Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 24, Problem 7SPPA
To determine
To explain:
The effect on the real wage rate of the U.S. employment and its potential
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The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020.
Instructions: Enter your responses as whole numbers.
Year
Pucks
Root beer
Sandals
Quantity
Price
Quantity
Price
Quantity
Price
2017
100
$7
300
$20
100
$20
2020
125
$7
250
$20
110
$25
Assume that 2017 is the base year. Find nominal GDP and real GDP for both years.
Year
Nominal GDP
Real GDP
2017
$
$
2020
$
$
Consider an economy that produces and consumes bread and cars.
Year 2010
Year 2017
Price of a car
$ 50,000
$ 60,000
Price of a loaf of bread
$ 10
$ 20
Number of cars produced
100
120
Number of loaves of bread produced
500,000
400,000
How much have prices risen between year 2010 and year 2017?
Use the following data to work Problems 16 and 17. The table lists some macroeconomic data for
the United States in 2009.
Item Billions of dollars
Wages paid to labor 8,000
Consumption expenditure 10,000
Net operating surplus 3,400
Investment 1,500
Government expenditure 2,900
Net exports –340
Q no 16 Calculate U.S. GDP in 2009
Q no: 17 Explain the approach (expenditure or income) that you used to calculate GDP.
Chapter 24 Solutions
Foundations of Economics (8th Edition)
Ch. 24 - Prob. 1SPPACh. 24 - Prob. 2SPPACh. 24 - Prob. 3SPPACh. 24 - Prob. 4SPPACh. 24 - Prob. 5SPPACh. 24 - Prob. 6SPPACh. 24 - Prob. 7SPPACh. 24 - Prob. 8SPPACh. 24 - Prob. 9SPPACh. 24 - Prob. 10SPPA
Ch. 24 - Prob. 11SPPACh. 24 - Prob. 1IAPACh. 24 - Prob. 2IAPACh. 24 - Prob. 3IAPACh. 24 - Prob. 4IAPACh. 24 - Prob. 5IAPACh. 24 - Prob. 6IAPACh. 24 - Prob. 7IAPACh. 24 - Prob. 8IAPACh. 24 - Prob. 9IAPACh. 24 - Prob. 1MCQCh. 24 - Prob. 2MCQCh. 24 - Prob. 3MCQCh. 24 - Prob. 4MCQCh. 24 - Prob. 5MCQCh. 24 - Prob. 6MCQCh. 24 - Prob. 7MCQCh. 24 - Prob. 8MCQ
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