Using the table in question 1, what was real GDP in year 2, in year 1 prices? (Hint: assume prices of oranges and apples were unchanged, but new quantities apply) Answer:
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question 1 just to provide data, please answer the question {"Using the table in question 1, what was real
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- Consider the following data for a hypothetical economy that produces two goods, milk and cheese. Quantity Produced Mak (litres) Cheese (kg) 110 121 Year 1 Year 2 Prices Milk (Slitro) Cheese (S/kg) 6 7 66 3 Using year 1 as the base year, the 53 35% increase in nominal GDP may be explained by a % increase in real GDP and a 1% increase in prices (Round your responses to two decimal places)Transcribed Image Text:The price and quantity data for Year 1 and Year 2 are as follows: Bread 50 1 Butter 100 Year 1 Quantity Year 1 Price Year 2 Quantity Year 2 Price 80 120 1.60 1.25 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year? Answer Choices: 1.254 b. 1.354 1.434 d. 1.534 a. C. Acivate Windcys(a) Use the following table to calculate GDP price deflator in 2019 and 2020 and the change in the overall price level from 2019 to 2020. You will need to round your answer to the nearest whole number. GDP 2019 2020 Nominal GDP $26 000 $28 000 Real GDP $21 000 $22 000 (b) Consider an economy only producing two goods: pen and bread in both Year 1 and Year 2. Can the Real GDP of this economy increase between Year 1 and Year 2, while the Nominal GDP decreases or remains the same? Explain your answer with a numerical example.
- Assume an economy consumes only two goods: food and clothing. The prices and quantities produced domestically of each good for two different years are shown in the table below. Year 1 quantity Year 2 quantity Year 1 price Year 2 price Food 5000 5500 $2 $5 Clothing 1000 1200 $30 $25 What is the nominal GDP for year 2? What is the real GDP for year 2, using year 1 as the base year? What is the GDP deflator? (2 decimal places) What was the result on the overall price level? no ch increased decreasedConsider the data in the following table, which represents the total production of the country Byzantium, a country that produces only consumer goods. Table 1: Byzantium 2018 2019 2020 Quantity of Y 100 105 103 Quantity of X 5 3 1 Price of Y $5 $5 $5 Price of X $100 $105 $110 1. Calculate the nominal GDP for all three years ( 2. Calculate real GDP for all three years, using 2018 as the base year 3. Calculate the GDP deflator, using 2018 as the base year. Identify whether there was inflation from the previous year (*Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges 100 Quantity in year ! Price in year I Quantity in year 2 Price in year 2 50 $1.00 $0.80 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer:
- Consider the following data for a hypothetical economy that produces two goods, milk and honey. Prices Year 1 Year 2 Quantity Produced milk (litres) 100 135 honey (kg) 35 22 a. Compute nominal GDP for each year in this economy. Nominal GDP in year 1: $ Nominal GDP in year 2: $ milk ($/litre) 4 3 honey ($/kg) 3 4 (Round your response to the nearest whole number.) (Round your response to the nearest whole number.) The percentage change in nominal GDP from year 1 to year 2 is%. (Round your response to two decimal places. Use the minus sign to enter negative numbers.) b. Using year 1 as the base year, compute real GDP for each year using the traditional approach. Real GDP in year 1year 1 prices- $ Real GDP in year 2year 1 prices (Round your response to the nearest whole number.) (Round your response to the nearest whole number.) The GDP deflator in year 1year 1 prices The GDP deflator in vear? The percentage change in real GDP from year 1 to year 2 is%. (Round your response to two decimal…Give typing answer with explanation and conclusion In a certain country called Happyland, in the year 1988, consumption was 4,990,000 happies, investment was 1,350,900, government purchases were 2,000,500 happies, exports were 1,500,000 happies and imports were 850,000 happies. (Happies is the currency used in Happyland :)) What was the value of GDP measured in happies in Happyland in 1988? (Give answer to the nearest happy.)For the next questions, suppose that a simple economy produces only four goods and services: cars, homes, cheeseburgers and cheese. Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year1 is the base year. Using the information in the table, nominal GDP for this simple economy in year 1 equals Quantity Quantity Product Price (Year 1) Price (Year 2) (Year 1) (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 150 6 Cheese 50 2 75 3 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 2250 b 4150 2350 d 2700
- for the following question , please indicate whether current GDP of the United States will be affected and, if so, by how much .In each case, indicate also which component(s) of GDP will be affected and by how much Case 1: Maria moved from Chicago to Colorado in November 2020. She paid $1,200 to the professional moving company she hired and, after the moving was completed, she tipped the workers $250.A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 10 20 50 13 2021 15 30 60 15 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 1 karaoke machine and 5.Consider the following data for an economy that produces only two goods. In 2010, for Good A: Price = 100 and Quantity = 100, and for Good B: Price: 100 and Quantity = 100. In 2015, for Good A: Price = 200 and Quantity = 200, and for Good B: Price = Quantity 100. = 100 and = (a) Compute nominal GDP in 2010. (b) Compute nominal GDP in 2015. (c) Compute real GDP in 2010 (using 2010 as the base year).