The economy of Tuland produces only two products apples and dvds. The following information is available for production and prices of Tuland's products for the years 2009 and 2 2009 2010 Quantity of apples Quantity of dvds Price of apples 10 11 2 4 $1.00 $1.05 Price of dvds $40.00 $36.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) GDP growth rate using 2009 as base year equals %. (Enter your response rounded to two decimal places.) GDP growth rate using 2010 as base year equals %. (Enter your response rounded to two decimal places.) The arithmetic average of the two growth rates equals %. (Enter your response rounded to decimal places.) Enter your answer in each of the answer boxes. Casper

The economy of Tuland produces only two products apples and dvds. The following information is available for production and prices of Tuland's products for the years 2009 and 2 2009 2010 Quantity of apples Quantity of dvds Price of apples 10 11 2 4 $1.00 $1.05 Price of dvds $40.00 $36.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) GDP growth rate using 2009 as base year equals %. (Enter your response rounded to two decimal places.) GDP growth rate using 2010 as base year equals %. (Enter your response rounded to two decimal places.) The arithmetic average of the two growth rates equals %. (Enter your response rounded to decimal places.) Enter your answer in each of the answer boxes. Casper

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 14CQ

See similar textbooks

Similar questions

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 $10 500,000
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…
The 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.
The economy of Tuland produces only two products apples and computer software. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of apples Quantity of computer software Price of apples 50 55 20 40 $1.00 $50.00 $1.20 Price of computer software $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $. (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ . (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) GDP growth rate using 2009 as base year equals %. (Enter your response rounded to two decimal places.) GDP growth rate using 2010 as base year equals %. (Enter your response rounded to two…
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)
Consider an economy that produces and consumes only three goods. The following table shows the prices and quantities of each good consumed in 2006, 2007, and 2008. Year 2006 2007 2008 Price of Fish $17 18 19 a) $9,000 b) $10,456 c) $8,264 What is the real GDP for 2008 using the chain-weighted method? Use 2007 as the reference year. d) $9,329 Quantity Price of Quantity of Price of Quantity of of Fish Pork Pork Beef Beef $18 225 17 17 250 16 275 e) $11,346 400 550 900 $110 112 115 27 27
Gross Domestic Product Explain how net exports affect the US economy. Describe both positive and negative impacts on GDP. Why do national income accountants use net exports to compute GDP, rather than simply adding exports to the other expenditure components of GDP? You have the following information on 3 countries: Soccerland, Handeggland, and Neverland How long will it take until Soccerland’s GDP increases by 75%? How long will it take until Soccerland and Handeggland have the same GDP? Soccerland’s population is not happy that, eventually, Handeggland is going to have higher GDP than their country. They feel that they are a much better country, so they are going to work harder to ensure that Handeggland will never catch up with Soccerland. If Soccerland’s new growth rate is constant every year, what is the minimum growth rate that ensures that Soccerland will always have a higher GDP than Handeggland? Neverland’s ambition is to host the World Cup. At the…
Calculate 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:
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?
Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 2010 Price of an automobile $40, 000 $50, 000 Price of a loaf bread $20 $30 Number of ao=utomobiles produced 100 cars 120 cars Number of loaves of bread produced 600,000 loaves 500, 000 loaves Using the year 2000, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed weight price index such as CPI.
Question 18 Homework Unanswered Due Mar 22nd, 11:59 PM Refer to TABLE 1. In 2010, this country's real GDP was: TABLE 1. The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2013. Price of Waffles Quantity of Waffles $2.00 Year Price of Pancakes $1.00 $2.00 $3.00 $3.00 Quantity of Pancakes 2010 80 100 100 2011 $2.00 $2.00 $4.00 120 2012 120 150 2013 150 200 Select an answer and submit. For keyboard navigation, use the up/downi arrow knys to select an answer. a 5620 $260
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 T-Shirts Red Bull (cans) Pizza (slices) Quantity 100 530 970 Price $25 $1 $3 Quantity 120 530 890 Price $25 $2 56 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 answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your…