uppose the economy has only three goods and that the base year is 2015. Year Price of Burgers Quantity of Burgers Price of Soda Quantity of Soda Price of Shoes Quantity of Shoes 2015 $6.04 119 $2.89 226 $55.43 34 2016 $3.24 120 $2.12 245 $87.52 32 2017 $3.24 121 $2.40 205 $72.39 38 Refer to the table above showing data for an economy that produces only the goods shown. What is nominal GDP for 2017? (Round your answer to two digits after the decimal without a $ and without commas.)

uppose the economy has only three goods and that the base year is 2015. Year Price of Burgers Quantity of Burgers Price of Soda Quantity of Soda Price of Shoes Quantity of Shoes 2015 $6.04 119 $2.89 226 $55.43 34 2016 $3.24 120 $2.12 245 $87.52 32 2017 $3.24 121 $2.40 205 $72.39 38 Refer to the table above showing data for an economy that produces only the goods shown. What is nominal GDP for 2017? (Round your answer to two digits after the decimal without a $ and without commas.)

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 14CQ

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127.) Suppose Robinson and Crusoe are stranded on a desert island in the Pacific Ocean and discover a large amount of currency from a previous shipwreck. Friday catches 20 fish and sells them to Robinson Crusoe for $40 apiece. Robinson Crusoe uses the fish he purchased from Friday to make 40 gallons of fish oil, which he sells to Friday for $20 per gallon. If the transactions above are the only ones that take place in 2002, what is the GDP of the island in 2002? $0 $800 $1600 $2400
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. 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? Year 1 - the output combination is - 3 quarts of ice cream, 1 bottle of shampoo, and 3 jars of peanut butter. Year 2, the output combination changes to 5 quarts of ice cream, 2 bottles of shampoo, and 2 jars of peanut butter. The prices in both years are $4 per quart for ice cream, $3 per bottle of shampoo, and $2 per jar of peanut butter Therefore, GDP in year 1 was $21 [= (3 x $4) + (1 x $3) + (3 x $2)]. Recall that GDP is the core measure of an economy's health. Nominal GDP (also known as current–dollar economic statistics) is not adjusted to account for any price changes.…
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. 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.
Suppose that the residents of Windhoek spend all of their income on cauliflower, broccoli and carrots. In 2019 they buy 100 heads of cauliflower for N$2000, 50 bunches of broccoli for N$750 and 500 carrots for N$500. In 2020 they buy 75 heads of Cauliflower for N$2250, 80 bunches of broccoli for N$1200 and 500 carrots for N$1000. Suppose that the base year is 2019. (a) Find nominal GDP and real GDP for 2019 and 2020. (4) (b) What is the CPI in both years? (6) (c) What is the inflation rate? ( 4) (d) Find real growth rate (2) (e) Which do you think has a greater effect on the CPI: a 10 percent increase in the price of chicken or a 10 percent increase in the price of cars? Why? (4)
Say that the bundle of goods purchased by a typical consumer in the base year consisted of 20 gallons of milk at a price of $1 per gallon and 15 loaves of bread at a price of $2 per loaf. What would the price index be in a year in which milk cost $2 per gallon and bread cost $1 per loaf? milk cost $3 per gallon and bread cost $2 per loaf? milk cost $2 per gallon and bread cost $4 per loaf?
Consider an economy that produces only four types of fruit: apples, oranges, pineapples, and bananas. In the base year (2012), the production and price data were as follows: Fruit Quantity Price Apples 3,000 bags $2 per bag Bananas 6,000 bunches $3 per bunch Pineapples 4,000 $1.5 per Oranges 8,000 bags $4 per bag In the current year(2013), the production and price data are follows: Fruit Quantity Price Apples 4,000 bags $3 per bag Bananas 14,000 bunches $2 per bunch Pineapples 7,500 $2 per Oranges 32,000 bags $5 per bag (a) Calculate the nominal GDP in the current year and the base year. What is the percentage increase since the base year?(b) Calculate the real GDP in the current year and the base year. By what percentage does real GDP increase from the base year to the current year?(c) Find the GDP deflator for the current year and the base year. By what percentage does the price level change from the base year to the current year?(d) Would you say…
In 2019, 200 KGs of oranges are produced at Rs.40/kg, 500 KGs of apples are produced at 120/kg, and 200 Glasses of orange juice are produced at Rs.150/glass. In 2020, 220 KGs of oranges are produced at Rs.50/kg, 450 KGs of apples are produced at 140/kg, and 230 glasses of orange juice are produced at Rs.135/glass. Assuming 2019 is the base year; calculate the nominal GDP in 2019
In the city of Paradise, government survey takers determine that typical family expenditures each month in the year designated as the base year are as follows: 20 pizzas at $10 each Rent of apartment, $600 per month Gasoline and car maintenance, $100 Phone service, $50 In the year following the base year, the survey taker determine that pizzas have risen to $11 each, apartment rent is $640, gasoline and maintenance has risen to $120, and phone service has dropped in price to $40. a). Find the CPI in the subsequent year and the rate of inflation between the base year and the subsequent year. b). The family's nominal income rose by 5% between the base year and the subsequent year. Is the family worse off or better off in terms of what its income is about to buy?
Suppose that in the nation state of Craiglandia there are 2 final goods produced in the economy – food and clothing. Suppose the economy produces 10 units of food and 5 units of clothing in 2000 (the base year), and 10 units of food and 10 units of clothing in 2015. Further suppose the price of food was $2.00 per unit in 2000, and $3.00 per unit in 2015; whereas the price of clothing was $2.00 in 2000 and $2.00 in year 2015. What was the nominal GDP for Craiglandia in 2015? What was the real GDP for Craiglandia in 2015? The GDP deflator for Craiglandia, for 2015, is _______; and it follows that Craiglandia experienced _______between 2000 and 2015.
Consider an economy that produce only ice cream cones. In year 1, the quantity produce is 8 bars and the price is RM 2. In year 2, the quantity produced is 12 cones and the price is RM 3.50. In year 3, the quantity produced is 18 bars and the price is RM 4. Year 1 is the base year. Calculate the nominal GDP for each of these years. Calculate the real GDP for each of these years. Calculate the GDP deflator for each of these years. What is the percentage of growth rate of real GDP from year 2 to year 3?
MCQS 1- Which of the following is NOT a component of Gross Domestic product? Investment. Consumption. Tax Government Expenditure 2- ………… is the market value of all final goods & services produced within a country in a given period of time. Inflation Multiplier Gross Domestic Product Gross National Product 3- ………………... refers to the measure of the overall cost of the goods and services bought by a typical consumer. Producer price index Nominal interest rate Consumer price index Inflations please answer all mcqs
A firm's value added is a. the revenue it receives for its output, minus the cost of all the intermediate goods it buys b. the revenue it receives by selling its output c. the revenue it receives for its output, minus the taxes that it pays d. the revenue it receives for its output, plus the cost of all the intermediate goods it buys e. usually not included in GDP

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Year	Price of Burgers	Quantity of Burgers	Price of Soda	Quantity of Soda	Price of Shoes	Quantity of Shoes
2015	$6.04	119	$2.89	226	$55.43	34
2016	$3.24	120	$2.12	245	$87.52	32
2017	$3.24	121	$2.40	205	$72.39	38