Suppose that a simple economy produces only three goods and services: sweatshirts, dental examinations, coffee drinks. Using the information in the table below, calculate the nominal GDP for this simple economy Product Quantity Price Sweatshirts      50 $35.00 Dental examinations      40 75.00 Coffee drinks 1,000   4.00

Consider an economy that produces and consumes coffee, bread and auto- mobiles. In the following table, we have data for two different years. The first 2 questions refer to this table. Year 2018 Year 2019 $31,000 $30,000 $1.60 $1.50 $2.00 Price of 1 Automobile Price of 1 loaf of Bread Price of 1 cup of Coffee Number of Automobiles Produced Number of Loaves of Bread Produced Number of Cups of Coffee Produced $2.20 1100 1000 400,000 100,000 400,000 105.000 Using the year 2018 as the base year, compute the following statistics for each year: nominal GDP, real GDP, the GDP deflator (a Paasche price index) and the CPI (a Laspeyres price index). For the CPI, assume that the representative basket of goods is exactly the one produced in the year 2018

Given the statistics in the table below, which of the following statements is true? Bangaladesh GDP per person (2010 constant U.S. dollars) $1002.39 $1062.04 $1127.27 $1203.22 Year 2015 2016 2017 2018 Kenya GDP per person (2010 constant U.S. dollars) $1093.13 $1129.71 $1157.05 $1202.13 From 2015 to 2018, Kenya's standard of living always exceeded Bangladesh's standard of living. By the year 2018, Bangladesh had caught up with Kenya in terms of standard of living. From 2015 to 2018, Kenya's economic growth always exceeded Bangladesh's economic growth. From 2015 to 2018, Kenya's economic growth rate was always negative.

Explain the initial effect of each of the following events on Canada’s GDP. a) Toby sells his used car to Maria. b) The value of your Home Depot stock holdings decrease. c) You use $100,000 to buy a piece of land with the intention of building a new house on it. d) Sharon buys a new pair of jeans at a department store in another town in her province. e) An Irish tourist drinks an American beer in a Canadian restaurant. f) Your local car dealership reduces its inventory by offering price reductions. g) You sell all the shares in your Canadian National Railway Company holdings. h) Jermaine travels with Air Canada to Grenada and buys rum and spices. i) Bickram gets a haircut and beard trimmed at his local barbershop. j) Katherine, a retired worker, gets an increase in her Canada Pension Plan benefits.

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 T-Shirts Red Bull (cans) Pizza (slices) Quantity 100 530 970 Price $25 $1 $3 Quantity 120 530 890 Price $25 $2 56 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 answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your…

Using the information below give the dollar amount of nominal GDP from the expenditure approach   Wages $20,000 Rental Income $5,000 Consumption $150,000 Profits $65,000 Investment $54,000 Interest $56,000 Exports $6,000 Transaction $56,700 Foreign debt $7,000 Government Spending $60,000 Depreciation $90,000 Imports $6,000

1) Jane’s Computers buys 100 monitors for $50 each from Don and pays its employees $10,000 to build computers. The store then sells the 100 computer/monitor combinations for $200 each. What is the contribution to GDP of the computer/monitor combinations? Explain how the combination would be broken down using the three different approaches to calculating GDP.

Calculate the PPP-adjusted GDP for each of the four countries using the information found in the table below. Instructions: Round your answers to the nearest dollar. Country GDP ($) Price level (%) PPP-adjusted GDP Ona 11000 8 Rye 12500 −24 Zolfo 13900 −12 Avon 23200 21

E. Refer to the following data compiled by the US government for 2022 for purposes of calculating the GDP Deflator for 2 commodities: ketchup & mustard. First, categorize each data point as either (R) for Real or (N) for Nominal. Then, use the GDP Deflator equation from your notes to calculate what the 'GDP Deflator' is. 2022 Data: *Ketchup & Mustard valued at previous (constant) prices in 2022 = $300 *Ketchup & Mustard valued at current prices in 2022 = $900 Q9: Category (R or N) Q10: GDP Deflator = (Show the equation itself here, as well as the math you used to get your answer):

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…