Q.1.3 In the base year, a country produced 50 units of output at a price of R6,00 each for a nominal GDP of R300. This year it produces 60 units of output at a price of R8,00 each. What is the percentage change in real GDP since the base year?
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Q.1.3 In the base year, a country produced 50 units of output at a
for a nominal
R8,00 each. What is the percentage change in real GDP since the base year?
(2)
(a) 5%;
(b) 10%;
(c) 20%;
(d) 15%.
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- For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?In the base year, a country produced 50 units of output at a price of R6,00 each for a nominal GDP of R300. This year it produces 60 units of output at a price of R8,00 each. What is the percentage change in real GDP since the base year?(a) 5%;(b) 10%;(c) 20%;(d) 15%.Assume that this economy produces only two goods Good X and Good Y. If year 2 is the base year, the value for this economy's real GDP in year3 is: A- = 2000 B- = 2500 C- = 3600 D- = 3750 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is: A- = 100 B- =121 C- = 130 D- =150 Assume that this economy produces only two goods Good X and Good Y.
- Assume that an economy currently has a nominal GDP of $500 billion. If the economy were to grow at 3%, calculate what nominal GDP will be in five years, ten years, twenty years, and forty years if it is able to sustainthat same growth rate each year.C I G NX Price Yr1 1000 156 560 52 4 Yr2 1300 159 600 52 5 Yr3 2000 169 690 53 6 Yr4 2900 180 880 53 7 -What will the percent rate of change in real GDP be from year 1 to year 2, from year 2 to year 3, and from year 3 to year 4. (round to the whole number for all calculations and final answers) -State how long it will take for real GDP to double in size.Assume an economy where there are two producers: a wheat producer and a bread producer. In agiven year, the wheat producer grows 3 million tonnes of wheat, of which 2.5 million tonnes aresold to the bread producer at $30 per bushel, and 0.5 million tonnes are stored by the wheatproducer to use as seed for next years crop. The bread producer produces and sells 100 millionloaves of bread to consumers for $3.50 per loaf. Determine GDP in this economy during this yearusing the product and expenditure approaches.
- 17) Suppose that work hours in New Zombie are 200 in year 1 and productivity is $14 per hour worked. Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. a. What is New Zombie’s real GDP? b. If work hours increase to 210 in year 2 and productivity rises to $16 per hour, what is New Zombie’s rate of economic growth?Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is: A- = 1000 B- =2500 C- = 4500 D- = 6000 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is: A- = 1000 B- =2000 C- = 3000 D- =3700Please provide me ans for part f only. Q) Assume a hypothetical economy that produces only one good – Peanut Butter. In year 1, the quantity produced is 4 packs and the price is Rs.400 per pack. In year 2, the quantity produced is 5 packs and the price is Rs.500 per pack. In year 3, the quantity produced is 6 packs and the price is Rs.600 per pack. Year 1 is the base year.a. What is nominal GDP for each of these three years? b. What is real GDP for each of these years? c. What is the GDP deflator for each of these years? d. What is the percentage growth rate of real GDP from year 2 to year 3? e. What is the inflation rate as measured by the GDP deflator from year 2 to year 3? f. In this one-good economy, how might you have answered parts (d) and (e) without first answering parts (b) and (c)?
- Please note I have completed some of this myself, however I need you to finish it up. Thanks! Suppose that annual output in year 1 in a 3-good economy is 3 quarts of ice cream, 1 bottle of shampoo, and 3 jars of peanut butter. In year 2, the output mix changes to 5 quarts of ice cream, 2 bottles of shampoo, and 2 jars of peanut butter. If the prices in both years are $4 per quart for ice cream, $3 per bottle of shampoo, and $2 per jar of peanut butter, what was the economy’s nominal GDP in year 1? Show the calculation. Year one (3*$4)+(1*$3)=$12+$3+$6=$21 Recall that GDP is the core measure of an economy's health. Nominal GDP (also known as current–dollar economic statistics) is not adjusted to account for any price changes. To calculate nominal GDP (the value of all final goods and services evaluated at current-year prices) you have to use the formula: Nominal GDP= P*Q. To get a real picture of a nation's economic growth economists prefer using real GDP. To calculate real…Consider an economy that produces only chocolate bars. In year 1, the quantity produced: is 6 bars and the price is $6. In year 2, the quality produced is 8 bars and the price is $10. In year 3, the quantity produced is 10 bars and the price is $12. Year 1 is the base year. (A) what is the nominal GDP for each of these three years? (B.) what is real GDP for each of these years? (C.) what is the percentage growth rate of real GDP from year 2 to year 3?Suppose that the residents of Windhoek spend all of their income on cauliflower, broccoli and carrots. In 2019 they buy 100 heads of cauliflower for N$2000, 50 bunches of broccoli for N$750 and 500 carrots for N$500. In 2020 they buy 75 heads of Cauliflower for N$2250, 80 bunches of broccoli for N$1200 and 500 carrots for N$1000. Suppose that the base year is 2019. (d) Find real growth rate (e) Which do you think has a greater effect on the CPI: a 10 percent increase in the price of chicken or a 10 percent increase in the price of cars? Why?