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- Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?What are the main components of measuring GDP with what is produced?The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 20 2022 Year 2020 2021 2022 2 Price Quantity Price (Dollars) (Quarts) (Dollars) 1 150 2 150 2 2022 Milk The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP (Dollars) 350 700 1,400 300 % % From 2020 to 2021, 4 350 700 Honey 4 Quantity (Quarts) 100 % (Dollars) GDP Deflator 350 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. 100 100 Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 200 200 200 did not change; and from 2021 to 2022, Comparing the changes in 2021 and 2022, economic well-being increased more in did not change.
- The following table shows some data for an economy that produces only two goods: milk and honey. Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 150 100 2021 150 4 100 2022 300 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022 IICalculate the PPP-adjusted GDP for each of the four countries, using the information found in the table below. Instructions: Round your answers to the nearest dollar. Country Ona Rye Zolfo Avon GDP ($) 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 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
- The following table shows some data for an economy that produces only two goods: milk and honey. Year Milk Honey Price Quantity Price Quantity (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 200 2 100 2021 1 400 2 200 2022 2 400 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Dollars) 2020 2021 2022Use 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 economy of Tuland produces only two products fish and watches. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of fish Quantity of watches Price of fish 120 126 60 75 $10.00 $30.00 Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) $11,50 Price of watches $33.00 GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices $4 GDP for 2010 in 2010's prices 2$ Using 2009 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. Using 2010 as the base year, compute the percentage change GDP deflator first. the price level, i.e. the inflation rate. hint: you need to compute the % The geometric average of the two inflation rates %
- An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The base year is 2019. Question Help ▼ Calculate the value of 2019 production in 2018 prices and the percentage increase in production when valued at 2018 prices. In 2018 Item Quantity Price Food The value of 2019 production in 2018 prices is $ 97 $3 Fun 70 $2 In 2019 Item Quantity Price Food 71 $9 Fun 67 $8 Enter your answer in the answer box and then click Check Answer. Check Answer 1 part remaining Clear All DII DD 000 000 F11 F12 80 F9 F10 F7 F8 F6 F4 F5 F3 ) & 24 delet 4 5 6. 7 8 P Y U [ G H J K RQuestion 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 contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question. Year Price of Soda Quantity of Soda 2020 100 $10 2021 120 12 2022 120 14 What is the approximate percentage increase in prices from 2021 to 2022? a. 0 percent b. 13 percent c. 16 percent d. 22 percent e. 38 percent $3 3 4 Price of Pizza Quantity of Pizza 50 70 70