MYECONLAB W/EBK +104 STUDENT PACKET>IC<
17th Edition
ISBN: 9781323761465
Author: HUBBARD/KNAPP
Publisher: Pearson Custom Publishing
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Chapter 2, Problem 2.2.15PA
To determine
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Suppose the following information was published by the Australian Bureau of Statistics in 2017:
Item
Amount (AUD billion)
Household consumption
5,029.81
Government consumption
20,340.92
Exports
1,386.39
Value of cocaine seized at Sydney Airport
20,500
Value of intermediate goods in tractor manufacturing
502,003
Gross private domestic investment
352.69
Imports
386.95
Components used in the manufacture of cars
40,000
Gifts
15,236
Government investment
88.19
Value of second-hand goods
500.00
Value of banned endangered species elephant tasks seized at Melbourne Airport
600.00
Use the information provided to calculate Australia’s GDP in 2017
Suppose the Following information was published by Australia Bureau of Statistics in 2017:
Item
Amount (AUD billion)
Household consumption (C)
1029.81
Government consumption
340.92
Exports
386.39
Value of cocaine seized at Sydney Airport
10,500
Value of intermediate goods in tractor Manufacturing
52,003
Gross private domestic investment (I)
352.69
Imports
386.95
Components used in the manufactrure of cars
40,000
Gifts
15,236
Government investment
88.19
Value of second-hand goods
500.00
Use the information to answer the following questions
Identify the items that are not included in the GDP calculation.
Calculate Australia’s GDP in 2017.
Consider an economy producing the following products: bread and cars. Use the information provided in the following table to answer the question below:
Product
Quantity
Base Year Price (2012)
Price (2019)
Price (2020)
Bread
1000
$20.00
$22
$24
Cars
2000
$8.00
$10
$12
Refer to the table above to answer the questions below:
a) Compute the consumer Price Index for years 2019 and 2020 using 2012 as the base year and the consumption basket that consist of 1000 bread and 2000 cars. You will need to round your answer to the nearest whole number.
b) Compute the Inflation rate for 2020
Chapter 2 Solutions
MYECONLAB W/EBK +104 STUDENT PACKET>IC<
Ch. 2 - Prob. 1TCCh. 2 - Prob. 2TCCh. 2 - Prob. 2.1.1RQCh. 2 - Prob. 2.1.2RQCh. 2 - Prob. 2.1.3RQCh. 2 - Prob. 2.1.4PACh. 2 - Prob. 2.1.5PACh. 2 - Prob. 2.1.6PACh. 2 - Prob. 2.1.7PACh. 2 - Prob. 2.1.8PA
Ch. 2 - Prob. 2.1.9PACh. 2 - Prob. 2.1.10PACh. 2 - Prob. 2.1.11PACh. 2 - Prob. 2.1.12PACh. 2 - Prob. 2.1.13PACh. 2 - Prob. 2.1.14PACh. 2 - Prob. 2.2.1RQCh. 2 - Prob. 2.2.2RQCh. 2 - Prob. 2.2.3PACh. 2 - Prob. 2.2.4PACh. 2 - Prob. 2.2.5PACh. 2 - Prob. 2.2.6PACh. 2 - Prob. 2.2.7PACh. 2 - Prob. 2.2.8PACh. 2 - Prob. 2.2.9PACh. 2 - Prob. 2.2.10PACh. 2 - Prob. 2.2.11PACh. 2 - Prob. 2.2.12PACh. 2 - Prob. 2.2.13PACh. 2 - Prob. 2.2.14PACh. 2 - Prob. 2.2.15PACh. 2 - Prob. 2.3.1RQCh. 2 - Prob. 2.3.2RQCh. 2 - Prob. 2.3.3RQCh. 2 - Prob. 2.3.4RQCh. 2 - Prob. 2.3.5RQCh. 2 - Prob. 2.3.6RQCh. 2 - Prob. 2.3.7PACh. 2 - Prob. 2.3.8PACh. 2 - Prob. 2.3.9PACh. 2 - Prob. 2.3.10PACh. 2 - Prob. 2.3.11PACh. 2 - Prob. 2.3.12PACh. 2 - Prob. 2.3.13PACh. 2 - Prob. 2.3.14PACh. 2 - Prob. 2.3.15PACh. 2 - Prob. 2.3.16PA
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