EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Chapter 21, Problem 6SPPA
To determine
Phase of business cycle.
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Additional Problem 3 Appendix
Question Help
An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The
base year is 2019.
In 2018
Calculate the value of 2018 production in 2019 prices and the percentage change in production when valued at 2019
prices.
Item
Quantity
Price
Food
100
$1
The value of 2018 production in 2019 prices is $
Fun
71
$3
In 2019
Item
Quantity
Price
Food
73
$6
Fun
69
$8
Enter your answer in the answer box and then click Check Answer.
Check Answer
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The table shows the quantities produced and prices in 2015
and 2016 for an economy which produces only food and fun.
In 2015
Item
Quantity
Price
The base year is 2016.
Food
100
$3
Calculate the value of 2015 production in 2016 prices and the
percentage change in production when valued at 2016 prices.
Fun
68
$5
In 2016
Item
Quantity
Price
Food
73
$5
The value of 2015 production in 2016 prices is $.
Fun
69
$8
The percentage change in production when valued at 2016
prices is percent.
>>> Answer to 1 decimal place.
>>> If your answer is negative, include a minus sign. If your
answer is positive, do not include a plus sign.
Next
The following table contains information about an economy that produces only pens and books. The base year is 2017. Use this information
to answer question
Year
2017
2018
2019
$3
3
4
Price of Pens
a. 7 percent
b. 22 percent
c. 27 percent
d. 32 percent
e. 0 percent
Quantity of Pens
100
120
120
Price of Books
$10
12
14
What is the percentage increase in real GDP from 2018 to 2019?
Quantity of Books
50
70
70
Chapter 21 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 21.A - Prob. 1SPPCh. 21.A - Prob. 2SPPCh. 21.A - Prob. 3SPPCh. 21.A - Prob. 4SPPCh. 21.A - Prob. 5SPPCh. 21.A - Prob. 6SPPCh. 21.A - Prob. 7SPPCh. 21.A - Prob. 1IAPCh. 21.A - Prob. 2IAPCh. 21.A - Prob. 3IAP
Ch. 21.A - Prob. 4IAPCh. 21.A - Prob. 5IAPCh. 21.A - Prob. 6IAPCh. 21.A - Prob. 7IAPCh. 21 - Prob. 1SPPACh. 21 - Prob. 2SPPACh. 21 - Prob. 3SPPACh. 21 - Prob. 4SPPACh. 21 - Prob. 5SPPACh. 21 - Prob. 6SPPACh. 21 - Prob. 7SPPACh. 21 - Prob. 8SPPACh. 21 - Prob. 9SPPACh. 21 - Prob. 10SPPACh. 21 - Prob. 1IAPACh. 21 - Prob. 2IAPACh. 21 - Prob. 3IAPACh. 21 - Prob. 4IAPACh. 21 - Prob. 5IAPACh. 21 - Prob. 6IAPACh. 21 - Prob. 7IAPACh. 21 - Prob. 8IAPACh. 21 - Prob. 9IAPACh. 21 - Prob. 10IAPACh. 21 - Prob. 11IAPACh. 21 - Prob. 12IAPACh. 21 - Prob. 1MCQCh. 21 - Prob. 2MCQCh. 21 - Prob. 3MCQCh. 21 - Prob. 4MCQCh. 21 - Prob. 5MCQCh. 21 - Prob. 6MCQCh. 21 - Prob. 7MCQ
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- An economy produces only fun and food. In 2016 Price The table shows the quantities of fun and food produced and the prices of fun and food in 2016 and 2017. Item Quantity (dollars) Fun 42 The base year is 2016. Food 63 3. Calculate the percentage increase in real GDP in 2017. In 2017 Price Item Quantity (dollars) Fun 42 The percentage increase in real GDP in 2017 is percent. Food 64 6. >>> Answer to 1 decimal place. Nextarrow_forward1 a. US GDP was 14,419 billion in 2009 and 14,964 billion in 2010. What was the percentage increase in GDP over this period? Show your workarrow_forwardAdditional Problem 2 Read Eye on Potential GDP in the eText or click on the icon 6 to open a copy. The work the following exercise. Question Help In Korea, real GDP per hour of labor is $22, the real wage rate is $15 per hour, and people work an average of 46 hours Real GDP (2012 dollars per hour of work) 90- per week. In the United States, real GDP per hour of labor is $76, the real wage rate is $50 per hour, and people work an average of 34 hours per week. 80- Explain the difference between the production functions in the two countries. 70- In the graph, draw the Korean production function and label it PFK and mark the Korea's real GDP and employment. 60- Label it 1. 50- Now draw the U.S. production function and label it PFusand mark the U.S. real GDP and employment. Label it 2. 40- 30- 20- -GEAR ECT 2OK 10+ 22 28 34 40 46 52 Labor (hours per worker per week) 58 >>> Draw only the objects specified in the question. Click the graph, choose a tool in the palette and follow the…arrow_forward
- Economics An economy produces Wine and Cheese. Prices and quantities for 2019 and 2020 are tabulated below. Price Quantity Quantity Price of of Wine Cheese of of Wine Cheese 2019 4 2020 3 10 3 4 Calculate real GDP for 2020 (Fisher Chained at 2019 prices).arrow_forwardThe Data of Macroeconomics – Work It Out Question b. Calculate the percentage change in each of the 2 following between 2010 and 2015. Consider an economy that produces and consumes bread and automobiles. The table includes data for two different years. % change auto prices = % 2010 2010 2015 2015 Good Quantity Price Quantity Price Automobiles 70 $46000 120 $65000 % change bread prices % %3D Bread 590000 $8 370000 $17 Round answers to to places after the decimal where % change GDP deflator = % necessary % change CPI = %arrow_forwardWhen an economy is at the peak of the business cycle _____________. a. GDP remains unchanged b. GDP level will be low c. GDP starts falling d. GDP level will be higharrow_forward
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