QUESTION 15 Price level (GDP deflator, 2009-100) 130 120 110 100 90 LAS SAS 17.0 17.5 18.0 18.5 19.0 19.5 Real GDP (trillions of 2009 dollars) In the figure above, the economy is at point A when the price level falls to 100. Money wage rates and all other resource prices remain constant. Firms are willing to supply output equal to $17.5 trillion. $18.0 trillion. $18.5 trillion. None of the above answers is correct.
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- Calculate total GDP for this economy given the following components of demand. Round your answer to the nearest tenth and enter the value in trillions of dollars. Components of GDP on the Demand Side (in trillions of dollars) Consumption Investment Government spending Exports Imports Provide your answer below: trillion Total GDP 12.9 3.8 4.2 3.0 4.2 ?Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2020. Scenario 2020 GDP Excluded Included Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 17, 2020. Athleticus imports the pair of sneakers into the United States on May 21, 2020. The Jones family buys an antique silver platter at an auction in upstate New York on March 17, 2020. Fastlane, a Japanese automobile company, produces a sedan at a plant in Indiana on December 12, 2020. A family buys the sedan on December 24. Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 19, 2020. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2020. (Note: Focus exclusively on whether…“The total demand for goods and services consists of consumption demand,investment demand, government demand and net exports.” In terms of thisstatement, discuss the three sets of demand factors that can lead to economicgrowth.
- Use the table below to answer the question. 2018 (Base Year) Price $3 $3 Quantity 14 12 2019 Price $6 S6 |Quantity Tomato Tobacco 7 Habitats of Virginia produce and consume only two products, tomatoes and tobacco. Total quantities of output and prices (per unit) of two products in 2018 and 2019 are shown on the table above. The base year is 2018. Using the base-year method, real GDP in 2019 is $ (Answer in whole number without $ sign or decimal: e.g. 12)The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2011 2012 Quantity Price Quanity Price T-Shirts 90 $25 108 $25 Red Bull (cans) 510 $2 510 $3 Pizza (slices) 980 $3 900 $6 Nominal GDP in 2011 was $... and nominal GDP in 2012 was $..... (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $.... and real GDP in 2012 was $...... (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was...... percent. (Round your response to two decimal places and use a minus sign if necessary.) If 2012 is the base year, real GDP in 2011 was $..... and real GDP in 2012 was $..... (Enter your responses as integers.) Based on your…Refer to the information provided in Table 2 below to answer the questions that follow. Table 2 Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 50 50 60 $1.00 $1.20 $1.20 Good Y 100 120 140 $0.60 $0.60 $1.00 a. Assuming that this economy produces only two goods Good X and Good Y, Calculate the value for this economy's nominal GDP in year 1, year 2, and year 3. b. Assuming that year 1 is the base year, Calculate the value for this economy's real GDP in year 2 and the values for this economy's GDP deflator in year 1 and year 2. c. Assuming that year 2 is the base year, Calculate the value for this economy's real GDP in year 3
- Consider the following data for a hypothetical economy that produces two goods, milk and honey. Prices Year 1 Year 2 Quantity Produced milk (litres) 100 135 honey (kg) 35 22 a. Compute nominal GDP for each year in this economy. Nominal GDP in year 1: $ Nominal GDP in year 2: $ milk ($/litre) 4 3 honey ($/kg) 3 4 (Round your response to the nearest whole number.) (Round your response to the nearest whole number.) The percentage change in nominal GDP from year 1 to year 2 is%. (Round your response to two decimal places. Use the minus sign to enter negative numbers.) b. Using year 1 as the base year, compute real GDP for each year using the traditional approach. Real GDP in year 1year 1 prices- $ Real GDP in year 2year 1 prices (Round your response to the nearest whole number.) (Round your response to the nearest whole number.) The GDP deflator in year 1year 1 prices The GDP deflator in vear? The percentage change in real GDP from year 1 to year 2 is%. (Round your response to two decimal…in Macro Economics (BEC-151-03) purses / 21/WI BEC-151-03 / Introduction to Macroeconomics / CQ11 - CPI approach to real GDP Output and Prices for 1995 and 1996 Product Quantity produced in 1995 Price in 1995 Quantity produced in 1996 Price in 1996 Good J 89 $9.75 96 $9.5 Good K 86 $8.5 79 $9 Given the information in the table above for an economy that produces only Good J and Good K, answer the questions that follow. Do not enter dollar signs or commas in your answers. 1. What was the value of nominal GDP in the year 1995? $ 2. What was the value of nominal GDP in the year 1996? $ 3. What was the value of real GDP in the year 1995 if 1996 is the base year? $ 4. What was the value of real GDP in the year 1996 if 1995 is the base year? $ Finish attempt .. МaсВook Pro F1 F3 F4 DD F5 F6 F7 F8 F9 F10 @ #3 2$ & * 2 3 4 6. 7 8. W Y U H J K ...-Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 2010 Price of an automobile $40,000 $50,000 Price of a loaf bread $20 $30 Number of auto-mobiles produced 100 cars 120 cars Number of loaves of bread produced 600,000 loaves 500,000 loaves Using the year 2000, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as CPI. How much have prices risen between year 2000 and year 2010? Compare answers given by Laspeyres and Passche price indices. Suppose you are a senior public servant writing a bill to index Social Security and pensions. That is your bill will adjust these benefits to offset changes in the cost of living. Will you use the GDP deflator or the CPI? Explain emphasis on questions 2 and 3 .
- 1.0 National income – The Pandemic Economy 1.2 In Trinidad and Tobago, the continuation of the pandemic and the associated public health restrictions undermined all the economic gains realized in the second half of 2020. Consequently, for the first quarter of 2021, the CSO estimates that real GDP at Basic prices also fell by 7.4 percent primarily as a result of a 9.5 percent contraction in Energy Sector activity and 5.9 percent fall in Non-Energy GDP. 2.1 Oil and gas prices have since rebounded from their lows in 2020 and continue to rally in 2021. In September 2021 crude oil prices rose by more than 90 percent, while natural gas prices surged by more than 180 percent over the average price for calendar 2020. These developments are expected to positively impact Nominal GDP and Government’s earnings, with spillover effects on economic growth. The Central Statistical Office has estimated Nominal GDP at Purchaser Prices at $144,422.1 million in calendar 2020. The Ministry of…Determine which expenditure(s) are included in the 2023 Gross Domestic Product (GDP) of Harrisonville. Correct Answer(s) Drag appropriate answer(s) here $500 million in road construction by state governments of Harrisonville Press Space to open $900 million in pharmaceutical products exported from Harrisonville to Murrayville Press Space to open a home built in 1974 valued at $ 750,000 Press Space to open businesses purchase $500 million on equipment and materials to produce future output Press Space to open $80 million in Social Security payments from the government to individuals Press Space to open $250 million expenditure for coffee beans from the central highlands of Peru Press Space to open $300 million in food and clothing purchases.A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 10 20 50 13 2021 15 30 60 15 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 1 karaoke machine and 5.