The country of Arrakis produces only three goods, as listed in the table below. Using 2019 as the base year, what is real GDP in 2020? 2018 Price 2019 Quantity Price 2020 Quantity Price Quantity
Q: A drought in the Midwest has reduced the production of wheat used to make cereal. At the same time,…
A:
Q: The balance of the trade shows a deficit of 6500. The value of the exports are 4200 crore what would…
A: The balance of the trade is usually defined as the merely distinction merely and gradually between…
Q: 130 ve beenbew suc 4. Four roommates are planning to spend the weekend in their dorm suite watching…
A: The question contains a table which shows the willingness to pay for each film by each of the…
Q: to maintain a bridge P3000 will be required at the end of 6 months and monthly thereafter if money…
A: Given data:- Maintenance cost -P3000 1st maintenance - after 6months 2nd maintence and then at…
Q: Which of the following are production activities that are included in GDP? Which are not? a. Mr.…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Which of the following are Adam Smith's Dos? A. Protect society from violence and invasion of…
A: Smith's three basic principles of economics: People follow the law of self-interest. Competition…
Q: Suppose you are given the following information about a country: What is the total unemployment rate…
A: Unemployment is a persistent issue that arises when certain workers are unable to find employment in…
Q: Consider the diagram to the right, and answer the questions below. a. The base year is b. The…
A: Real GDP is the value calculated by multiplying current year quantity with the base year price.…
Q: Is short-run demand for gasoline elastic or inelastic? Explain.
A: In the short run adjustment of demand depends on whether the substitutes available or not. But in…
Q: As part of a market research project, you survey six random people to see how much gas per week they…
A: We show that quantity of demannded six random people per week given below
Q: You want to buy an ordinary annuity that will pay you $4,000 a year for the next 20 years. You…
A: Given that, Annuity(A) =4000 Interest rate( i) = 8% or 0.08 Time period (n)= 20 years
Q: What effects would each of the following have on aggregate demand or aggregate supply? In each case…
A: While aggregate supply and price levels are directly correlated in the economy, aggregate demand and…
Q: Consider the aggregate supply and demand diagram with x = Quantity Real GDP and y=Inflation Rate.…
A: The AD-AS framework refers to the economic model that is used to explain the equilibrium in the…
Q: Question 19 Shifts in demand O always lead to increases in equilibrium price. O lead to price and…
A: Demand curve is the graphical representation of demand schedule. Demand schedule is the tabular…
Q: Consider the following cash flow profile and assume MARR is 10%/year. EOY NCF 0 1 2 3 4 5 6 -$80 $12…
A: Economic Rates of Return (abbreviated as ERR) gives a single metric that reflects how a project's…
Q: What are 3 differences between the microcredit approach (or Bangladesh Consensus) and the capability…
A: Microcredit is a technique for loaning tiny aggregates to people to begin or extend a private…
Q: Suppose the demand for L.L. Bean coats is illustrated in the figure to the right. Suppose the price…
A: Revenue refers to the total amount of income that is generated from selling goods and services ,…
Q: MAKE 1 DEMAND GRAPH AND 1 SUPPLY GRAPH TO PLOT THE DATA IN THE TABLE. Suppose that the aggregate…
A: Aggregate supply and demand alludes to the idea of supply and demand yet is applied at a…
Q: The price of milk at the local grocery store is cut by 10%. The quantity of milk demanded increases…
A: Absolute of of price elasticity of demanded show below
Q: How does an increase in disposable income change the equilibrium in the loanable funds market? An…
A: When speaking of money that can be borrowed, loanable funds are employed. Savings in the home and/or…
Q: hat is the interest rate on your credit card if after 10 years you owe $40 for a pizza that had a…
A: Given price of pizza paid with credit card after 10 years = 40 $ Time = 10 years Current price = 10…
Q: Karrie is a golf pro, and after she paid taxes, her income from golf and her interest from financial…
A: Income refers to the monetary benefit that is gained by an individual from his employment.
Q: Initially, an economy is in long-run equilibrium with a real GDP of $4 trillion. Suppose that…
A: as we know that labor market determines the employment, and that employment is going to decide the…
Q: QUESTION 4 For the below ME alternatives, which machine should be selected based on the PW analysis.…
A: Salvage value is the book value of an asset after all depreciation has been fully expensed. The…
Q: Consider an economy with two agents and two commodities. Consumers' preferences are represented by…
A: Given Agent 1's utility function: u1x11,x21=x111/2x211/2 ......(1) Agent 2's utility…
Q: 2. The economists were ultimately interested in whether businesses were affected supply chain…
A: Note: You have uploaded a question with multiple sub parts. Hence, we shall answer only the first…
Q: The economy is depicted in the graph to the right. a. Suppose, there are new discoveries of key raw…
A: Both short-run supply (SRAS) curve and long-run supply (LRAS) curve can be shifted by changes caused…
Q: 8) A consumer has to choose the optimal amount of cheese and crackers to purchase. He or she has…
A: Budget line refers to a graphical representation of a budget constraint, depicting the maximum…
Q: In the United States, about 6 million manufacturing jobs disappeared in the first decade of the 21st…
A: Import and export restrictions are not present in a free trade system. A free trade agreement is a…
Q: When Andrew was 10 years old, his mother invested $50,000 to use for his college education seven…
A: Prevent value refers to the sum of money that needs to be invested to reach a particular sum in the…
Q: Peanut butter and jam can be either substitutes or it can be compliments. Caitlin likes peanut…
A: The relationship between these items is identified using the cross elasticity of demand. When two…
Q: 7. Given the following: C(YT) 200+ 0.75(Y-T) I(r) = 80 - 20r L(r,Y)=Y-90r G = 200 T = 75 M = 2500 P…
A: Given Consumption expenditure function: C(Y-T)=200+0.75Y-T .....(1) Investment…
Q: Next to each of the following items indicate in the table which items belongs to GDP and which to…
A: Introduction Gross domestic product is defined as the market value of all final goods and services…
Q: Use the table to answer the question. Price Quantity Demanded $25 $30 $35 $40 $45 (units) 450 420…
A: Quantity demanded is negatively related to price. Quantity supplied is positively related to price.…
Q: Why should we reduce the food stamps? List 5 reason why.
A: In United States, the Food Stamp Program is a federal aid program with the main motive of an…
Q: Figure 5-1 个 Price 10 9 8 7 6+ 4 3 2 A 2 4 6 8 10 12 14 16 18 20 22 24 26 Quantity Demand 41. Refer…
A:
Q: 1. Profit Maximization and Shutdown Point (numerical example) A group of economists surveyed small…
A:
Q: When an economy dips into a recession, consumers will often be relatively pessimistic about the…
A: Recession refers to the situation when an economy is facing a downturn in economic activities as…
Q: One of the major objections to the WTO is human rights and student groups say the IMF and the World…
A: World Trade Organization (abbreviated as WTO) deals with the international rules of trade between…
Q: Hi! Can I please get help with deriving this CES demand function to get the Marshallian demand…
A: Here we are given the utility function and considering the budget of the consumer we will construct…
Q: Nations can increase their productivity by specializing and trading with countries that are more…
A: Absolute advantage refers to the ability of a single person, company, region, or country to produce…
Q: 1. What is the equilibrium price and quantity based on the following demand and supply equations?…
A: As per our policy, only the first three parts are solved, if you want other parts please repost and…
Q: Explain why the market price may not be the same as the equilibrium price
A: Demand is the quantity of the items that consumers are requesting at a specific price and time.…
Q: Refer to the information provided in Table 8.1 below to answer the questions that follow.…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first 3 questions for you.…
Q: How does inequality affect the developing countries? (Example The Philippines)
A: In economics the inequality refers to an unequal distribution of opportunity as well as income among…
Q: The figure to the right shows an economy in an initial long-run equilibrium at point A a. Using the…
A: Nominal gross domestic product is gross domestic product (GDP) computed at current market prices.…
Q: Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. Joey's dad is…
A: A cost is the worth of money that has been expended in the production or delivery of a good or…
Q: 4. Effects of a tariff on international trade The following graph shows the domestic supply of and…
A: Import= Demand - Supply. When domestic demand is greater than domestic supply , then imports are…
Q: Consider an economy that is initially in long-run equilibrium. Assume that the long- run aggregate…
A: Over the long run, Economy is at full employment condition. The change in the demand or supply might…
Q: You have choice when subscribing to our magazine. Which is the best deal for you, the subscriber, if…
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 8. True/False: Net exports = exports plus imports. True/False: The estimated market value of volunteer services is not included in GDP. Fill in the blank: __________ _____________ = resource extraction, production, distribution, and final output. Just need to know whether those statements are t/f and for the statement to be filled in.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- =3700For the following question , please indicate whether current GDP of the United States will be affected and, if so, by how much .In each case, indicate also which component(s) of GDP will be affected and by how much This month, a manufacturer in colorado sells $60,000 worth of t-shirts to a distributor in New York City, who sells them to the public. Then the New York distributor buys corporate bonds for a value of $10,,000, which promise to return $9400 one year from now.
- Consider an economy that produces wood, boats, and has a marketing agency.This year domestic wood production generates revenues of $80. Of this $80 worth of wood, $40were purchased by the boat producer and $40 were sold abroad to a foreign company. The woodproducer paid $40 worth of wages and $10 worth of taxes.The boat producer combines the services of the marketing agency, the wood it purchased from thewood producer, and $20 worth of labor (wages) to produce $120 worth of boats. Its revenues,which include a boat produced in the previous year and that was carried as inventory, are $130.Domestic families buy all these boats. This company pays $10 worth of taxes.The marketing agency, whose sole client is the boat company, generates a revenue of $40 whichis enough to cover its labor costs of $40. This company pays no taxes.The government in this economy uses the $20 worth of taxes and builds a port. The cost of theport is $40 that are paid to workers. This port is partially financed by…You are given the following information about an economy GDP at Market Prices 1,669.4Imports 290.5Gross Domestic Capital Formation 48.7Income accruing to the Public Sector 39.0Retained Business Earnings 75.9Exports 273.4Subsidies 16.8Factor Payments from Abroad 10.0Capital Consumption Allowance 10.5Income Payments to Foreigners 19.2Direct Taxes 355.6Public Sector Consumption Expenditure 490.1Indirect Taxes 297.3Transfer Payments 25.7 Derive the following: b) Disposible IncomeYou are given the following information about an economy GDP at Market Prices 1,669.4Imports 290.5Gross Domestic Capital Formation 48.7Income accruing to the Public Sector 39.0Retained Business Earnings 75.9Exports 273.4Subsidies 16.8Factor Payments from Abroad 10.0Capital Consumption Allowance 10.5Income Payments to Foreigners 19.2Direct Taxes 355.6Public Sector Consumption Expenditure 490.1Indirect Taxes 297.3Transfer Payments 25.7 Derive the following: a) Household Consumption Expenditure
- Consider a country in which for goods (A, B, C, and D) are produced. The following table shows data for prices and quantities produced for three years. Production Price per unit Q1 Q2 Q3 P1 P2 P3 Good A 45 40 42 10 8 8 Good B 52 55 54 12 10 12 Good C 14 17 18 6 10 11 Good D 29 28 30 15 17 19 a. 1425 b. 1615 c. 1593 d. 2015 Nominal GDP for year 1 is equal to:For this problem, assume exports equal zero and that firms did not purchase any plant or equipment in the years specified. Suppose in the year 2015, firms in this this country produced 4,000 million widgets, all of which they planned on selling. (In other words, firms were not planning on any changes to their inventories.) Of those 4,000 million widgets, households purchased 3,000 million, and government purchased 750 million. In 2015, what were firm’s planned investments equal to? In 2015, what were firm’s actual investments equal to? (explain). In 2015, what was the relationship between planned expenditures and actual expenditures? (Explain and use numbers) In 2015, what was the relationship between actual expenditures and the amount of output (widgets) produced? All else equal, what will firms likely do in the following year?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 this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is: A- =4500 B- =4000 C- =6000 D- = 8000 Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 2 is: A- =2000 B- =4625 C- = 6400 D- =8500Q.1.3 In the base year, a country produced 50 units of output at a price of R6,00 eachfor a nominal GDP of R300. This year it produces 60 units of output at a price ofR8,00 each. What is the percentage change in real GDP since the base year?(2)(a) 5%;(b) 10%;(c) 20%;(d) 15%.There are three parts to this question: 1a, 1b, and 2a. 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. 1.a. 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. 1.b. What was its nominal GDP in year 2? Show the calculation. Now, assume that in year 3, the output mix changes again to 3 quarts of ice cream, 1 bottles of shampoo, and 3 jars of peanut butter. Consider the year 1 as the base year.2.a. If the prices in year 3 are $5 per quart for ice cream, $4 per bottle of shampoo, and $3 per jar of peanut butter, what is the economy’s real GDP in year 3? Show the calculation.
