answer. Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges 100 Quantity in year 1 Price in year 1 Quantity in year 2 Price in year 2 50 $1.00 $0.80 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer: