Output and Prices for 1995 and 1996 Product Quantity produced in 1995 Price in 1995 Quantity produced in 1996 Price in 1996 Good J 89 $9.75 96 $9.5 Good K 86 $8.5 79 $9 Given the information in the table above for an economy that produces only Good J and Good K, answer the questions that follow. Do not enter dollar signs or commas in your answers. 1. What was the value of nominal GDP in the year 1995? $ 2. What was the value of nominal GDP in the year 1996? $ 3. What was the value of real GDP in the year 1995 if 1996 is the base year? $

Output and Prices for 1995 and 1996 Product Quantity produced in 1995 Price in 1995 Quantity produced in 1996 Price in 1996 Good J 89 $9.75 96 $9.5 Good K 86 $8.5 79 $9 Given the information in the table above for an economy that produces only Good J and Good K, answer the questions that follow. Do not enter dollar signs or commas in your answers. 1. What was the value of nominal GDP in the year 1995? $ 2. What was the value of nominal GDP in the year 1996? $ 3. What was the value of real GDP in the year 1995 if 1996 is the base year? $

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter5: National Income Accounting

Section: Chapter Questions

Problem 6E

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The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP). 2170 2070 E 1970 1870 1770 1947 REAL GOP (Billions of dollars) 1948 1949 YEAR 1950 1951 Source: "Current-dollar and Real GDP Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/shs/gdplev.xls
The Table below summarizes the nominal and real GDP information for an economy for 2013 and 2014: 2013 2014 Nominal GDP OMR 43,000 OMR 38,700 OMR 51,000 OMR 44,300 Real GDP Between 2013 and 2014, what has happened to price levels in this economy? Select one: a. The price level has fallen. b. The price level has risen. c. The price level has remained stable. d. None of the answers are correct e. Not enough information is available to determine what has happened to prices.
Suppose that typical CPI basket for consumers contains 3 goods: 5 wheels of cheese, 3 t-shirts, and 10 gallons of gasoline. The prices of the goods in 2019 and 2020 are listed below: Item Prices 2019 Prices 2020 Cheese $5 $10 T-shirt $10 $15 Gallon of Gasoline $3 $6 A) Find the cost of the CPI Basket in 2019: B) Find the cost of the CPI Basket in 2020: C) Using 2019 as the base reference period, calculate the CPI for 2020 D) What is the inflation rate in 2020? E) Suppose that you made $40,000 in 2019 and $41,000 in 2020. What has happened to your real income from 2019 to 2020?
Gmpurts cnter the calcula Week 3 Homework sPunauo:i spaubueon. X 13 newconnect.mheducation.com/flow/connect.html Saved 3 Homework G) The following table gives the the value of the consumer price index for 2007 through 2015. Consumer Price Index Percentage Increase Year 207.3 2007 215.3 2008 214.5 2009 218.1 2010 224.9 2011 2012 229.6 233.0 2013 236.7 2014 237.0 2015 Instructions: To answer the following questions, complete the percentage increase column in the rounded to two decimal places and include a negative sign ) where appropriate. a) What was the inflation rate in 2009? b) What was the percentage increase of the average price level from 2008 to 2015? 9% inflation was lowest in (Click to select) c) Inflation was highest in (Click to select) 10 of 15 Prev Ne e ere to search w SUS
The BBS reported the following CPI data:June 2016- 201.9 June 2017- 207.2 June 2018- 217.4 a) Calculate the inflation rates for the years ended June 2017 and June 2018. How did theinflation rate change in 2018?b) If the cost of a market basket in 2016 is 2,000, t what is the cost of the same basket ofgoods and services in 2017? In 2018?c) Why might these CPI numbers be biased? Explain all the reasons with appropriateexamples in each cased) How do alternative price indexes help to avoid the bias in the CPI numbers? (Hint: GDPdeflator, PPI are some of the prominent alternative price indexed).e) Give example of the pros and cons of each index including CPI?
This table indicates the historical level of the Consumer Price Index (CPI) for the United States for 1921, 1922, and 1923. Complete the table by (1) selecting the inflation rates for 1922 and 1923, and (2) indicating for each year whether there has been inflation, deflation, or hyperinflation. Year CPI Inflation Rate Change in Price Level 1921 17.9 — — 1922 16.8 1923 17.1 What rates of inflation for 1924 would be consistent with disinflation between 1923 and 1924? Check all that apply. 1.7% 11.8% 51.8% 1.8% What rates of inflation for 1924 would be consistent with hyperinflation? Check all that apply. 15.0% -1.8% 100.0% 120.0%
A) Inflation is the steady and widespread increase in prices. The inflation rate, measured by CPI, rose .1% in May (since April) and rose a total of 4% year-over-year (May 2022 to May 2023). Read the BLS report on the Consumer Price Index and identify an “item” or “all items” and begin to consider why the price increased. Do a news search or using (clear, logical, rational) reasoningexplain whether prices are increasing because demand increased or because supply decreased. Graph and explain your answer
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Nominal GDP, Billions Price Index Year Real GDP, Billions Effect on Nominal GDP (2005 = 100) 1978 $2,308.80 40.4 1988 5,115.40 66.98 1998 8,808.50 85.51 2008 14,456.40 108.48 2018 20,519.30 128.59
Online My Courses - This Course - Student Services - HFC Online Video Tutorials 1/My courses / 21/WI BEC-151-03 / Introduction to Macroeconomics / CQ11 - CPI approach to real GDP Output and Prices for 1995 and 1996 of Product Quantity produced in 1995 Price in 1995 Quantity produced in 1996 Price in 1996 Good J 89 $9.75 96 $9.5 Good K 86 $8.5 79 $9 Given the information in the table above for an economy that produces only Good J and Good K, answer the questions that follow. Do not enter dollar signs or commas in your answers. 1. What was the value of nominal GDP in the year 1995? $ 2. What was the value of nominal GDP in the 1996? $ 3. What was the value of real GDP in the year 1995 if 1996 is the base year? $ 4. What was the value of real GDP in the year 1996 if 1995 is the base year? $ Finish attempt .. MacBook Pro DII DD F10 F9 F7 FB F5 F6 F4 F3 F2 F1 & @ #3 2$ 7 4 1 T Y Q W K F G A S * 00
Consider a simple economy that produces only three goods. Assume that all goods produced are consumed in same period (no inventories). Following table provides information on price and quantity produced and consumed of each of three goods: 2021 2021 2022 2022 Price Quantity Price Quantity Good 1 25 25 40 33 Good 2 45 45 60 35 Good 3 80 50 90 45 Calculate nominal and real GDP for both years using 2021 as the base year. Then calculate inflation rate derived from the GDP deflator and real GDP growth between 2021 and 2022. Calculate Consumer Price Index (CPI) for each year using share of consumption of each product in 2021 as a weight. Then find CPI inflation rate between 2021 and 2022. Is this inflation rate different from GDP deflator inflation rate? Discuss reasons for differences, if any. True, false or uncertain? Above results show that GDP deflator is worse than CPI for measuring changes in average prices in economy. Comment
Use the following table to answer the questions below Units 2016 2017 2018 2019Oranges 8 $2 $2 $2.1 $2.4Books 5 $2 $2.5 $2.5 $3Cheese 3 $2.5 $3 $3.5 $4 If 2017 is the base year, what is the price index in 2019?
What is the current inflation rate as measured by the Consumer Price Index? You can use either the February or March 2022 figure. Describe the pattern of the Consumer Price Index since the beginning of 2020. Describe the pattern of the CPI since 2010. (Hint: Utilize Trading Economics (Links to an external site.) or FRED (Links to an external site.) to get the data. Please note that the inflation rate is not the same thing as the level of the CPI. The inflation rate is measured as the percentage change in the level of the CPI during a period of time.