Assume that an economy produces only three goods; Computers, cars, and pizza. Table 1 gives theprice and quantity for each good and the number of employed and unemployed individuals for theyears 2010-2013........ Assume that the baseyear is 2011 and show your work!Table 1 - Price and Quantity of Goods Sold in 2010-2013201020112013PP2012QP15 $450/unit12 $22,000/unitQ20 $500/unit10 $20,000/unitComputersCars25$400/unit$18,000/unit12Pizza$10/unit 500$10/unit 600$12/unit 550$15/unit 500Compute nominal GDP for each year (assume that this is all final consumption and there are nointermediate goods).P$350/unit10 $28,000/unitQ20Q

Nominal Gross Domestic Product (GDP) and Real GDP both quantify the total value of all goods…

price and quantity for each good and the number of employed and unemployed individuals for the years 2010-2013. .. Assume that the bas year is 2011 and show your work! Table 1 - Price and Quantity of Goods Sold in 2010-2013 2010 2011 2012 2013 P Q P Q P Q P Computers $500/unit $350/unit 25 $400/unit $18,000/unit 20 10 $20,000/unit 500 $10/unit Cars 15 $450/unit 12 $22,000/unit 600 $12/unit 550 20 10 $28,000/unit 12 $15/unit 500 Pizza $10/unit Compute nominal GDP for each year (assume that this is all final consumption and there are no Q

price and quantity for each good and the number of employed and unemployed individuals for the years 2010-2013. .. Assume that the bas year is 2011 and show your work! Table 1 - Price and Quantity of Goods Sold in 2010-2013 2010 2011 2012 2013 P Q P Q P Q P Computers $500/unit $350/unit 25 $400/unit $18,000/unit 20 10 $20,000/unit 500 $10/unit Cars 15 $450/unit 12 $22,000/unit 600 $12/unit 550 20 10 $28,000/unit 12 $15/unit 500 Pizza $10/unit Compute nominal GDP for each year (assume that this is all final consumption and there are no Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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13. (TCO 4) A recession is a decline in the inflation rate that lasts six months or longer the unemployment rate that lasts six months or longer real GDP that lasts six months or longer potential GDP that lasts six months or longer 14. (TCO 4) The unemployed are those people who do not have jobs. are not employed but are seeking work are not working are not working 15. (TCO 4) GDP is the market value of resources (land, labor, capita, and entrepreneurship) in an economy in a given year all final goods and services produced in an economy in a given year consumption and investment spending in an economy in a given year all output produced and accumulated over the years 16. (TCO 4) Nominal GDP differs from real GDP because nominal GDP is based on constant prices real GDP is based on current prices real GDP is adjusted for changes in the price level nominal GDP is adjusted for changes in the price level 17. (TCO 6) When the federal government uses taxation and spending actions to stimulate…