The economy of Tuland produces only two products apples and dvds. The following information is available for production and prices of Tuland's products for the years 2009 and 201C 2009 2010 Quantity of apples Quantity of dvds Price of apples Price of dvds 10 11 $1.00 $1.05 $40.00 $36.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ (Enter your response rounded to two decimal places.)

Q: Need help with macroeconomic review questions!  How do each of the following transactions affect…

A: GDP refers to the sum total of market value of final goods and services produced in a country during…

Q: The following table shows the outputs and prices of three products produced by an economy in 2018,…

A: When GDP is measured at current prices, it is referred to as nominal GDP. To calculate the Nominal…

Q: Part a) Fill in the rest of the table. Part b) Calculate the growth of real GDP from 2012 to 2013…

A: Nominal GDP is the market value of goods and services produced in an economy while Real GDP is the…

Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa's economy grew by 1.1% in…

A: 1 - Option B Data Revision Due to changing the way GDP was being calculated by using the annualising…

Q: The economy of Tuland produces only two products apples and computer software. The following…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: Artica is a nation with a simple economy that produces only six goods: oranges, bicycles, magazines,…

A:

Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa’s economy grew by 1.1% in…

A: 1 - Option B Data Revision Annualizing method could be misleading during phases of economic…

Q: Given the below information, find the nominal GDP for all four quarters. Find the price index for…

A: Hey, thank you for the question. Since there are multiple questions posted, we will answer the first…

Q: Measure GDP and NDP from the following data:  Consumption Expenditure                  $ 28,500…

A: Answer: GDP is the sum of consumption expenditure (C), Investment expenditure (I), government…

Q: the following table: 2011 2012 Quantity Price Quantity Price T-Shirts 80 $25 96 $25 Red Bull (cans)…

A: Note:There are multiple sub parts in the question. We have solved the first three for you. If you…

Q: Below are some data from the land of milk and honey a)  Compute nominal GDP, real GDP, and the GDP…

A: GDP of the country measures the value of all goods and services produced within a given time.…

Q: 20. If both the production of goods and services increase and prices rise, then the change in…

A: Answer: option d Explanation: If the production of goods and services increases and the prices rise…

Q: In 2016, country A faced unfavorable weather conditions. Wheat production decreased to 450kg.…

A: The gross domestic product (GDP) is the market value of goods and services produced within a year on…

Q: Consider an economy that produces and consumes bread and automobiles. In the following table are…

A: a) Nominal GDP:- Nominal GDP2000=PA×QA+PB×QBWhere;PA= Price of automobile QA=Quantity of…

Q: Calculate the missing information in the table  Year Real GDP Nominal GDP GDP Deflator Prices of…

A: GDP deflator = (Nominal GDP / Real GDP)*100 => Real GDP = (Nominal GDP / GDP deflator)*100 =>…

Q: Suppose you recently received the GDP numbers for the last quarter. When you calculated the change…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Q no 16 Calculate U.S. GDP in 2009? Use the following data to work question 16 . The table lists…

A: Gross Domestic Product or GDP measures the market value of all the final goods and services produced…

Q: The following data were recently obtained from the BEA; values are in billions of dollars: Personal…

A: Gross Domestic Product (GDP) measures the value of final goods and services produced with in the…

Q: Suppose that only two goods are produced in an economy. The rices and the quantity produced in 2020…

A: GDP DEFLATOR - It is the proportion of the worth of goods and services an economy produces in a…

Q: Instructions: Round your responses to the nearest billion, If you are entering any negative numbers…

A: The given table gives information about the nominal GDP and GDP deflator for year 2000 to 2019.

Q: Q.1.5 and Q.1.6 are based on the following information about an economy that produces the following…

A: Answer: Given: Price and quantity in 2018 (Base year): Price and quantity in 2019: Nominal GDP: it…

Q: The following table shows the data for a hypothetical economy in a specific year. All figures are in…

A: Formula: Note: Second hand goods are not counted as they do not add to production. Purchase of…

Q: Compute the nominal GDP in 2018. b)  Compute the real GDP in 2018? c) Compute the nominal GDP in…

A: Hi! Thank you for the question, as per the honor code, we are allowed to answer three sub-parts at a…

Q: The only two products existing are pens and pencils. Year 1 Year 2 1500 1900 Quantity of pens Price…

A: Real GDP is the real indicator of social welfare in the economy . Because real GDP changes when…

Q: .Assume a Hyundai dealership in Delhi bought 30 Hyundais from Korea at a cost of $15,000 per car in…

A: here we calculate the given by following method as follow;

Q: During 2009, the leather company produced enough leather for 20 couches. The couch manufacturing…

A: GDP based on value added method = value sold to leather company 16000 + 4000 + value added by couch…

Q: Consider an economy that produces and consumes bread and automobiles. In the following table are…

A: In economics, the final demand domestically can be defined as the total demand for final services…

Q: * The components of GDP (2020) in the accompanying table were produced by the Bureau of Economic…

A: We will answer the first three subparts only. Please resubmit the question with any other parts…

Q: Instructions: For parts a, c, d, and e, enter your responses as a percentage rounded to one decimal…

A:

Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa’s economy grew by 1.1% in…

A: 1 - Option B By changing the way GDP was calculated, it could be misleading as annualising method…

Q: Suppose the economy of Ausland's spending for the year can be described by the table below:…

A: Moreover GDP excludes transfer payments as they reallocate existing income and are not made in…

Q: Question 9 Which of the following affects this year's GDP? There may be more than one answer. a) The…

A:

Q: Consider an economy where three goods are produced: strawberries, ice creams and coolers. Of these…

A: GDP is defined as the aggregation of the total services and goods produced in the country at the…

Q: The table shows some data for an island economy which produces only herbal teas and hot chocolate.…

A: Gross domestic product is the value of all final goods and services produced in an economy over a…

Q: For the following question , please indicate whether current GDP of the United States will be…

A: GDP is gross domestic product which is sum of value of all goods and services produced in a country…

Q: or each of the following transactions, determine the contribution to the current year's GDP. xplain…

A:

Q: The economy of Tuland produces only two products oranges and dvds. The following information is…

A: Note: "Sorry", since you posted a question multiple sub-parts. I will do only first three sub-parts.…

Q: Hitomi is a Japanese tourist who spends $50,000 on her vacation in Alberta. (e) Ichabod purchases a…

A: D) GDP would increase by 50,000. Spending by Japanese tourist happens in Canada. So it would be…

Q: The gross domestic product (GDP) of the United States is defined as the all in a given period of…

A: GDP is a measure of National Income of a country.

Q: Consider an economy that produces and consumes bread and automobiles. In the following table are…

A: Formula used- Nominal GDP = Sum of the price of a good in the current year * Quantity of good in the…

Q: In recent years, people have benefited from greater amounts of leisure time. This trend: has caused…

A: Leisure time is the experience quality of free time from work. It is the time spent away from work,…

Q: 2013   2018   Product Quantity Price Quantity Price Pizzas           100            $10…

A: Real GDP in the year 2013= price of pizza×quantity of pizza+ price of haircuts×quantity of haircuts+…

Q: Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1…

A: Nominal GDP is calculated including the effect of inflation at the current year prices.  Real GDP is…

Q: he following table shows the outputs and prices of three products A, B and C by a small economy in…

A: The given information: product A A B B C C year Price Quantity Price Quantity Price Quantity…

Q: 2012 2013 Product Quantity Price Quantity Price Sweatshirts 50 $35.00 55 $38.00 Dental examinations…

A: Nominal GDP measures the market value of goods and services using current prices whereas real GDP…

Q: Measure GDP and NDP from the following data Consumption Expenditure              $ 28,500…

A: Here, information about various economic activities of a country is given to compute GDP and NDP.

Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.