Year 1990 1991 1992 1993 Nominal GDP 647 515 552 741 Price index 100 110 110 115 For the above economy, 1990 is chosen as the base year. Real GDP in year 1993 is Your Answer:
Q: 9. Shifts in supply or demand II The following graph shows the market for hot dogs in New York City,…
A: Since there are over 1000 hot dog stands, the market is competitive. There are many sellers…
Q: O Macmillan Learning Move the point, E, in the accompanying graph to reflect equilibrium in the…
A: Equilibrium is achieved at a point where demand curve interests the supply curve. The figure is…
Q: A company periodically produces a part that is a basic component of an assembled product. Each time…
A: Part-period balancing depends on the idea of Economic Part Periods (EPP). EPP is determined by…
Q: Suppose that the Foreign country experiences positive news following the discovery of a valuable…
A: Demand can be defined as the quantity of a good that the customers are able and willing to buy at…
Q: Government Intervention in the Market: Price Floorsand Price Ceilings?
A: Government Intervention is very necessary in Market Prices. In severe economic circumstances, it…
Q: Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $4.25. Michelle was willing…
A: Consumer surplus is a measure of excess benefit to the buyer. CS=Willingness to pay - Actual price…
Q: The economy is described by the production function: Y=AK 0.4N0.6. In year 2500, GDP is 10,000,…
A: Given information: Y = AK0.4N0.6Y = 10000K = 200L or N = 500
Q: Use the graph input tool to help you answer the following questions. You will not be graded on any…
A: Union wage is higher than equilibrium wage where number of workers supplied is equal to number of…
Q: What is the demand elasticity at the equilibrium of 2022? What is the supply elasticity? Which one…
A: Given Supply equation of gasoline: Qs=100+100p ...... (1) Demand equation of…
Q: hat is the relationship between the CPI and the inflation rate? When the CPI _______. A.…
A: The consumer price index or CPI measures the changes in the general price level of basket of goods.…
Q: Demand studies in health care have provided estimates of both income and price elasticity. Estimates…
A: Elasticity basically refers to the change of one variable in response to other variables. It can be…
Q: h the following characteristics for firms and consumers: Choices Resource Constraint Firms Consumers…
A: Firms use inputs ( land , labour , capital and entrepreneur ) to produce goods and services in the…
Q: Project Repair highways Build new highways Build a new bridge Build a new tunnel Expand existing…
A: Here, information regarding cost and benefit from various projects are given for the government to…
Q: Question 2 Please use this data to graph the demand curves and determine the slope. Relate the…
A:
Q: FREQUENCY DISTRIBUTIONS 2.26 Table 2.29 gives the frequency for gasoline prices at 48 stations in a…
A: A histogram, a relative-frequency histogram, a frequency polygon, and an ogive are shown below:-…
Q: Recently, television commercials promoting toothpaste featured a well-known chef expressing…
A: Price elasticity measures how responsive a good's supply and demand are to price changes. The…
Q: 8. Risk and return Suppose Frances is choosing how to allocate her portfolio between two asset…
A: An investment is an asset or item obtained determined to create income or appreciation. Appreciation…
Q: Calculate the total cost based on: Cost fixed = $90 Cost variable = $45
A: The whole cost incurred by a business to produce a specific level of production is known as the…
Q: Suppose that the Foreign country experiences positive news following the discovery of a valuable…
A: Foreign currencies are demanded by domestic households, firms, and governments who wish to purchase…
Q: 9. Efficient markets hypothesis Which of the following are consistent with the efficient markets…
A: According to the efficient market hypothesis, asset prices represent all information. Because market…
Q: Mr. Mullet’s Carnival Mr. Mullet runs a traveling carnival that hires local workers in each city it…
A: Given information is, Wages in Large cities = $9 Small cities = $6 or $12 Hired labor in Large…
Q: The federal government changes its bank regulations in a way that makes it cheaper and easier for…
A: Here, it is given that the changes in the bank regulations by federal government will make it easier…
Q: When the government receipts are more than the government expenditure we call it as Surplus budget…
A: "In an economy, government makes expenditure which means government spends money on commodities and…
Q: What are the advantages of a sole proprietor?
A: A sole proprietor runs his own business on his own and also has total control of the business in his…
Q: Lina saved RM4000 in a bank that offered simple interest at 10% per annum. After 3 years, she…
A: Calculating the amount of interest that will be charged on a loan can be done quickly and easily…
Q: Z2
A: We know that As economies and societies developed, the study of economics got more complicated.…
Q: Under which of the following conditions will the unemployment rate rise? Select one: a.When the…
A: The proportion of unemployed people in the labour force is known as the unemployment rate. As a…
Q: At mid-year 2018, the annual growth rate in Pakistan was 1.4%. What is your estimate of the per…
A: Gross Domestic Product (GDP) measures the value of final goods and services produced in a nation in…
Q: Suppose that the US interest rate is 5.4% per annum and the interest rate in Japan is 2.8% per…
A: The forward rate is the expected future price for a currency. It is can be lower or greater than the…
Q: Which of the following statements about country wealth is true? Everyone in a high real GDP per…
A: Real GDP A measure of an economy's output of all products and services during a specific year that…
Q: 4. Assume the following market for swim googles at a beach shop. Draw on the graph using dashed…
A: Given:
Q: 10. Which of the following statements is (are) correct? (x) The factor-endowment theory asserts that…
A: The factor endowment theory is based on certain assumptions such as the transportation cost is zero…
Q: Taxable Income $0-$9,700 $9,701-$39,475 $39,476-$84,200 $84,201-160,725 $160,726-$204,100…
A: it is given that, taxable income and tax rate
Q: You have a bank deposit now worth $4500. How long will it take for your deposit to be worth more…
A:
Q: Consider the supply and demand curves for taxi rides in the attached graph. At the equilibrium price…
A: Market equilibrium is achieved at the point where demand and supply curve intersects . At this…
Q: What is economic transition
A: A transitional economy is moving from a planned economy to one with a market economy framework.
Q: What is a consequence that arises from the CPI bias? A. A wage contract linked to the CPI gives…
A: Consumer price index measures the change in the price of a fixed basket of goods and services…
Q: (A) (B) (C) (D) A B Which graph in the above figure represents the isoquants where, as the amount of…
A: The labor market alludes to the supply of and demand for labor, in which employees give the supply…
Q: The company World Airline System is composed of the routes X and Y, and each route requires 10…
A: (Q) The company World Airline System is composed of the routes X and Y, and each route requires 10…
Q: Industry Total nonfarm payroll employment Manufacturing Construction Trade, transportation, and…
A: It is discernible by: Total non farm employment in Oct 2017 = 147,234 Total non farm employment in…
Q: Derive the equation of the isoquant for the production level Y = 1 (with K as a function of L).
A: We have given a production function F(L,K)=L23K23 ...... (1) We have to find the isoquant…
Q: A store sells four brands of VCRS. During the past year the following number of sales of each of the…
A: Empirical probability is defined as number of times an event occurs / total number of times events…
Q: A depreciation fund for machinery replacement must contain P2,000,000.00 at the end of 5 years. If…
A: Given The requirement for money to replace machinery after 5 years is P2,000,000 This implies that…
Q: In general, supply and demand are often in elastic in the short run, so that shifts in either demand…
A: Elasticity is an economic idea used to measure the change in the aggregate quantity demanded of a…
Q: The stated premise behind the production function for health is that medical care, when combined…
A: A little healthcare may rapidly cure less serious illnesses, thus as health production increases in…
Q: How do economists handle the issue of multiple market-affecting factors changing at once when…
A: Inflation is one of the primary economic marketing elements that affects consumers' ability to buy.…
Q: 2. Consider an economy that produces only two types of fruits: mangos and bananas. The production…
A: Nominal GDP is the value of final goods and services produced in the economy within a given period…
Q: Market demand for the nuclear substance pluranium is given below, along with the TR for the given…
A: 3rd Degree price discrimination is a pricing practice in which monopolist charge different price…
Q: nflation rate in 2022 is _______ percent per year. A. 55.6 B. 70.0
A: Inflation refers to the rise in the general price level. The change in the average price of basket…
Q: . What conditions are necessary in order for a Monopolist to be able to successfully price…
A: Monopolist refers to the single firm in the market or there is only one firm in the market. There is…
Step by step
Solved in 2 steps
- Nominal GDP in Nowhereland in 2018 and 2019 is as follows: Can you say that the production of goods and services in Nowhereland has increased between 2018 and 2019? Why or why not?Why might even real GDP be a misleading index of changes in output between 1950 and 2015 in the United States?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?
- Nominal gross domestic product for the United States was $7,661.6 billion in 1996 and$8,110.9 billion in 1997. The GDP deflator was 109.5 in 1996 and 111.6 in 1997. Given theabove data, complete the following questions:a. What was the 1997 real GDP expressed in 1996 prices?b. What were the 1996 and 1997 GDPs expressed in base-year prices?c. What was the percent change in the nominal GDP between 1996 and 1997?d. What was the percent change in real GDP between 1996 and 1997?e. What was inflation between 1996 and 1997?Compute the values of real GDP and GDP deflator in 2018 and 2019 (using 2017 as the base year).The following graph approximates business cycles in the United States from the first quarter of 1947 to the third quarter of 1951. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). 1947194819491950195121702070197018701770REAL GDP (Billions of dollars)YEAR Source: “Current-dollar and Real GDP,” Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls. Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1948, is known as . True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. True False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. Industrial production declined. Consumer spending increased.…
- Exhibit 11-6Use the table below to answer the following question(s). Nominal GDP GDP Year (billions) deflator Year 1 500 100.0 Year 2 1,000 145.5 What is real GDP in year 2 (use year 1 as the base year)?Year Real GDP Nominal GDP 2019 $15,283.65 $16,260.44 2020 $17,573.60 $18,433.70 2021 $19,810.67 $20,860.46 Refer to the table above with values in the billions for nominal GDP and real GDP. What is the GDP deflator for 2020? (Round your answer to two digits after the decimal without a $ and without commas.)f the GDP deflator in 2009 equals 1.25 and nominal GDP in 2009 equals $18.75 trillion, then the value of real GDP in 2009 equals _____ trillion. Select one: A. $12 B. $12.5 C. $15 D. $18.75 E. $15.625
- Please show ALL Workings VERY clearly and in FULL. Using the information shown, calculate values for Nominal GDP, Real GDP and GDP Deflator, for the years 2011, 2012 and 2013.The United States gross national product in trillions of dollars for the latter half of the 1980s is given in the table below. Year 1985 1986 1987 1988 1989 GNP ($trillion) 4.02 4.23 4.52 4.88 5.20 1. Using technology, calculate the average rate of change for each year. You may, for example, make a table in a spreadsheet with Year, GNP, and Average Rate of Change, as the three columns. What are the independent and dependent variables? 2. Using technology, create a plot of GNP vs year. Does the data appear to be linear? Explain. 3. Using technology, construct a linear trendline and determine the R2 value. What is the trendline equation? Interpret the slope, including units. What is the R2 value? Is there a strong or weak correlation? 4. Using the trendline equation, create a spreadsheet table and second plot of GNP vs year, extending the data through 1995. What GNP does your trendline predict for 1993? Explain in the context of the problem. 5. In what year does the trendline predict the…Consider the following data on the Pakistan economy:Nominal GDP GDP Deflator Year (in billions of rupees) (base year 2012)2018 21,501 111.4 1998 9,163 76.3 i. What was the growth rate of nominal GDP between 1998 and 2018? (Hint: The growth rate of a variable X over an N-year period is calculated as [(Xfinal/Xinitial)1/N – 1] x 100). ii. What was the growth rate of the GDP deflator between 1998 and 2018? iii. What was real GDP in 1998 measured in 2012 prices? iv. What was real GDP in 2018 measured in 2012 prices? v. What was the growth rate of real GDP between 1998 and 2018? vi. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
