The table shows an economy's total production and the prices of the final goods it produced in 2020 and 2021. The base year is 2020. Calculate real GDP in 2020 and real GDP in 2021. Real GDP in 2020 is $ ... In 2020 Item Fish Berries In 2021 Item Fish Berries Quantity 120 30 Quantity 85 70 Price $1 $6 Price $5 $9
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![The table shows an economy's total production and the prices of the final goods it produced in 2020
and 2021. The base year is 2020.
Calculate real GDP in 2020 and real GDP in 2021.
Real GDP in 2020 is $
...
In 2020
Item
Fish
Berries
In 2021
Item
Fish
Berries
Quantity
120
30
Quantity
85
70
Price
$1
$6
Price
$5
$9](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7baa062a-31b1-4b5f-95f8-4506cf11f2a7%2F4ff62cd4-a6c8-4f34-8bb8-f98dd2f94e66%2Ff5rbu6h_processed.jpeg&w=3840&q=75)
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- Use data below to answer the following questions:Consumption expenditures $300 billion, Government purchases $50 billionTaxes $40 billion, Investment $80 billion, Social Security payments $20 billionImports $30 billion, Exports $40 billiona) How much is GDP?b) How much are net exports?c) Social Security payments are government expenses. Should they be included in GDP? Explain.ces IC raw ill ady Answer five questions given the following data for 2019: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services I: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output b. Gross private investment d. Exports % c. Total government purchases e. Imports FI Instructions: Enter your responses as a percentage rounded to one decimal place. Calculate the following as a percentage of GDP for 2019: a. Personal consumption expenditures % % % EL Q Search @ F2 A $14,561 # 3,744 3,754 2,504 F3 (3,136) $21,427 F6 A $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427 Q F7 & PrtScn 18. * Home F9 FCalculate U.S. GDP in 2022 . U.S. GDP in 2022 is $_____ billion. >>> Answer with a whole number.
- The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services I: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output b. Gross private investment % % c. Total government purchases % d. Exports e. Imports % $14,561 Instructions: Enter your responses as a percentage rounded to one decimal place. Calculate the following as a percentage of GDP for 2019: a. Personal consumption expenditures % 3,744 3,754 2,504 (3,136) $21,427 Wages and salaries Corporate profits Proprietors' income Income Rents Interest Taxes on output and imports Depreciation Statistical discrepancy Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427Give typing answer with explanation and conclusion what is the US GDP for the first quarter and second quarter of 2021? What is the personal consumption expenditures for the first quarter and second quarter of 2021?The annual output and prices of a three-good economy are shown in the table below. Quantity of Gooda Tear 1 Quantity of Goods Year 2 Price Year 2 $ 5 Price Year 1 Good Quarts of ice crean Bottles of shanpoo Jars of peanut butter 6. 55 4. $4 2. $4 3. $ 2 $2 Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? b. What was its nominal GDP in year 2?
- On the following graph, the black line shows potential real GDP and the blue line shows actual real GDP for a hy Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that rep use the purple quadrilateral (diamond symbols) to shade the area between actual and potential real GDP that re GDP (Billions of 2000 dollars) CO 8 Z 55 3 2 1 0 Potential Real GDP 1990 1994 Actual Real GDP 1998 YEAR 2002 2008 A 2010 Positive GDP Gap The GDP gap is negligible. O Everyone in the labor force is employed. Cyclical unemployment is negligible. The economy is operating at the natural rate of unemployment. Negative GDP Gap Which of the following are true of an economy operating at full employment? Check all that apply.A consumer expenditure survey reports the following information on consumer protein spending: Fish Chicken Beef Multiple Choice Multiple Choice 0.9 percent 1.4 percent Price $ 5.80 1.8 percent $3 $ 3.10 Using 2019 as the base year, by how much does a "cost of protein" index decrease between 2019 and 2020? 3.6 percent 2019 Quantity 5 14 7 Using 2019 as the base year, by how much does a "cost of protein index decrease between 2019 and 2020? Price $7 $ 1.50 $5 2020 Quantity 6 12 10 GA farmer grows a bushel of wheat and sells it to a Miller for $20.00. The Miller turns the wheatinto flour and then sells it to a Baker for $25.00. The Baker uses the flour to bake bread and sellsthe bread to a Musician for $40.00. The Musician eats the bread. The Musician, also growspumpkins in his backyard garden to feed his family. PLEASE ANSWER ONLY QUESTIONS D AND E. a. What is GDP? b. What is the valued added by each person? c. Should the pumpkins be included in GDP? Explain your answer.d. Why does GDP not include in goods that are resold? e. Why is it desirable for a country to have a large GDP?
- Which of the following will be counted as part of the U.S.'s GDP for a given year? Select one: 0 a. An antique (old) clock that is sold in a flea market O b. A Ford focus that is produced in Germany and sold in Belgium c. Paint purchased by a family in Lowe's to paint their house O d. Nails that are purchased by a local construction company to build a house e. A babysitting service by a teenager that is never reported to the IRS Suppose that in 2011 Nominal GDP was $14 trillion and the Real GDP was $12 trillion. If Nominal GDP increased by 20% between 2011 and 2012 and Real GDP remained the same, what was the GDP Deflator in 2012? Select one: a. 1.2 b. 1.4 c. 1.6 d. 1.8 e. 2.0 O O OThe table below gives some of the items in the U.S. National Income and ProductAccounts in 1995.ItemAmount(trillions ofdollars)Consumption expenditure 4.97Investment 1.14Government expenditures 1.37Net exports 0.08Wages 4.20Interest, rent, and profit 1.68Depreciation 0.89a) Use the expenditure approach to calculate U.S. GDP in 1995.b) Use the income approach to calculate U.S. net domestic product at factor cost inthe annual output and prices of a 3-good economy are shown in the table below. Good Price year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 Quarts of ice cream $ 4.00 3 $ 4.00 5 Bottles of shampoo 3.00 1 3.00 2 Jars of peanut butter 2.00 3 2.00 2 instructions: enetr your answers as whole numbers. What was the economy's GDP in year 1? What was its GDP in year 2?
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