Assume a hypothetical economy produces only two goods as shown below. (base year=2017). Year 2017 2018 2019 $7 $20 $28 $36 Quantity 2 Apples 6 Price The real GDP in the year 2019 is equal to: 4 5 3 Quantity 1 2 Oranges 2 Price 2 3 1
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- 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)Which of the following will be counted in the Gross Domestic Product for this year (2023)? A) A new 2023 Ford Escape that was just produced in Detroit during January 2023 and was recently sold to a consumer. B) A Ford Escape that was produced in Detroit during January 2023 and was ready for sale, but hasn't been sold yet. C) Each of the scenarios listed above would all count as U.S. GDP. D) A new 2023 Ford Escape that is manufactured within the borders of the U.S.The country described in the table below produces and consumes only three goods: T- shirts, shampoo, and bread. Assuming that 2018 is the base year, by what percentage did real GDP grow between 2018 and 2019? (If your answer is 23.23%, please write 23.23) T-shirts Shampoo Bread 2018 Quantity Unit 10 units 20 bottles 30 kilograms Typed nuleric answer will be automatically saved. Price Quantity 40 10 9 2019 Unit 20 units 10 bottles 25 kilograms Price 45 18 20 C
- The table below includes data for a one-year period required to calculate GDP from the income side for a teeny-tiny economy. Gross investment expenditure Wages and salaries Consumption expenditure Interest and investment income Business profits Depreciation Indirect taxes less subsidies Net exports TABLE 20-4 $402.00 $1741.00 $1302.40 $99.40 $70.40 $199.20 $175.20 $94.00 Refer to Table 20-4. What is the value of GDP, as calculated from the income side? $2010.00 $1982.60 $1986.00 $2584.40 $2285.20Paul, a US citizen, buys $500 worth of illegal drugs while on vacation in Amsterdam. Upon his return, he sells the illegal drugs to unsuspecting Americans for $5,000. Upon discovering this, Matt reports Paul to the FBI, which spends $10,000 to put Paul behind bars for sale of an illegal substance. What is the increase in US GDP resulting from these transactions? Group of answer choices $10,000 $15,000 $15,500 $10,500Give an example of a good that can be both an intermediate good and a final good. An intermediate good is good that is used up in the production of final goods and services. A final good is a good or service that is consumed by the ultimate user. We don't count intermediate goods towards GDP because their value is captured in the price of the final good. But when goods are consumed by the ultimate user they do count towards GDP. Describe the situations when the good you describe would be considered a final good and under what circumstances would it be considered an intermediate good. Your post should be 150-250 words long. Example: A tire for your car can be both an intermediate good or a final good. If you buy a new car for $10,000, then the tires that come with the car would be considered an intermediate good. The purchase price you pay for the vehicle includes the tires, the stereo, the fuel pump, etc., so we don't want to count those intermediate goods towards GDP because they…
- Give an example of a good that can be both an intermediate good and a final good. An intermediate good is good that is used up in the production of final goods and services. A final good is a good or service that is consumed by the ultimate user. We don't count intermediate goods towards GDP because their value is captured in the price of the final good. But when goods are consumed by the ultimate user they do count towards GDP. Describe the situations when the good you describe would be considered a final good and under what circumstances would it be considered an intermediate good. It should be 150-250 words longCalculate the PPP-adjusted GDP for each of the four countries using the information found in the table below. Instructions: Round your answers to the nearest dollar. Country GDP ($) Price level (%) PPP-adjusted GDP Ona 11000 8 Rye 12500 −24 Zolfo 13900 −12 Avon 23200 21Part of a bridge built by the government of Ritzland collapsed in the same year it was constructed. If the total cost of building the bridge was $4 million, and then it costs $3 million to repair it, which of the following will happen in this scenario, everything else remaining unchanged? Ritzland's GDP will decrease by $4 million. Ritzland's GDP will increase by $3 million. Ritzland's GDP will increase by $7 million. Ritzland's GDP will increase by $1 million
- Suppose the data BELOW is for a given year from the annual Economic Report of the President. Calculate GDP using the expenditure approach (Amount in billions of dollars): Corporate profits: $ 305Depreciation: $ 479Gross private domestic investment: $716Personal taxes: $ 565Personal saving: $120Government spending: 924Imports: $ 547Exports: $ 427Personal consumption expenditures: $ 2,966Indirect business taxes: $ 370Contributions for Social Security (FICA): $ 394Transfer payments and other income: $ 967Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base year is year 1. Good P1 Q1 P2 Q2 Milk $4.10 (gallons) 40 $4.20 50 Beef $1.90 (pounds) $2.20 Carrots $4.50 10 $4.80 15 (bags) Enter numbers rounded to two decimal places in each blank. Real GDP in year 1 is $ Real GDP in year 2 is $ ASUS 25 20Consider 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.
