Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 21.A, Problem 1SPP
To determine
To compute:
The nominal
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The factor payments measure of GDP
a.
is found by summing all interest, profit, rent, and wages and salaries generated during the year
b.
calculates how much workers paid for goods and services during the year
c.
is found by summing all expenditures on final goods and services during the year
d.
can be expressed as GDP = C + I + G + NX
Product
Pumpkin Pies
Technical Manuals
Product
Pumpkin Pies
Technical Manuals
In Year 2, nominal GDP is equal to: $
and Prices in Year 1 (Base year)
Quantity
110
550
Production and Prices in Year 2
Quantity
137.50
825.00
Price Per Unit
and real GDP is $
$3.00
$30.00
Price Per Unit
$4.50
$60.00
(enter both responses rounded to the nearest penny).
The table provides data on the economy of
Pak Republic that produces only fish and
crabs.
Quantities
Fish
Crabs
Prices
Fish
2009
2010
1,000 tons
500 tons
2009
Rs.2000 a ton Rs.3000 a
1,100 tons
525 tons
2010
ton
Crabs
Rs.1000 a ton Rs.800 a ton
Calculate Pak Republic's nominal GDP in
2009.
Calculate Pak Republic's nominal GDP in 2010.
Calculate Pak Republic's real GDP in 2010
expressed in 2009 dollars.
Chapter 21 Solutions
Foundations of Economics (8th Edition)
Ch. 21.A - Prob. 1SPPCh. 21.A - Prob. 2SPPCh. 21.A - Prob. 3SPPCh. 21.A - Prob. 4SPPCh. 21.A - Prob. 5SPPCh. 21.A - Prob. 6SPPCh. 21.A - Prob. 7SPPCh. 21.A - Prob. 1IAPCh. 21.A - Prob. 2IAPCh. 21.A - Prob. 3IAP
Ch. 21.A - Prob. 4IAPCh. 21.A - Prob. 5IAPCh. 21.A - Prob. 6IAPCh. 21.A - Prob. 7IAPCh. 21 - Prob. 1SPPACh. 21 - Prob. 2SPPACh. 21 - Prob. 3SPPACh. 21 - Prob. 4SPPACh. 21 - Prob. 5SPPACh. 21 - Prob. 6SPPACh. 21 - Prob. 7SPPACh. 21 - Prob. 8SPPACh. 21 - Prob. 9SPPACh. 21 - Prob. 10SPPACh. 21 - Prob. 1IAPACh. 21 - Prob. 2IAPACh. 21 - Prob. 3IAPACh. 21 - Prob. 4IAPACh. 21 - Prob. 5IAPACh. 21 - Prob. 6IAPACh. 21 - Prob. 7IAPACh. 21 - Prob. 8IAPACh. 21 - Prob. 9IAPACh. 21 - Prob. 10IAPACh. 21 - Prob. 11IAPACh. 21 - Prob. 12IAPACh. 21 - Prob. 1MCQCh. 21 - Prob. 2MCQCh. 21 - Prob. 3MCQCh. 21 - Prob. 4MCQCh. 21 - Prob. 5MCQCh. 21 - Prob. 6MCQCh. 21 - Prob. 7MCQ
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