Three points each part. Answer the following: a. Real GDP in 2021 using 2020 prices was (write out the number)| b. Is output higher in 2021 than in 2020 using 2020 prices? (Yes or No) Good P2020 P2021Q2020Q2021 Wine $120 $130 60 70 Cheese $30 $40 50 30
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- Potential GDP is Question 1Answer a. the level of output produced when the economy is at full employment. b. another name for nominal GDP. c. another name for real GDP. d. a measure of the short-term fluctuations in real GDP. e. equal to the maximum amount of goods and services that can be produced at any given time.1.3 Read the following extract and answer questions 1.3-1.5.South Africa’s economy grew by 1.1% in the first quarter of the year. Stats SA has published the latest gross domestic product (GDP) data covering the first quarter of the year, showing that the economy grew by 1.1% in the first three months of 2021. The growth follows a revised 1.4% rise in real GDP in the fourth quarter of 2020. On an annualised basis, the economy grew 4.6% quarter-on-quarter. Following confusion caused by the annualisation of GDP data in 2020 – amid the Covid-19 pandemic and resulting lockdowns – Stats SA said it would no longer use the annualised data as the headline GDP statistic. During periods of steady economic growth, annualising is a useful way of expressing quarter-on-quarter performance in annual terms, Stats SA said. However, during periods of economic instability, annualising can be misleading, because it exaggerates growth rates that are unlikely to be repeated. The central problem that is…1.3 Read the following extract and answer questions 1.3-1.5.South Africa’s economy grew by 1.1% in the first quarter of the year Stats SA has published the latest gross domestic product (GDP) data covering the first quarter of the year, showing that the economy grew by 1.1% in the first three months of 2021.The growth follows a revised 1.4% rise in real GDP in the fourth quarter of 2020. On an annualised basis, the economy grew 4.6% quarter-on-quarter.Following confusion caused by the annualisation of GDP data in 2020 – amid the Covid-19 pandemic and resulting lockdowns – Stats SA said it would no longer use the annualised data as the headline GDP statistic.During periods of steady economic growth, annualising is a useful way of expressing quarter-on-quarter performance in annual terms, Stats SA said. However, during periods of economic instability, annualising can be misleading, because it exaggerates growth rates that are unlikely to be repeated.Source:…
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- QUESTION 1 Below is a hypothetical table such as would be generated by the Bureau of Labor Statistics when reporting historical and forecasted levels of gross domestic product for the United States. Use the answer table to fill in the blanks for the missing estimates. Make sure you show your work. 1998 Gross Domestic Product Answer (Remember to show work): 2028 Personal Consumption Expenditures Answer (Remember to show work): 2008 Gross Private Domestic Investment Answer (Remember to show work): 2018 Exports Answer (Remember to show work):Explain why economists focus on the GDP, inflation, and unemployment when assessing the health of the entire economy. Explain how the GDP is defined and measured.1. Inventory is: Group of answer choices a. the total amount of goods that a company produces now, regardless of whether they've sold it or not. b. the stock of goods that a company produced last year, but had to sell for below cost. c. the stock of goods that a company produces now, but keeps to sell at a future time. d. the stock of goods that a company produces and sells in a given time perio 2. The four categories of expenditure (spending) in the economy are wages, rent, interest, and profit. Group of answer choices True False
- Modern Principles of Economics Fourth Edition Question 17 PLEASE ANSWER PART D AND E Let’s figure out GDP for Robinson Crusoe. a. Initially he is stuck on an island without the wisdom and local knowledge of Friday. Because Crusoe is a proper Englishman, he wants to keep his accounts. This year, he catches and eats 2,000 fish valued at one British pound (£) each, grows and eats 4,000 coconuts valued at £0.5 each, and makes 2 huts (housing) valued at £200 each. If government purchases are zero and there is no trade, what is C for Crusoe? What is I? What is Y? C = 2,000 (1) + 4,000 (0.5) = £4,000 I = 2(200) = £400 Y = C + I = 4,000 + 400 = £4,400 b. One year, he learns of a tribe on a nearby island who are willing to trade with him: If he gives fish, they give clams. He produces just as much as before, but he trades 500 of the 2,000 fish and receives 10,000 clams valued at 5 clams per British pound. What is the British pound value of the exported fish? Of the imported clams? What are…Modern Principles of Economics Fourth Edition Question 17 PLEASE ANSWER PART D AND E!!!!!!!!! Let’s figure out GDP for Robinson Crusoe. a. Initially he is stuck on an island without the wisdom and local knowledge of Friday. Because Crusoe is a proper Englishman, he wants to keep his accounts. This year, he catches and eats 2,000 fish valued at one British pound (£) each, grows and eats 4,000 coconuts valued at £0.5 each, and makes 2 huts (housing) valued at £200 each. If government purchases are zero and there is no trade, what is C for Crusoe? What is I? What is Y? C = 2,000 (1) + 4,000 (0.5) = £4,000 I = 2(200) = £400 Y = C + I = 4,000 + 400 = £4,400 DO NOT ANSWER THIS PART b. One year, he learns of a tribe on a nearby island who are willing to trade with him: If he gives fish, they give clams. He produces just as much as before, but he trades 500 of the 2,000 fish and receives 10,000 clams valued at 5 clams per British pound. What is the British pound value of the exported fish?…A. Using the average price for all three goods, real GDP in 2012 is $___. (Enter your response as an integer.) B. Using the average prices for all three goods, real GDP in 2013 is $___. (Enter your response as an integer.) C. The percentage change in real GDP from 2012 to 2013 is __ percent. (Round your response to two decimal places.) D. Using the average prices, the GDP deflator for 2012 is ____ . (Round your response to two decimal places.) E. Using the average prices, the GDP deflator for 2013 is ____percent. (Round your response of two decimal places.) F. Using the GDP deflators recorded above the rate of inflation from 2012 to 2013 is ___ percent. (Round your response to two decimal places.)