Question
In: Economics
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 |
|---|---|---|---|
| (Dollars) | (Base year 2012, dollars) | ||
| 2012 | ----- | ------ | ----- |
| 2013 | ----- | ------ | ----- |
| 2014 | ----- | ------ | ----- |
From 2013 to 2014, nominal GDP _______(decreased/increased), and real GDP_____ decreased/increased).
The inflation rate in 2014 was .----
Why is real GDP a more accurate measure of an economy's production than nominal GDP?
a.)Real GDP is not influenced by price changes, but nominal GDP is.
b.)Real GDP does not include the value of intermediate goods and services, but nominal GDP does.
c.)Real GDP includes the value of exports, but nominal GDP does not.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
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: 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...
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: 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: 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...
5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and muffins....
5. Real versus nominal GDP
Consider a simple economy that produces two goods: apples and
muffins. The following table shows the prices and quantities of the
goods over a three-year period.
Year
Apples
Muffins
Price
Quantity
Price
Quantity
(Dollars per apple)
(Number of apples)
(Dollars per muffin)
(Number of muffins)
2012
1
110
2
185
2013
2
155
4
200
2014
3
110
4
165
Use the information from the preceding table to fill in the
following table.
Year
Nominal...
Consider an economy that produces and consumes only two goods. In the following table are data...
Consider an economy that produces and consumes only two goods.
In the following table are data for two different years. Assume
2015 as the base year.
Year: 2015 2019 Goods Quantity Price Quantity Price Burgers 400 $3
600 $4 Pizzas 400 $4 300 $6
(a) Calculate nominal and real GDP for 2015 and 2019. By what
percentage did real GDP increase between 2015 and 2019? What is the
annual growth rate of the economy during this period? (b) What is...
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