Q1) The economy produces only two products: vegetable oil and wheat. TH following table shows quantity and price in 2020 and 2021. 2020 2021 Quantity Price Quantity Price vegatable_oil 200 50 220 100 wheat 400 10 600 19 a) Calculate nominal GDP b) Calculate real GDP C) Calculate implicit price deflator for GDP
Q: What does the importance of the character of a nation’s growth process and about its institutional s...
A: Institutions have a significant impact on a country's economic growth and act at all levels of socie...
Q: d. double declining balance method depreciation charge: Php book value: Php e. sum of the year's dig...
A: Solution:- a.Straight line method Depreciation charge : Php 6650 Book Value: Php 3350 b.Sinking f...
Q: What happens when supply is more elastic than demand; and vice versa?
A: The measure which depicts the percentage change in quantity being demanded with respect to the perce...
Q: Problem 07-04 (algo) A firm has $1,700,000 in sales, a Lerner index of 0.56, and a marginal cost of ...
A: Marginal cost is the additional cost to society. It is the ratio of change in total cost to the chan...
Q: 7 which following statement is true or flase with explaination 1. for a cobb douglas utility functio...
A: Cobb-Douglas function is a utility function of prices and income of the consumers. Monotonic transfo...
Q: Thank you !!!!!! Sherry expects to deposit $2000 now, $1000 4 years from now, and $2500 7 years fro...
A: *Answer:
Q: 1 Given the following bids to buy and to sell a used book. Bids to buy: $16. $16 . $18 . $18 . $18 ....
A: In the above question, it is given Bids to buy and to sell a used book. BIDS TO BUY ($) BIDS TO ...
Q: Assume Coal Ben is selling Hamburger plates that have an average cost of $3 at an initial price o $6...
A: Introduction Demand and cost of burger has given. So as per DCM model, price of per burger is $6 and...
Q: Problem 07-16 (algo) Suppose Fiat recently entered into an Agreement and Plan of Merger with Case fo...
A: Given; Agreement and plan of merger with case for $4.3 billion.Case's share of market= 20%Fiat's mar...
Q: If, in a monopoly market, the demand function for a product is p = 195 − 0.80x and the revenue funct...
A: Given: p = 195 − 0.80x R=px
Q: The insurance case for family formation refers to OA) life insurance that a spouse might buy so that...
A: Life insurance is a contract between the insurer and the policyholder. Life insurànce ensures that t...
Q: 172 122 1. Complete the table above by calculating the marginal utility, the marginal utility per do...
A: total Utility is the aggregate amount of satisfaction that the consumer receives from consuming spec...
Q: Compute the nominal GDP in 2018. b) Compute the real GDP in 2018? c) Compute the nominal GDP in 201...
A: Hi! Thank you for the question, as per the honor code, we are allowed to answer three sub-parts at a...
Q: MB МАС Q R S ! Y P. %24
A: Before bargaining that is with the property right to assigned to the victim level of abatement would...
Q: Which of the following represents the individual consumer's demand function if the inverse market de...
A: Demand is the function that gives the number of units purchased as a function of the price. The diff...
Q: The economy of Westlandia in 2021: • Real GDPY= 400 • Consumption C = 300 • Planned investment (I) =...
A: Aggregate expenditure is the sum of consumption, investment, government spending and net exports in ...
Q: w does a competitive industry affect unions? A. Unions can exercise higher monopoly power. B....
A: A competitive market structure have large number of sellers selling homogenous good in the market. T...
Q: TRUE OR FALSE For any economy study based on our discussions, it is always necessary to determine t...
A: For any economy study based on our discussions, it is always necessary to determine the profit to ev...
Q: Raising the federal funds rate the aggregate demand curve so that equilibrium real GDP and the price...
A: In an economy, federal funds rate is the interest rate that is charged by one financial authority to...
Q: Elasticity of demand depends on a number of factors, including whether the product in question is a ...
A: Elasticity (ed) of demand is the ratio of %change in Qd(quantity demanded) and %change in P(price) o...
Q: Economic Measurements Structural Characteristics of Developing Nations
A:
Q: QUESTION 12 A price floor is: O a. the lowest price a producer will accept. O b. the lowest price a ...
A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost th...
Q: Use the following supply and demand schedules for skate boards in table 18.1, to answer the question...
A: Given that the price ceiling is at $400, as price ceiling is the legal maximum price that producer c...
Q: Years ago, Ricky paid $500 for CDs to put together a collection. Today, he sold his CDs for $200. Ho...
A: GDP or the Gross Domestic Product is the final value of all the goods and services produced in an ec...
Q: You are the manager of a firm that produces a product according to the cost function C(q;) = 210 +62...
A: Given:- C(qi)=210+62qi-8qi2+qi3 To determine:- Short run supply function=? Please find the images at...
Q: A central assumption of the Neoclassical growth model is that O A. there are increasing returns to s...
A: When talking about the neoclassical growth model, it is an economic interpretation of short-run mark...
Q: Suppose the price elasticity of demand for gasoline is 0.7 and the price elasticity of demand for pl...
A: Elasticity measures the responsiveness of quantity demanded with respect to change in price of a goo...
Q: What are the differences between copyright and counterfeiting? Using examples, examine the reasons w...
A: Copyright is a sort of intellectual property that protects original works of authorship once they ar...
Q: This figure depicts three demand curves. Rank the four points according to increasing
A: The elasticity of demand measures quantitative change in the demand in response to the change in the...
Q: 100 www 1975 1985 1995 Q2-2006 Q1-2009 Q1-2011 Q4-2015 Q4-2016- Q2-2017 102 10° Cumulative Productio...
A: The learning rate is defined by the ratio of percentage reduction in module price and percentage inc...
Q: Question 4 (3 points) Use economic concepts to explain if you agree or disagree with the following s...
A: The amount given as a wage rate by the producers to the workers is part of an operating surplus. The...
Q: 5. Consider the following information: rus = 6%, rjp = 3% Eg 90 Yen per Dollar • Fo - 103 Yen per Do...
A: Exchange Rate refers to the quantity of a currency with which a unit of another currency can be chan...
Q: 7. A rightward shift in the short-run aggregate supply curve will occur when A-experts.exceed import...
A: The short-run aggregate supply (SRAS) curve depicts the aggregate quantity supplied by an economy co...
Q: A developer of high-priced executive tract homes has offered you $1000 per acre for the 500 acres of...
A: GIVEN A developer of high-priced executive tract homes has offered you $1000 per acre for the 500 ...
Q: O A good is normal when a rise in income leads to a fall in the quantity consumed of that good. On t...
A: A product or item that is being produced or sold for its consumption or further sale is being known ...
Q: Which of the following is a producer good?
A: To find: Which is producer good.
Q: Explain Gerschenkron’s theory of backwardness in detail
A: A theory is a logical, abstract way of thinking about a phenomenon or its consequences. Observationa...
Q: A manufacturer desires to set aside a certain sum of money to cover the yearly operating expenses o...
A: Sum= 1200 + 500 ( P/A, 6%, 10 ) + 600 ( P/A, 6%, 10 ) = 1200 + 500 ( 7.360 ) + 600 ( 7.360 )...
Q: Problem 2. A substantial portion of international trade happens between countries with similar char-...
A: The interchange of similar items from the same industry is referred to as intra-industry commerce. T...
Q: Aanchal and Bradyn are two homo economicus engaged in exchange over sour snakes (x) and peanut butte...
A: Marginal rate of Substitution refers to the rate at which one good is given up to get one additional...
Q: 17. When a market is in equilibrium A. O No shortage exists B. O Quantity demanded equals quantity s...
A: Equilibrium means a state of rest. Alternatively, it means a position from where no one wants to mov...
Q: The city council of Morristown is considering the purchase of one new fire truck The options are TRU...
A: Cost is the expenditure that is made in order to convert the raw material into finished goods. It me...
Q: The Prime Minister claims that funding the increase in NHS and social care spending by national insu...
A: We show the Màrket bàlance can be defined as a market situation in which the availability of goods a...
Q: Thomas has the following utility function over milkshakes (m) and smoothies (8): U (m,s) =m + 3s Tod...
A:
Q: Individuals can withdraw their pension funds at any time, even before they reach retirement age. * ...
A: Labor Force: The term labour force refers to those people who are above 16 years of age or fall in t...
Q: If, in a monopoly market, the demand function for a product is p = 195 − 0.80x and the revenue funct...
A: Monopoly: - monopoly market structure is the structure in which there is only one seller of any good...
Q: A farmer grows a bushel of wheat and sells it to a Miller for $20.00. The Miller turns the wheat int...
A: According to question, A farmer produces a bushel of wheat and sells it for $20.00 to a Miller. The...
Q: The Figure below shows the trade in financial services between Britain and the EU. SB denotes the su...
A: Consumption is the utilization of goods and services by families. Consumption is unmistakable from c...
Q: 6. Mexico and Canada have flexible exchange rates. Suppose the real interest rate in Canada increase...
A: Interest Rate is the cost of borrowing or saving expressed as a percentage of the total amount. Such...
Q: In the United States, where Internet services are cheap, the ratio of capital to labor used is highe...
A: Money is important in day to day life. Money has been developed since the ages and currently it is u...
Step by step
Solved in 3 steps
- Use the table below to answer the question. 2018 (Base Year) Price $3 $3 Quantity 14 12 2019 Price $6 S6 |Quantity Tomato Tobacco 7 Habitats of Virginia produce and consume only two products, tomatoes and tobacco. Total quantities of output and prices (per unit) of two products in 2018 and 2019 are shown on the table above. The base year is 2018. Using the base-year method, real GDP in 2019 is $ (Answer in whole number without $ sign or decimal: e.g. 12)The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2011 2012 Quantity Price Quanity Price T-Shirts 90 $25 108 $25 Red Bull (cans) 510 $2 510 $3 Pizza (slices) 980 $3 900 $6 Nominal GDP in 2011 was $... and nominal GDP in 2012 was $..... (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $.... and real GDP in 2012 was $...... (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was...... percent. (Round your response to two decimal places and use a minus sign if necessary.) If 2012 is the base year, real GDP in 2011 was $..... and real GDP in 2012 was $..... (Enter your responses as integers.) Based on your…Calculate the PPP-adjusted GDP for each of the four countries using the information found in the table below. Instructions: Round your answers to the nearest dollar. Country GDP ($) Price level (%) PPP-adjusted GDP Ona 11000 8 Rye 12500 −24 Zolfo 13900 −12 Avon 23200 21
- Year 2001 2002 2003 2004 2005 Output Price Nom. GDP Real GDP 50 $23.00 $1,150.00 $1,350.00 52 $ 27.00 $1,404.00 $1,404.00 53 $ 30.00 $1,590.00 $1,431.00 51 $ 34.00 $1,734.00 $1,377.00 56 $31.00 $1,736.00 $1,512.00 Was the economy better off in 2003 or 2004? ExplainCalculate the PPP-adjusted GDP for each of the four countries, using the information found in the table below. Instructions: Round your answers to the nearest dollar. Country Ona Rye Zolfo Avon GDP ($) 9,000 12,800 14,100 23,100 Price level (%) 8 -24 -12 23 PPP-adjusted GDP 8,333 -3,072 16,022.73 18800 MCalculate the four components of expenditure and GDP for the following economy using data from the table below. Instructions: Enter your responses as whole numbers. GDP Data $600 Consumption expenditures Exports $75 $200 Government purchases of goods and services Construction of new homes and apartments Sales of existing homes and apartments Imports Beginning-of-year inventory stocks End-of-year inventory stocks Business fixed investment Government payments to retirees Household purchases of durable goods $100 $200 $50 $100 $125 $100 $100 $150 Consumption expenditures: Investment expenditures: $| Government Purchases: $ Net Exports: GDP:
- Question 1. FTable 1: Quantity Produced and Price of Good Price of an automobile Quantity of automobile produced 100 Price of a loaf of bread Quantity of breads produced Year 2000 Year 2010 $60,000 120 $20 400,000 Suppose an economy produces and consumes only bread and automobiles. The table above includes data for two different years. Using the year 2000 as the base year, compute the following statistics for each year: nominal GDP, real GDP, GDP price deflator, and the CPI. |S50,000 $10 500,000The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 20 2022 Year 2020 2021 2022 2 Price Quantity Price (Dollars) (Quarts) (Dollars) 1 150 2 150 2 2022 Milk The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP (Dollars) 350 700 1,400 300 % % From 2020 to 2021, 4 350 700 Honey 4 Quantity (Quarts) 100 % (Dollars) GDP Deflator 350 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. 100 100 Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 200 200 200 did not change; and from 2021 to 2022, Comparing the changes in 2021 and 2022, economic well-being increased more in did not change.You are given the following information about an economy GDP at Market Prices 1,,669.4Imports 290.5Gross Domestic Capital Formation 48.7Income accruing to the Public Sector 39.0Retained Business Earnings 75.9Exports 273.4Subsidies 16.8Factor Payments from Abroad 10.0Capital Consumption Allowance 10.5Income Payments to Foreigners 19.2Direct Taxes 355.6Public Sector Consumption Expenditure 490.1Indirect Taxes 297.3Transfer Payments 25.7 Derive the following: (i) Disposable Income (2) Household Consumption Expenditure
- You are given the following information about an economy GDP at Market Prices 1,,669.4Imports 290.5Gross Domestic Capital Formation 48.7Income accruing to the Public Sector 39.0Retained Business Earnings 75.9Exports 273.4Subsidies 16.8Factor Payments from Abroad 10.0Capital Consumption Allowance 10.5Income Payments to Foreigners 19.2Direct Taxes 355.6Public Sector Consumption Expenditure 490.1Indirect Taxes 297.3Transfer Payments 25.7 Derive the following:(i) National Income (ii) Net Investment (iii) Personal Income (iv) Disposable Income (v) Household Consumption ExpenditureYou are given the following information about an economy GDP at Market Prices 1,669.4Imports 290.5Gross Domestic Capital Formation 48.7Income accruing to the Public Sector 39.0Retained Business Earnings 75.9Exports 273.4Subsidies 16.8Factor Payments from Abroad 10.0Capital Consumption Allowance 10.5Income Payments to Foreigners 19.2Direct Taxes 355.6Public Sector Consumption Expenditure 490.1Indirect Taxes 297.3Transfer Payments 25.7 Derive the following: a) Household Consumption ExpenditureTime left 1:09:29 Calculate GDP using the information in the table below: SBillion Durable goods 500 Nonresidential investment 300 Government purchase of goods 400 Exports 300 Government purchases of services 150 Residential investment 100 Services 700 Imports 200 Change in business inventories -50 Nondurable goods 700 Select one O a. 2900 Ob. 2750 1950 Od. 2500