he economy of Tuland produces only two products shirts and calculators. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 198 Quantity of shirts Quantity of calculators Price of shirts 180 100 115 $8.00 $40.00 $9.20 $42.00 Price of calculators Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices 0040

he economy of Tuland produces only two products shirts and calculators. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 198 Quantity of shirts Quantity of calculators Price of shirts 180 100 115 $8.00 $40.00 $9.20 $42.00 Price of calculators Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices 0040

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 3SQP

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Suppose that consumers purchase fish and computer chips. In 2010, 1 pound of fish cost $1, a computer chip cost $1, and the typical consumer bought 10 pounds of fish and 10 computer chips. In 2011, 1 pound of fish cost $2, a computer chip cost $0.50, and the typical consumer bought 5 pounds of fish and 20 computer chips. In 2012, 1 pound of fish cost $2.10, a computer chip cost $0.90, and the typical consumer bought 12 pounds of fish and 20 computer chips. Using 2011 as the base year, the inflation rate between 2011 and 2012 is _____ percent.
Q1b An economy produces two goods: tomatoes and ketchup. It is assumed that half of the tomatoes are bought and consumed as final good; the other half is used to produce ketchup. In 2014, 30 KGs of tomatoes are produced at Rs.60 each, and 20 KGs of ketchup are produced at Rs.200 each. In 2015, 40 KGs of tomatoes are produced at Rs.80 each, and 30 KGs of ketchup are produced at Rs.195 each. Find the following: i) Assuming 2014 is the base year; calculate the real, nominal GDP and GDP deflator in 2014 and 2015.
Consider an economy that produces and consumes bread and cars. Year 2010 Year 2017 Price of a car $ 50,000 $ 60,000 Price of a loaf of bread $ 10 $ 20 Number of cars produced 100 120 Number of loaves of bread produced 500,000 400,000 How much have prices risen between year 2010 and year 2017?
Suppose the Following information was published by Australia Bureau of Statistics in 2017: Item Amount (AUD billion) Household consumption (C) 1029.81 Government consumption 340.92 Exports 386.39 Value of cocaine seized at Sydney Airport 10,500 Value of intermediate goods in tractor Manufacturing 52,003 Gross private domestic investment (I) 352.69 Imports 386.95 Components used in the manufactrure of cars 40,000 Gifts 15,236 Government investment 88.19 Value of second-hand goods                500.00 Use the information to answer the following questions Identify the items that are not included in the GDP calculation. Calculate Australia’s GDP in 2017.
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