Question
In: Economics
Consider the following information about a simple country that produces two different goods: Year Price Milk...
Consider the following information about a simple country that produces two different goods:
|
Year |
Price Milk |
Quantity Milk |
Price Cereal |
Quantity Cereal |
|
2014 |
$4 |
200 |
$5 |
300 |
|
2015 |
$4.50 |
250 |
$5.50 |
330 |
|
2016 |
$5 |
300 |
$6.00 |
350 |
From 2014 to 2015 the growth rate of nominal GDP was % ___?___
and the growth rate of real GDP was % ___?___
Enter a number rounded to two decimal places.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
2. Consider the following data for a hypothetical economy that produces two goods, milk and honey....
2. Consider the following data for a hypothetical economy that
produces two goods, milk and honey.
Quantity Produced
Prices
Milk (litres)
Honey (kg)
Milk ($/litre)
Honey ($/kg)
Year 1
110
45
2
6
Year 2
125
40
3
7
Compute nominal GDP for each year in this economy.
Using year 1 as the base year, compute real GDP for each year.
What is the percentage change in real GDP from year 1 to year
2?
Using year 1 as the...
Consider a simple economy that produces two goods: apples and envelopes. The following table shows the...
Consider a simple economy that produces two goods: apples and
envelopes. The following table shows the prices and quantities of
the goods over a three-year period.
Year
Apples
Envelopes
Price
Quantity
Price
Quantity
(Dollars per apple)
(Number of apples)
(Dollars per envelope)
(Number of envelopes)
2018
1
145
2
195
2019
2
165
4
225
2020
3
110
4
165
Use the information from the preceding table to fill in the
following table.
Year
Nominal GDP
Real GDP
GDP Deflator...
Consider a simple economy that produces two goods: pens and oranges. The following table shows the...
Consider a simple economy that produces two goods: pens and
oranges. The following table shows the prices and quantities of the
goods over a three-year period.
Year
Pens
Oranges
Price
Quantity
Price
Quantity
(Dollars per pen)
(Number of pens)
(Dollars per orange)
(Number of oranges)
2017
1
120
2
190
2018
2
160
4
200
2019
3
130
4
195
Use the information from the preceding table to fill in the
following table.
Year
Nominal GDP
Real GDP
GDP Deflator...
Consider a simple economy that produces two goods: pens and muffins. The following table shows the...
Consider a simple economy that produces two goods: pens and
muffins. The following table shows the prices and quantities of the
goods over a three-year period.
Year
Pens
Muffins
Price
Quantity
Price
Quantity
(Dollars per pen)
(Number of pens)
(Dollars per muffin)
(Number of muffins)
2015
1
110
1
180
2016
2
140
4
210
2017
4
100
4
190
Use the information from the preceding table to fill in the
following table.
Year
Nominal GDP
Real GDP
GDP Deflator...
Consider a simple economy that produces two goods: apples and erasers. The following table shows the...
Consider a simple economy that produces two goods: apples and
erasers. The following table shows the prices and quantities of the
goods over a three-year period.
Year
Apples
Erasers
Price
Quantity
Price
Quantity
(Dollars per apple)
(Number of apples)
(Dollars per eraser)
(Number of erasers)
2012
1
110
2
150
2013
2
155
4
215
2014
3
120
4
180
Use the information from the preceding table to fill in the
following table.
Year
Nominal GDP
Real GDP
GDP Deflator...
Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the...
Consider a simple economy that produces two goods: pencils and
envelopes. The following table shows the prices and quantities of
the goods over a three-year period.
Year
Pencils
Envelopes
Price
Quantity
Price
Quantity
(Dollars per pencil)
(Number of pencils)
(Dollars per envelope)
(Number of envelopes)
2016
1
110
2
150
2017
2
155
4
215
2018
3
120
4
180
Use the information from the preceding table to fill in the
following table.
Year
Nominal GDP
Real GDP
GDP Deflator...
Consider a simple economy that produces two goods: cupcakes and muffins. The following table shows the...
Consider a simple economy that produces two goods: cupcakes and
muffins. The following table shows the prices and quantities of the
goods over a three-year period.
Year
Cupcakes
Muffins
Price
Quantity
Price
Quantity
(Dollars per
cupcake)
(Number of
cupcakes)
(Dollars per
muffin)
(Number of
muffins)
2012
1
120
1
195
2013
2
130
4
195
2014
4
130
4
145
Use the information from the preceding table to fill in the
following table.
Year
Nominal
GDP
Real GDP
GDP Deflator...
Consider a simple economy that produces two goods: pens and erasers. The following table shows the...
Consider a simple economy that produces two goods: pens and
erasers. The following table shows the prices and quantities of the
goods over a three-year period.
Year
Pens
Erasers
Price
Quantity
Price
Quantity
(Dollars per
pen)
(Number of
pens)
(Dollars per
eraser)
(Number of
erasers)
2013
1
120
1
170
2014
2
170
4
230
2015
2
110
4
165
Use the information from the preceding table to fill in the
following table.
Year
Nominal
GDP
Real GDP
GDP Deflator...
Consider a simple economy that produces two goods: pencils and muffins. The following table shows the...
Consider a simple economy that produces two goods: pencils and
muffins. The following table shows the prices and quantities of the
goods over a three-year period.
Year
Pencils
Muffins
Price
Quantity
Price
Quantity
(Dollars per pencil)
(Number of pencils)
(Dollars per muffin)
(Number of muffins)
2018
1
120
1
195
2019
2
130
4
195
2020
4
130
4
145
From 2019 to 2020, nominal GDP , and real GDP
.
The inflation rate in 2020 was .
Why is...
Consider a simple economy that produces two goods: pencils and muffins. The following table shows the...
Consider a simple economy that produces two goods: pencils and
muffins. The following table shows the prices and quantities of the
goods over a three-year period.
Year
Pencils
Muffins
Price
Quantity
Price
Quantity
(Dollars per pencil)
(Number of pencils)
(Dollars per muffin)
(Number of muffins)
2012
2
115
5
175
2013
4
150
2
180
2014
1
100
2
160
Use the information from the preceding table to fill in the
following table.
Year
Nominal GDP
(dollars)
Real GDP
(base...
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