d. What was the growth rate of nominal GDP between 2019 and 2020? What was the growth rate of real GDP between 2019 and 2020? What was the growth rate of the GDP deflator between 2019 and 2020? e. Calculate the value of the basket in 2019 and 2020. f. Calculate the CPI for 2019 and 2020.
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Please solve Part D, E & F
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- Question 2 Suppose production and prices of food and clothing (the only two goods produced in this economy) in 2006 and 2007 are as follows: (base year = 2006) Year Quantity of Food Price of Food Quantity of Clothing Price of Clothing 2006 20 $15 15 $5 2007 60 $18 30 $6 Calculate: (i) nominal and real GDP in 2006 and 2007, (ii) the GDP deflator (iii) the growth rate in real output.Prepare a chart that compares India, Spain, and South Africa based on the data you find. Describe the key differences between the countries. Rank these as high-, medium-, and low-income countries, explain what is surprising or expected about this data.QUESTION 18 A policeman’s salary would fall under which component of GDP? A. consumer spending B. private investment C. government purchase D. net exports
- 5. (Price Indexes) E-readers and HDTVs have not been part of the U.S. economy for very long. Both goods have been decreasing in price and improving in quality. What problems does this pose for people who are responsible for calculating a price index?QUESTION 2 The table below gives the values of different expenditures in the United States during 1999. Answer the following questions about the United States a) Define the concept of Gross Domestic Product (GDP) b) Calculate the value of net exports of goods and services in 1999? c) Calculate (nominal) GDP equal to in 1999? d) What was the (nominal) value of total production equal to in 1999? Note: 1. No need hand writing 2. Please clear answer no whois one a,b,c,dQuestion 15 Gross domestic product (GDP) in the economy is measured by the: market value of all final goods and services produced in the economy. total number of goods produced in the economy. total number of goods and services produced in the economy. total number of services produced in the economy.
- Monthly Consumer Price Index from January 2015 to December 2020 (Source: STATIN) Month 2015 2016 2017 2018 2019 2020 January 85.4 88.6 90.9 95.2 97.4 102.5 February 84.8 87.9 91.1 95.1 97.4 103.2 March 85.3 87.8 91.4 95.0 98.2 102.9 April 85.4 87.5 91.7 94.6 98.3 103.7 May 85.9 87.7 91.8 94.6 99.1 103.8 June 86.3 88.5 92.4 95.0 99.0 105.2 July 87.0 88.9 92.9 95.9 100.0 105.7 August 87.7 89.3 93.2 96.8 100.8 105.9 September 88.1 89.7 93.8 97.9 101.2 106.1 October 88.4 89.9 94.2 98.6 101.8 106.9 November 88.8 90.3 94.7 98.6 103.2 107.6 December 89.0 90.5 95.2 97.6 103.6 109.0 From the Table above: In December 2018, Mr. Logan Hepburn began receiving a salary of $100,000 per month.Up to December 2020, his salary has remained unchanged. What is his ‘‘real wage’’ in December…Question 2 (Activity 7.1) Suppose production and prices of food and clothing (the only two goods produced in this economy) in 2006 and 2007 are as follows: (base year = 2006) Year Quantity of Food Price of Food Quantity of Clothing Price of Clothing 2006 20 $15 15 $5 2007 60 $18 30 $6 Calculate: (i) nominal and real GDP in 2006 and 2007, (ii) the GDP deflator (iii) the growth rate in real output.8. Includes all income earned: wages, profits, rent, and profit income within an Economy. Question 8 options: Trade Balance Net Income Gross Domestic Product National Income
- Further background: • China primarily exports electrical equipment. This would include computers and optical and medical equipment. It's also a big exporter of low-cost apparel, fabric, and textiles. A lot of China's exports are manufactured products made for U.S. companies. These companies pay to ship raw materials to China. There the low-cost factory workers process the materials into the final product. The top import categories in 2017 were: electrical machinery ($147 billion), machinery ($110 billion), furniture and bedding ($32 billion), toys and sports equipment ($26 billion), and plastics ($16 billion). • Almost 75 percent of Canada's exports go to the United States. Canada has abundant supplies of oil, gas, and uranium. Its main exports include oil, vehicles and wood. The top import categories in 2017 were: mineral fuels ($73 billion), vehicles ($56 billion), machinery ($21 billion), special other (returns) ($14 billion), and plastics ($11 billion). • Mexico sends…Table 1 contains price and quantity information for two products produced by Apple, the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were produced in the United States. Table 1: Apple Products 2016 2017 Price Quantity Price Quantity iPhone $1,200 300 $1,250 400 Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the sales of the two products in 2016 and 2017. Calculate the amount contributedAssessment 1 Which one of the following statements is INCORRECT? Select one: A Real GDP is a measurement of GDP in which the quantities produced are valued at the prices in a base year, in other words, it considers inflation. B. GDP at constant prices measures the actual physical volume of production valued at the prices in a base year. C. GDP at current prices takes a continuous and considerable rise in the prices of goods and services into consideration. D. An increase in the prices of goods and services produced might increase the nominal GDP over time.