Question

In: Economics

Economic Growth (10 Marks) 2017 2018 Product Quantity Price Quantity Price Backpacks 100 $10 120 $12...

  1. Economic Growth

2017

2018

Product

Quantity

Price

Quantity

Price

Backpacks

100

$10

120

$12

Books

50

$15

40

$20

Using 2017 as a base year, calculate;

1) The GDP deflator

2) Nominal Economic growth

3) Real economic growth

4) Give reasons why Real GDP per capita may overstate the well-being of a countries inhabitants?

make as per Canadian standards.

             

             

Solutions

Expert Solution

Rahul Sunny answered 9 months ago
Next > < Previous

Related Solutions

Economic Growth (10 Marks) 2017 2018 Product Quantity Price Quantity Price Backpacks 100 $10 120 $12...
Economic Growth 2017 2018 Product Quantity Price Quantity Price Backpacks 100 $10 120 $12 Books 50 $15 40 $20 Using 2017 as a base year, calculate; 1) The GDP deflator 2) Nominal Economic growth 3) Real economic growth 4) Give reasons why Real GDP per capita may overstate the well-being of a countries inhabitants?
Product ​ Quantity 2017 Price 2017 Quanity 2018 Price 2018 Meat 100 $10 120 $12 Potatoes...
Product ​ Quantity 2017 Price 2017 Quanity 2018 Price 2018 Meat 100 $10 120 $12 Potatoes 200 $2 180 $3 Assume the base year is given as 2017 and the market basket for the consumer price index has two products–meat and potatoes–with the values in 2017 and 2018 for price and quantity given by the table above. The Consumer Price Index for 2018 equals 2) If the price index in an certain economy rises in three consecutive years from 100...
Price ($) Quantity 2016 10 200 2017 12 400 2018 30 450 Consider the data in...
Price ($) Quantity 2016 10 200 2017 12 400 2018 30 450 Consider the data in the table above for a 1-good economy (the only good produced and consumed) Given that the CPI for 2016 is 100, Compute the CPI inflation rates for the years 2017 and 2018. Determine the percentage change in GDP deflator for 2016-2017 and 2017-2018. Compare your results with your answers in (a) and justify. Explain three problems associated with using CPI to measure cost of...
A B C PRODUCT PRICE LARGE SCREEN 100 110 120 $12 MED SCREEN 70 60 $10...
A B C PRODUCT PRICE LARGE SCREEN 100 110 120 $12 MED SCREEN 70 60 $10 SMALL SCREEN 50 40 30 $8 Please answer the next 6 questions based on the information provided in the table above for a profit-maximizing firm producing HD TVs. Any of the three output combinations of HD TVs can be produced for the same cost. And to produce any one of the combinations requires that the firm operate at full capacity. The profit associated with...
Good Quantity Price 2016 Price 2017 Price 2018 A 160 $2.00 $2.40 $2.50 B 100 $3.00...
Good Quantity Price 2016 Price 2017 Price 2018 A 160 $2.00 $2.40 $2.50 B 100 $3.00 $3.20 $3.10 C 20 $100.00 $110.00 $120.00 Calculate the cost of living for each year. Calculate the CPI for each year taking 2016 as the base year. Calculate the inflation rate for each year.
Net Exports: 2017 2017 2018 2018 Goods/Services Quantity Price Quantity Price Technology 1,000 $280,000 1,000 $300,000...
Net Exports: 2017 2017 2018 2018 Goods/Services Quantity Price Quantity Price Technology 1,000 $280,000 1,000 $300,000 Military Arms 7,000 $20,000 5,000 $25,000 Textiles 845,000 $39.99 750,000 $49.99 Toys 900,000 $18.99 925,000 $19.99 Total Calculate the Nominal GDP for 2017. Calculate the Real GDP with a base year of 2017. What is the GDP Deflator? What is the economy experiencing?
A Country Economic Activities were recorded as follows: 2014 2015 Quantity Price Quantity Price PC 100...
A Country Economic Activities were recorded as follows: 2014 2015 Quantity Price Quantity Price PC 100 1000 200 1400 Rice 200000 2 300000 2.5 a. Find 2014 and2015 nominal GDP？ b. Find 2014 and 2015 real GDP (based year=2014)？ c. Find the GDP deflator (based year=2014) from 2014 to 2015？ d. Based on CPI calculation (PC & Rice are in the basket), find the inflation rate from 2014 to2015 (basket year=2014)？
A Country Economic Activities were recorded as follows: 2014 2015 Quantity Price Quantity Price PC 100...
A Country Economic Activities were recorded as follows: 2014 2015 Quantity Price Quantity Price PC 100 1000 200 1400 Rice 200000 2 300000 2.5 a. Find 2014 and2015 nominal GDP？ b. Find 2014 and 2015 real GDP (based year=2014)？ c. Find the GDP deflator (based year=2014) from 2014 to 2015？ d. Based on CPI calculation (PC & Rice are in the basket), find the inflation rate from 2014 to2015 (basket year=2014)？
Table 9-10 Product Quantity (2013) Price (2013) Expenditure (2013) Price (2018) Expenditure (on base year quantities)...
Table 9-10 Product Quantity (2013) Price (2013) Expenditure (2013) Price (2018) Expenditure (on base year quantities) (2018) Computers 1 $1,200 $1,200 $900 $900 Books 10 25 250 30 300 Burgers 50    3 150      4 200     Total $1,600 $1,400 38) Refer to Table 9-10. Suppose an economy has only three goods and the typical family purchases the amounts given in the table above. If 2013 is the base year, then what is the CPI for 2018? A) 14.3...
Product Price 2019 Quantity 2019 Price "20 Q "20 Food 10 1000 12 1200 Clothing 40...
Product Price 2019 Quantity 2019 Price "20 Q "20 Food 10 1000 12 1200 Clothing 40 400 48 500 Education 100 600 120 620 Health care 200 300 240 360 1. What is the nominal GDP in 2019? 2. What is the nominal GDP in 2020? 3. Assuming 2019 is the base year, calculate the price index for 2020. ROUNDING UP TO TWO DECIMAL POINTS. For Example, 2.136986 is rounded up to 2.14. 4. What is the real GDP in...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT