Which of the following prices would you expect to rise rapidly over long periods? Why? Cable television rates Football tickets Internet access Household cleaning services Driving lessons
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.Which of the following
- Cable television rates
- Football tickets
- Internet access
- Household cleaning services
- Driving lessons
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- discuss possible variations in purchasing power due to price and income changesWhat is the contribution of banana leaves plate or biodegradable plates to the economy?Explain.Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?
- U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up 'How do statisticians measure GDP?', does this surprise you, or does this simply reflect the complexity of a modern economy?Assume that in Berberistan only three goods are produced: coffee, tea, and cheesecake. The table below shows the prices and quantities of the three goods in 2018, 2019 and 2020. (Take 2018 as the base year when necessary) 2018 2019 2020Quantity price quantity Price quantity PriceCoffee 2 20 6 10 5 12Tea 20 2 20 2 25 3Cheesecake 15 8 10 10 15 5a) What is the nominal GDP in 2019. b) What is the nominal GDP in 2020. c) What is the real GDP in 2019.d) What is the real GDP in 2020.e) What is the real economic growth from 2019 to 2020.magine an economy where the overall price level has been rising over the last twenty years. (No exceptions!) Which of the following statements would be correct for this economy?The nominal GDP must be larger than the real GDP for any given year in that twenty year period. The nominal GDP must be lower than the real GDP for any given year in that twenty year period. The growth rate of the nominal GDP must be lower than the growth rate of the real GDP for any given year in that twenty year period. The growth rate of the nominal GDP must be higher than the growth rate of the real GDP for any given year in that twenty year period.
- Transcribed Image Text:The price and quantity data for Year 1 and Year 2 are as follows: Bread 50 1 Butter 100 Year 1 Quantity Year 1 Price Year 2 Quantity Year 2 Price 80 120 1.60 1.25 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year? Answer Choices: 1.254 b. 1.354 1.434 d. 1.534 a. C. Acivate WindcysYou 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
- Household spending by all UK households amounted to over £500 billion in 1997, or 63% of gross domestic product. This level of expenditure is very closely related to conditions in the country's macro-economic environment. For marketers, it is crucial to be able to read the macro-economic environment and to predict the effects of change in demand for their goods and services. Identifying turning points in the economic cycle has become a work of art as well as science, as consumers frequently confound experts by changing their expenditure levels in a way which could not have been predicted on the basis of past experience. During the Autumn of 1998, mortgage rates in the UK were falling; unemployment was close to its lowest level for two decades; pay rises were keeping ahead of inflation; and share prices were recovering from their recent falls. Yet expenditure by British households was falling sharply. For three consecutive months retail sales fell in value, with retailers such as Marks…Given the below information, find the percent rate of change in real GDP from the first to the second quarter then from the second to the third quarter then from the third to the fourth quarter. GDP = C + Ig + G + NX Price Q1 300 70 170 30 $4 Q2 370 130 230 30 $5 Q3 430 170 270 30 $6 Q4 570 230 370 30 $7#15 One last time, please work with data from the Isle of Woe, an admittedly-depressing nation. Its production data for three years is given below; we assume 2020 is the base year. Year Food Produced Price of Food Shelter Produced Price of Shelter Leisure Goods Produced Price of Leisure Goods 2020 400 $10 100 $80 80 $2 2021 500 $15 120 $90 80 $3 2022 550 $20 140 $100 80 $4 The average citizen in the Isle of Woe consumes 5 units of food, 2 units of shelter, and 1 unit of leisure goods each year. Using the CPI, the 2020-2021 inflation rate for this economy is ____________ percent. (Don't worry whether this is a realistic/typical inflation rate for the USA; the Isle of Woe is its own thing.)
