Q: Difference between nominal scale and ordinal scale
A: Nominal and Ordinal scale are measuring tools used to measure the tools.
Q: An analyst needs to adjust the nominal GDP for the years 2000 and 2010 into real terms to conclude…
A: Given: Nominal GDP in 2000= $672 billion Nominal GDP in 2010=$1,690 billion real interest rate in…
Q: Questions 6 & 7: A model for the Consumer Price Index (CPI) for the period July 2005 (t = 0) to…
A: Answer: (6). To find the inflation rate in November 2005 (t=4) the following formula will be used:…
Q: The following is a plot of US labor productivity. The scale is calibrated so productivity = 100 in…
A: Given:Productivity in 2020=113Productivtiy in 1990=60
Q: Define “retail sales” index and tell why it is important as an economic indicator.
A: The Retail Sales Index (RSI) is an indicator of retail industry’s performance in the short-run based…
Q: The following table reports 2018 transactions that occurred in the United States. Prices in 2018 and…
A: GDP is the market value of domestically produced final goods and services produced in a given period…
Q: Differentiate and explain the following terms: i. Time Series Data and Cross Sectional Data
A: The data for time-series will be required to study growth fluctuation in different time periods for…
Q: Indicate if the following data sets represent time-series, cross section or panel data. a- Number of…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Example. Find nominal GDP if real GDP = 240 and price index = 120. %3D %3D
A: Nominal GDP: It is the estimation of the GDP without considering the inflation in the economy. In…
Q: What type of data is this, is it (nominal, ordinal, interval or ratio) and summarize it in ways…
A: It is ratioo data.
Q: 1992 1993 1994 Mousepads Price Quantity $8 17 $10 29 $14 48 Price $3 $5 $6 Maps Quantity 9 11 16…
A: A consumer price index (CPI) measures the cost of a market basket of products and services for…
Q: In 2012 the nominal value for household spending on food and beverages was equal to $17593m and in…
A: Here since we have data only for the household consumption for food and beverages. Hence it would be…
Q: The following graph shows the approximate value of the United States Consumer Price Index (CPI) from…
A: Answer: Given, CPI function: It=-0.04t3+0.4t2+0.1t+202 0≤t≤7where t is time in months since the…
Q: C I G NX…
A: Nominal GDP is the increment in the income or output level from year to year on the basis of market…
Q: You are given the following information about an economy, use the information to calculate exercises…
A: Answer: $270 Million
Q: Question The following table contains prices for items consumed by a person over time. Year Price of…
A: A price index is a normalized average of price relatives for a given class of goods or services in a…
Q: The economy of country Y produces 5 commodities; rice, salted fish, sugar, salt, and oil. The…
A: Laspeyres consumer price index = ∑(Observation year prices * base year quantity) / ∑ (base year…
Q: a. Using 2000 as the base year, compute the following statistics for each year: nominal GDP, real…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Suppose the Consumer Price Index for 2012 was 121.4 and for 2014 it was 124.4. (a) Determine the…
A: Purchasing Power of a dollar = base yeartarget year
Q: i GDP & Years GDP 164000 160,000 156000 152000 1,48,000 144,000 GDP 2016 17 18 19 20 Years Note: The…
A: (GDP)Gross Domestic Product The total monetary or market worth of all the finished goods and…
Q: shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in…
A: From the table, we can see nominal GDP rises every year between 1978 to 1983, while the Real GDP had…
Q: d) Paasche price index e) Fisher Price Index f) Relative weighted average of prices
A: Index number is the measure of changes in a variable over the period of time. It measures the…
Q: Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP…
A: Formulas: Nominal GDP = Price of commodities in current year * Quantities of commodities in current…
Q: Suppose the index of prices received by date farmers in Oman for 2008 was 1.04 and the base year of…
A: The price index measures the changes in the price level of a fixed market basket of goods and…
Q: Define digit
A: Definition of digit 1 a: any of the Arabic numerals 1 to 9 and usually the symbol 0 b: one of the…
Q: n 2012 the nominal value for household spending on food and beverages was equal to $17593m and in…
A: The Consumer Price Index (CPI) tracks the total change in consumer prices (rural and urban) over…
Q: If the consumer price index was 96 in 2012, 100 in 2013, and 102 in 2014, then the base year must be…
A: The answer is option B – 2013
Q: :0. Economic survey is published by
A: To find : Who publish economic survey.
Q: Construct the consumer price index number for 2017 on the basis of 2016 from the following data…
A: Consumer price Index = ∑RW∑Wwhere R is relative price and W is weightR= P1P0×100
Q: The percentage change in the number of unemployed in Washington between January 2015 and January…
A: A person is said to be unemployed when they are unable to find job at prevailing market wage rate .
Q: The following are the prices of commodities in 2016 and 2017. Calculate price index based on price…
A: Use the below formula to find the relative price: Price relative = P1P0×100
Q: calculate Paasche consumer price index for 2001 and 2002 using 2000 as base year!
A:
Q: Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to…
A: Labour force is that part of the population which is actively searching for work. It is the…
Q: Table 2 Year CPI (2005=100) CPI(2014=100) 2012 102.3 2013 110.5 99.8 2014 111.3 100.0 2015 102.5…
A: Consumer price index is used for measuring inflation in the economy. It is calculated by price…
Q: In 2017-18, the Pakistan Bureau of Statistics announced that of all adult Pakistanis, 59,786,200…
A: Natural unemployment signifies the average rate of unemployment to which a nation approaches in the…
Q: 40. The following are the prices of commodities in 2016 and 2017. Calculate a price index based on…
A: In the question above, it is given the prices of commodities in year 2016 and 2017. We have…
Q: Suppose the index of prices received by date farmers in Oman for 2008was 1.04 and the base year of…
A: The price index of the country shows the average price level in the economy. The value of price…
Q: 1. The following prices and quantities produced were recorded in computer land during the years…
A: GDP Deflator = (Nominal GDP/Real GDP)*100 Nominal GDP is the value of the current basket of goods at…
Q: Please round to two decimal places in your answer. Do not include the % sign Total Population:…
A: Given the total population = 150270378 Homemakers = 12874567 Labor force = 85314672 Total employed =…
Q: If Nominal GNP is 20,000 and Real GNP Is 16000 Calculate GNP deflator
A: The information being given is:- Nominal GNP = 20,000 Real GNP = 16,000 We have to calculate GNP…
Q: The following Table 2 gives the consumer price index from year 2012 to 2017. Table 2 Year CPI…
A: Consumer price index is used for calculating inflation in the country. It shows the weighted average…
Q: Activity 2. Computing Consumer Price Index (CPI) Directions: Compute the CPI out of the following…
A: A measure of an economy's aggregate pricing level is the Consumer Price Index (CPI). The Consumer…
Q: Government survey takers noted the following prices each year for the listed items. Items 2016 2017…
A: ANSWER IS GIVEN BELOW
Q: Can the average physical product be a decimal?
A: The average physical product is defined as the quantity of total output or total physical product…
Q: d. Use GDP deflator to compute the inflation rate from 2006 to 2007 and from 2007 to 2008.
A: We know that, The GDP deflator in 2006 = 100 The GDP deflator in 2007 = 102.8 The GDP deflator in…
Q: How do you convert a series of nominal economic data over time to real terms?
A: When studying economic statistics, it's critical to understand the difference between real and…
Step by step
Solved in 3 steps
- Construct a graph showing Russia's inflation rate from 1990 to 1990 using accurate data.What type of data is this, is it (nominal, ordinal, interval or ratio) and summarize it in ways appropriate for that type.use the table Assume that the reference base year is 2002 (CPI = 100) a) What is the CPI (consumer price index) in 2012? b) What is the nominal GDP and real GDP in 2012? c) By what percentage did the economy grow between 2002 and 2012?
- 1. The following prices and quantities produced were recorded in computer land during the years shown and Calculate the following and show your work. a) What was the consumer's price index (CPI) in 1994?The following Table 2 gives the consumer price index from year 2012 to 2017. (i) Compute CPI for year 2015 by using year 2005 as the base year. (ii) Compute CPI for year 2012 by using year 2014 as the base year. (iii)Construct another index series using 2016 as the base year and interpret the index number for the year 2017.use four (4) decimal places 1. Steve Chen, a third-year electrical engineering student, is really into gaming. He and all of his friends like online multi-player games, but are annoyed by delays caused by slow internet connections. Sometimes they link their own computers into local networks and play, but it’s hard to find a place to play and their laptops are not the best machines for gaming. On his work term in Abu Dhabi, Steve noticed that gaming halls are popular. High-level networked game machines are located in malls, and people rent the machines by the hour for playing games either with each other or over a very fast internet connection. Steve expects to be on campus for the next five years and sees an opportunity in setting up a similar business at the mall next to his university. The first cost for equipment, furniture, and software is expected to be P 70,723. Students will be able to rent time on the computers by the hour, and Steve will be able to augment this income with…
- Government survey-takers noted the following prices each year for the listed items. Items 2016 2017 2018 Pizza $10 $20 $20 Cell Phone Service $90 $180 $180 Crude Oil (barrel) $90 $180 $90 Calculate the percentage increase in PPI from the base year, 2016 to 2017.Alex wants to measure the nominal 1998 GDP of $993 billion in 2008 dollars. From the data he gathered, he knows the deflator for 1998 is 30 and for 2008, it is 74, and that real interest in those years was 6.23% and 3.21% respectively. If he avoids making a misleading calculation, what will the value be?I am needing help with graphing number 2. I graphed it but I just need to check it as I am having trouble understanding it
- Year Cost of basket (R) of consumer goods / services Base Year 2018 1850 2019 2190 2020 2380 2021 2560 Use the information in Table 3-2 to measure the consumer price indexfor 2019, 2020 and 2021 respectively. Show your calculations and round off to two decimal places.Typed and correct answer please. Consider the data shown below for the Canadian Consumer Price Index (CPI), drawn from the Bank of Canada's website. a. Compute the missing data in the table. (Round your responses to one decimal place.)If the consumer price index was 96 in 2012, 100 in 2013, and 102 in 2014, then the base year must be a. 2012. b. 2013. c. 2014. d. The base year cannot be determined from the given information. i believe the answer is B, i just dont understand why