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- The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?able 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 producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…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 producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…
- 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 contributedUnit 7 Practice Questions to be discussed in BBCStudents are expected to attempt the questions before attending the BBC Session.Selected questions will be discussed in the BBC Session.Question 1Suppose 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 FoodPrice of FoodQuantity of ClothingPrice of Clothing2006 20 $15 15 $52007 60 $18 30 $6Calculate nominal and real GDP in 2006 and 2007, the GDP deflator and the growth rate in real output.Question 2You have been employed as the chief economist for the economy UWI Land. The head statistician has provided you with the following…Calculate the GDP using Income OR Expenditure Approach (all figures are in billions of dollars) ITEM Amount ($) Government purchase of goods and services 1,721.6 Exports 1,096.3 Receipts of factor income from the restof the world 382.7 Depreciation (consumption of fixed capital) 990.8 Net fixed Investments 688.2 Corporate income taxes 265.2 Consumption expenditures 6,739.4 Indirect business taxes 664.6 Imports 1,475.8 Payments of factor income to the rest of the world 343.7 Inventory change 56.5 Social security contributions 702.7 Undistributed corporate profits (retained earings) 130.3 Government transfer and interest payments 1,366.3 Personal interest payments 286.2 Personal Taxes 1,235.7 Type answer please
- 1. DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. Comment on the planned price changes. Would a 10% price reduction have been better for some or all of the products?Calculate GDP using the Income and Expenditure Approach.(all figures are in billions of dollars): Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world…For London the imports and exports recorded were $2800 and $3100 million respectively Calculate net exports
- GDP at market prices R397bnNet primary income payments to the rest ofthe worldR37bnIndirect taxes R23bnSubsidies R11bn Consumption of fixed capital R32bn 1. calculate the value of gross national income (GNI) at market prices. 2.Calculate the value of net national product (NNI) at market prices. 3. Calculate the value of net national income (NNI) at factor cost.The Bureau of Economic Analysis has recently released the following information for the most recent quarter: Y = $15000, C = $10300, I = $4550 G = $4800 What is the value of Net Exports?Define net exports. Explain how U.S. exports and imports each affect domestic production. Suppose foreigners spend $7 billion on U.S. exports in a specifific year and Americans spend $5 billion on imports from abroad in the same year. What is the amount of the United States’ net exports? Explain how net exports might be a negative amount.
