Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base year is year 1. Good P1 Q1 P2 Q2 Milk $4.20 46 $4 (gallons) 42 Beef $6 22 $6.20 24 (pounds) Carrots $5 (bags) 11 $4.80 16 Enter numbers rounded to two decimal places in each blank. Do not enter commas or percent signs. Real GDP in year 1 is $ Real GDP in year 2 is $
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- Activity 2 Statistics Reading The most major economic problem of our country today is the reduction of the GDP caused by the pandemic together with the other forces of the market and economic problem as seen in the data below. Give your analysis and the ways you can think of to improve our economy? 10 6.6 6.5 6.2 -0.7 -5 -1 -11.5 -1 -16.9 -2 Jan 2018 Jul 2018 Jan 2019 Jul 2019 Jan 2020 Jul 2020 SOURCE: TRADINOECONOMCS.COM NATIONAL STATISTICS OFFICE OF PHILIPPINES 1.What can you interpret about the GDP of the Philippines based on the Chart? 2. What are the reasons of the decline in the GDP of our Country? List some concrete evidences based on certain article or news. 3. What do you think would happen in the GDP of the Philippines in the year 2022? List some of your views based on economic principles. ||Time left 1:19: The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2009. Prices and Quantities Year Price of Quantity of Price of Quantity of Waffles Pancakes Waffles Pancakes 2008 $2.00 100 $1.00 100 2009 $2.00 120 $2.00 150 2010 $2.00 150 $3.00 200 2011 $4.00 180 $3.00 220 From 2010 - 2011, this country's output grew %. Select one: O a. 155.6 O b. 12.5 O c. 48.1 O d. 14.3Classify each of the following items as a final good or an intermediate good, and classify the expenditure on each final good as consumption expenditure or investment: Item 1. New aircraft bought by Southwest Airlines Item 2. Jet engines bought by Boeing Item 3. The ringtone you bought today Item 4. A new apartment building Item 1 is _______ and item 2 is _______. A. an intermediate good; an intermediate good B. a final good that is investment; an intermediate good C. a final good that is investment; a final good that is consumption expenditure D. an intermediate good; a final good that is consumption expenditure Item 3 is _______ and item 4 is _______. A. a final good that is consumption expenditure; a final good that is investment B. a final good that is consumption expenditure; an intermediate good C. a final good that is investment; a final good that is investment D. a final good that is…
- 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 inventoriesThe table below represents the economy of Bruce, IL which is a small town in Moultrie County Com is grown and only used in the production of beet (as feed) Rifles are produced but only used by government for policing Beef and juice are produced and consumed by all citizens If necessary, use 2012 as your base year Com Rifles Beef Juice Price Quantity Price Quantity Price Quantity Price Quantity 2011 $350 1000 $150 100 $5 100 110 $2 $2 210 2012 $360 $380 700 1100 1200 $175 120 $6 220 2013 $165 140 $6 130 $4 220 150 Yasiel was earming 10% nominal interest from 2011-2012. How much real interest did he earn? 2014 $400 $185 $6 140 $5 200The table below represents the economy of Bruce, IL, which is a small town in Moultrie County. Corn is grown and only used in the production of beef (as feed). Rifles are produced but only used by government for policing. Beef and juice are produced and consumed by all citizens. If necessary, use 2012 as your base year. Corn Rifles Beef Juice Price Quantity Price Quantity Price Quantity Price Quantity 2011 $350 1000 $150 100 $5 100 $2 210 2012 $360 700 $175 120 $6 110 $2 220 2013 $380 1100 $165 140 $6 130 $4 220 2014 $400 1200 $185 150 $6 140 $5 200 What is the nominal GDP for 2013?
- 1. The curves showing the various quantities of goods and services that domestic consumers, businesses, the government, and foreign buyers collectively want to buy, at each price level, establish that: a. the higher the price level, the lower the real GDP these buyers will acquire; therefore, the lower the price level, the lower the actual production they buy b. the lower the price level, the greater the real GDP that these buyers will acquire; therefore, the higher the price level, the higher the actual output they buy c. the lower the price level, the greater the real GDP that these buyers will acquire; on the contrary, the higher the price level, the lower the real production they buy d. the higher the price level, the greater the real GDP that these buyers will acquire; therefore, the lower the price level, the lower the actual production they buy 2. The quantity of labor supplied increases when the real wage increases by: a. the increase in the labor force participation rate and…An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.30 from agriculture, $0.40 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $30 billion for agriculture, $63 billion for manufacturing, and $20 billion for energy. The output of the agricultural sector is billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The base year is 2019. Question Help ▼ Calculate the value of 2019 production in 2018 prices and the percentage increase in production when valued at 2018 prices. In 2018 Item Quantity Price Food The value of 2019 production in 2018 prices is $ 97 $3 Fun 70 $2 In 2019 Item Quantity Price Food 71 $9 Fun 67 $8 Enter your answer in the answer box and then click Check Answer. Check Answer 1 part remaining Clear All DII DD 000 000 F11 F12 80 F9 F10 F7 F8 F6 F4 F5 F3 ) & 24 delet 4 5 6. 7 8 P Y U [ G H J K R
- An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.20 from agriculture, $0.20 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.40 from energy Find the output for each sector that is needed to satisty a final demand of $15 billion for agriculture, $18 bilion for manutacturing, and $67 billion for energy. The output of the agricultural sector is bilion dollars. (Round the final answer to three decimal places as needed. Round al intermediate values to six decimal places as needed.)An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.20 from agriculture, $0.20 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.30 from agriculture, $0.40 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $42 billion for agriculture, $47 billion for manufacturing, and $40 billion for energy. The output of the agricultural sector is billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.) The output of the manufacturing sector is billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal…An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.20 from agriculture, $0.20 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.40 from energy. Find the output for each sector that is needed to satisfy a final demand of $57 billion for agriculture, $19 billion for manufacturing, and $21 billion for energy.