Only give correct answer if have 100 percent sure. No explanation In the circular flow of expenditure and income,Select one:a. households are sellers and firms are buyers in factor markets.b. households and firms are both sellers in goods markets.c. households are sellers and firms are buyers in goods markets.d. households are buyers and firms are sellers in factor markets.Which of the following is correct about the basket of goods that makes up a country's consumer price index (CPI)?Select one:a. It consists of the same goods for every country that uses itb. It updates the goods in the basket annually, but keeps prices constantc. It updates the prices of the goods in the basket annually, but keeps the goods constantd. It holds both the prices of goods and the goods themselves constant year after year

We know that in the circular flow of expenditure and income a household are sellers and the firms…

Answered: In the circular flow of expenditure and…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 9PA

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a. Using the following table to calculate GDP price deflator in 2021 and 2022, and the change in overall price level from 2021 to 2022 nominal GDP in 2021 was $104,000 in 2022 was $112,000 real GDP in 2021 was $84,000 and in 2022, $88,000 b. Consider an economy, only producing two good Apple and orange in both year one need to Ken the real GDP of this economy, increase between one and two, while the nominal GDP decreases or remain the same explain your answer with a numerical example Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
The circular flow of income diagram shows: a) how households sell goods to firms b) how firms sell goods to banks c) how households produce services for their own use d) output equals income equals expenditure
Question 3) GDP, based on a problem from “Principles of Economics” by N. Gregory MankiwThe economy produces two goods, pineapples and smoke detectors. Information on productionand prices is presented in the table below. Year Price of Pineapples Quantity of Pineapples Price of Smoke Detectors Quantity of Smoke Detectors 1 6 950 100 45 2 4 1400 120 50 3 5 1200 110 55 4 6 1100 110 60 a) For each year, calculate the nominal GDP, the real GDP, and the GDP deflator. Use year 1 asthe base year.b) Calculate the percentage change in real GDP from year 1 to year 2, from year 2 to year 3, andfrom year 3 to year 4. Which year was the best for the economic well-being of the country?c) For each year, calculate the contribution of pineapple industry to real GDP (the share of realGDP that comes from the production of pineapples).d) Using GDP deflator, calculate the inflation rate. Which year had the highest inflation rate?e) The price of smoke detectors increased from $100 in year 1 to…
Question 3) GDP, based on a problem from “Principles of Economics” by N. Gregory MankiwThe economy produces two goods, pineapples and smoke detectors. Information on productionand prices is presented in the table below. Year Price of Pineapples Quantity of Pineapples Price of Smoke Detectors Quantity of Smoke Detectors 1 6 950 100 45 2 4 1400 120 50 3 5 1200 110 55 4 6 1100 110 60 a) For each year, calculate the nominal GDP, the real GDP, and the GDP deflator. Use year 1 asthe base year.b) Calculate the percentage change in real GDP from year 1 to year 2, from year 2 to year 3, andfrom year 3 to year 4. Which year was the best for the economic well-being of the country?c) For each year, calculate the contribution of pineapple industry to real GDP (the share of realGDP that comes from the production of pineapples).d) Using GDP deflator, calculate the inflation rate. Which year had the highest inflation rate?e) The price of smoke detectors increased from $100 in year 1 to…
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2011 2012 Quantity Price Quanity Price T-Shirts 90 $25 108 $25 Red Bull (cans) 510 $2 510 $3 Pizza (slices) 980 $3 900 $6 Nominal GDP in 2011 was $... and nominal GDP in 2012 was $..... (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $.... and real GDP in 2012 was $...... (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was...... percent. (Round your response to two decimal places and use a minus sign if necessary.) If 2012 is the base year, real GDP in 2011 was $..... and real GDP in 2012 was $..... (Enter your responses as integers.) Based on your…
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places. Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places. Why does % change calculated from constant dollars differ from % change calculated from current dollar? Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…
2.Now, from our class discussions I created an example that you inherited the company, --let’s called is U-- that owns the land growing the trees and you sell your cut down trees to Company V for $30,000. Company V converts your trees into logs and sell them further down the industry supply chain. Think about the impact of this transaction between Company U and Company V on increasing the GDP. Which one of the parts of the GDP formula does this $30,000 transaction increase: C, I, G, X, or I? Correctly identify which one increases GDP and why you chose that part of the GDP impacted.
The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2011 and 2014.Instructions: Enter your responses as whole numbers. Pucks pucks root beer root beer sandals sandals Year Quantity Price Quantity Price Quantity Price 2011 100 $5 300 $15 100 $20 2014 125 $7 250 $20 110 $25 Assume that 2011 is the base year. Find nominal GDP and real GDP for both years. Year Nominal GDP Real GDP 2011 $ $ 2014 $ $
On the demand side of GDP, consumption by _____________ is the largest component of GDP, accounting for about two-thirds of the GDP in any year. options a) businesses b) households c) services d) government
The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020. Instructions: Enter your responses as whole numbers. Year Pucks Root beer Sandals Quantity Price Quantity Price Quantity Price 2017 100 $5 300 $20 100 $20 2020 125 $7 250 $20 110 $25 Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Year Nominal GDP Real GDP 2017 $ $ 2020 $ $
d) Compute the GDP deflator in 2018.e) Compute the GDP deflator in 2019.f) What caused the increase in GDP from 2018 to 2019? pls put in table form: Items Quantity Price Total tea 200 --- --- shoes 50 --- --- Nominal/Real GDP ---

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