The price and quantity data for Year 1 and Year 2 are as follows: Bread Butter 100 Year 1 Quantity 50 Year 1 Price 1 1 120 Year 2 Quantity 80 Year 2 Price 1.25 1.60 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year?
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- Year Units of Output Price Per Unit 1 8 $2 2 10 3 3 15 4 4 18 5 5 20 6 The accompanying table gives price and output data over a five-year period for an economy that produces only one good. If year 2 is the base year, then the percentage increase in real GDP from year 2 to year 4 is Group of answer choices 80 percent. 100 percent. 60 percent. 40 percent.From the information in the table below, calculate the following statistics. Personal consumption N1,344 Investment 456 Net nonbusiness interest income 270 Government purchases 480 Profit 406 Employee compensation 1520 Net exports 24 Rents 2 Depreciation 278 Indirect business taxes 156 Corporate retained earnings 249 Net foreign factor income 5 Interest 98 Social Security taxes 150 Transfer payments 300 Personal taxes 214 Statistical discrepancy 0 Gross domestic product b. Gross national product c. Net domestic product National income e. Personal income f. Disposable personal incomeConsider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($millions)GDP Deflator201017500103.7201518222104.8202018755105.9Over each 5-year period, there were no significant changes to goverment policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5%. In 2010 employment population ratio is 64%. What is the real GDP per worker in 2010.
- The following data represents the national income account for a country for 2017. All figures are in RM million Compensation Of Employee 588 888 Household consumption expenditure 258431 Tax On Employment 70 667 Government Finał Purchases 85 773 Transfer Payment 53 274 Domestic Private Gross Investment 71 394 Corporate Profits 177 821 Dividend Payment 9 247 Corporate Profit Taxes 85 354 Indirect Taxes 67 980 Government Subsidy 5 762 Exports 107 506 imports 112 030 Income Received From Abroad 21 030 Income…The following data represents the national income account for a country for 2017. All figures are in RM million Compensation Of Employee 588 888 Household consumption expenditure 258431 Tax On Employment 70 667 Government Finał Purchases 85 773 Transfer Payment 53 274 Domestic Private Gross Investment 71 394 Corporate Profits 177 821 Dividend Payment 9 247 Corporate Profit Taxes 85 354 Indirect Taxes 67 980 Government Subsidy 5 762 Exports 107 506 imports 112 030 Income Received From Abroad 21 030 Income…Year Units of Output Price of Bagel per Unit Price Index (Year 1 = 100) 1 10 $ 10 100 2 12 20 200 3 15 30 300 4 20 40 400 The table contains data for a hypothetical single-product economy. Real GDP in year 4 is
- The 2017 U.S. gross domestic product (GDP) was valued at 19,390,604,000 dollars. How many Gateway Arch‑height stacks of dimes are needed to match the GDP in value?The table below shows the National Income data. National Income Data (all figures are in billions of dollars) Business retained earnings 240 Corporate profits 276 Personal Consumption Expenditures 1491 Interest Income (Net Interest) 46 Personal Interest Income 46 Total Transfer Payments 274 Dividend Income 36 Depreciation (Capital Consumption Allowance) 234 Gross Capital Investment 378 Changes in Business Inventories 26 Rental Income 28 Imports 248 Federal Government Purchases of Goods & Services 148 State and Local Government Purchases of Goods & Services 286 Personal Income Taxes 514 Exports 261 Indirect Business Taxes (and miscellaneous adjustments) 177 You are required to Calculate Gross Domestic Product (GDP) Net National Product (NNP) National Income (NI) Personal Income (PI) Personal Disposable Income Analyse…Item Year 1 Year 2 Apples 20,000 @ $0.25 each 30,000 @ $0.30 each Bicycles 700 @ $800 each 700 @ $850 each Apps 10,000 @ $1.00 each 12,000 @ $2.00 each By what percentage did nominal GDP change between Year 1 and Year 2 and compute real GDP in Year 2 by using the prices of Year 1. By what percentage did real GDP change between Year 1 and Year 2?
- Suppose the total market value of all the final goods and services produced in the country of GDPLAND was $40 billion in 2019 (measured in 2019 prices) and $42 billion in the year 2020 (measured in 2020 prices). Which of the following statements is definitely correct? Nominal GDP increased in GDPLAND between 2019 and 2020. Average price levels increased in GDPLAND between 2019 and 2020. Production increased in GDPLAND between 2019 and 2020. None of these statements is correct.q25- Real GDP is: Select one: a. the production of goods and services valued at future-year prices b. the production of goods and services valued at current-year prices c. the production of goods and services valued at constant prices d. the production of goods and services valued at the ratio of current-year prices to constant pricesThe GDP deflator measures A .the changes in aggregate prices of all final goods and services produced within a country’s borders within a certain time period and incorporates the relevant parts of the CPI and PPI statistics. B. the inflation rate based on consumer cost of living over time, turning dollar figures into meaningful measures of purchasing power. C. the inflation rate based on the producer price index, turning dollar figures into meaningful measures of purchasing power. D. the inflation rate of both exports and imports over time, turning dollar figures into meaningful measures of purchasing power.
