11. Kaplan is an island country. It produces fertilizer, oil press, rice, bean, and oil, while exports oil and imports avocado from Mexico. The price (P, by $) and quantities (Q) of each product are as the following: Year Fertilizer Oil press Rice Bean Oil Avocado P P P 2016 5 100 1000 10 1000 15 200 80 30 70 10 2017 6 110 1200 12 1100 18 220 96 33 84 11 2018 120 1400 7 14 1200 21 240 150 36 98 12 Farmers will keep 1/2 of rice for their own consumption. For oil producers, they use bean and oil press to produce oil, keep 1/3 oil for themselves, sell 1/3 oil in domestic market, and export the rest. The CPI basket is {2 rice, 0.5 oil, 0.5 avocado}. 1) Finish the following table about the goods and its quantity that should be included in the GDP calculation. Also indicate the component of GDP that each good belongs to. GDP component I Oil press Year P 2016 1000 5 2017 1200 2018 1400 7 2) Use 2017 as the base year, the real GDP in 2017 is and the real GDP in 2018 is 3) Use 2017 as the base year, the inflation rate from 2017 to 2018 by CPI is

11. Kaplan is an island country. It produces fertilizer, oil press, rice, bean, and oil, while exports oil and imports avocado from Mexico. The price (P, by $) and quantities (Q) of each product are as the following: Year Fertilizer Oil press Rice Bean Oil Avocado P P P 2016 5 100 1000 10 1000 15 200 80 30 70 10 2017 6 110 1200 12 1100 18 220 96 33 84 11 2018 120 1400 7 14 1200 21 240 150 36 98 12 Farmers will keep 1/2 of rice for their own consumption. For oil producers, they use bean and oil press to produce oil, keep 1/3 oil for themselves, sell 1/3 oil in domestic market, and export the rest. The CPI basket is {2 rice, 0.5 oil, 0.5 avocado}. 1) Finish the following table about the goods and its quantity that should be included in the GDP calculation. Also indicate the component of GDP that each good belongs to. GDP component I Oil press Year P 2016 1000 5 2017 1200 2018 1400 7 2) Use 2017 as the base year, the real GDP in 2017 is and the real GDP in 2018 is 3) Use 2017 as the base year, the inflation rate from 2017 to 2018 by CPI is

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter12: Environmental Protection And Negative Externalities

Section: Chapter Questions

Problem 11SCQ: The state of Colorado requires oil and gas companies who use fracking techniques to retune the land...

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