Question
In: Economics
Macro economics Table contains some data about the economy of Potsteel. Assume that this is a...
Macro economics
Table contains some data about the economy of Potsteel. Assume that this is a complete record of the economy. Some parts of this question ask for numerical solutions. You must include both the final answer, and how you found that answer
|
Year |
Quantity of Potatoes Produced |
Price of Potatoes |
Quantity of Steel Produced |
Quantity of Steel Exported |
Price of Steel |
Unemployment Benefit |
|
2016 |
100 |
1 |
200 |
100 |
2 |
200 |
|
2017 |
110 |
1.1 |
210 |
80 |
2.1 |
160 |
|
2018 |
90 |
1.1 |
180 |
60 |
1.8 |
300 |
|
2019 |
140 |
1.2 |
250 |
40 |
2 |
220 |
As the percentage change in the GDP deflator and inflation are both measures of changes in price levels, why is there a difference between your answers to parts (b) and (c)
(b) Calculate the GDP deflator for 2017 to 2019, taking 2016 as the base year. Find the percentage change in GDP deflator for 2017 to 2019
(c) A survey help in 2016 found that the average person in Potsteel consumed 2 potatoes, and 1 unit of steel each year, while the average firm consumed 2 units of steel and no potatoes each year. Use the CPI to find the inflation rate from 2017 to 2019
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
Macro Economics Table contains some data about the economy of Potsteel. Assume that this is a...
Macro Economics
Table contains some data about the economy of Potsteel. Assume
that this is a complete record of the economy. Some parts of this
question ask for numerical solutions. You must include both the
final answer, and how you found that answer
Year
Quantity of Potatoes Produced
Price of Potatoes
Quantity of Steel Produced
Quantity of Steel Exported
Price of Steel
Unemployment
Benefit
2016
100
1
200
100
2
200
2017
110
1.1
210
80
2.1
160
2018
90...
Macro Economics Table contains some data about the economy of Potsteel. Assume that this is a...
Macro Economics
Table contains some data about the economy of Potsteel. Assume
that this is a complete record of the economy. Some parts of this
question ask for numerical solutions. You must include both the
final answer, and how you found that answer
Year
Quantity of Potatoes Produced
Price of Potatoes
Quantity of Steel Produced
Quantity of Steel Exported
Price of Steel
Unemployment
Benefit
2016
100
1
200
100
2
200
2017
110
1.1
210
80
2.1
160
2018
90...
Table contains some data about the economy of Potsteel. Assume that this is a complete record...
Table contains some data about the economy of Potsteel. Assume
that this is a complete record of the economy. Some parts of this
question ask for numerical solutions. You must include both the
final answer, and how you found that answer
Year
Quantity of Potatoes Produced
Price of Potatoes
Quantity of Steel Produced
Quantity of Steel Exported
Price of Steel
Unemployment
Benefit
2016
100
1
200
100
2
200
2017
110
1.1
210
80
2.1
160
2018
90
1.1
180...
The following table contains data for a hypothetical closed economy that uses the dollar as its...
The following table contains data for a hypothetical closed
economy that uses the dollar as its currency.
Suppose GDP in this country is $925 million. Enter the amount
for consumption.
National Income Account
Value
(Millions of dollars)
Government Purchases (GG)
250
Taxes minus Transfer Payments (TT)
200
Consumption (CC)
Investment (II)
175
Fill the blank above for Consumption(CC)
Complete the following table by using national income accounting
identities to calculate national saving. In your calculations, use
data from the preceding...
The following table contains data for a hypothetical closed economy that uses the dollar as its...
The following table contains data for a hypothetical closed
economy that uses the dollar as its currency.
Suppose GDP in this country is $1,680 million. Enter the amount
for consumption.
National Income Account
Value
(Millions of dollars)
Government Purchases (GG)
350
Taxes minus Transfer Payments (TT)
420
Consumption (CC)
Investment (II)
455
Complete the following table by using national income accounting
identities to calculate national saving. In your calculations, use
data from the preceding table.
National Saving (S)National Saving (S)...
The following table contains data for a hypothetical closed economy that uses the dollar as its...
The following table contains data for a hypothetical closed
economy that uses the dollar as its currency.
Suppose GDP in this country is $1,175 million. Enter the amount
for consumption.
National Income Account
Value
(Millions of dollars)
Government Purchases (GG )
250
Taxes minus Transfer Payments (TT )
225
Consumption (CC )
Investment (II )
300
Points:
Close Explanation
Explanation:
Complete the following table by using national income accounting
identities to calculate national saving. In your calculations, use
data from...
The following table contains data for a hypothetical closed economy that uses the dollar as its...
The following table contains data for a hypothetical closed
economy that uses the dollar as its currency.
Suppose GDP in this country is $320 million. Enter the amount
for government purchases.
National Income Account
Value
(Millions of
dollars)
Government
Purchases (GG)
Taxes minus
Transfer Payments (TT)
110
Consumption
(CC)
150
Investment
(II)
70
Complete the following table by using national income accounting
identities to calculate national saving. In your calculations, use
data from the preceding table.
National Saving
(S)National Saving...
According to the open-economy macro model, which of the following contains a list only of things...
According to the open-economy macro model, which of the
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budget deficit of the U.S. increases?
A.U.S. interest rates, the real exchange rate of the dollar,
U.S. domestic investment
B.U.S. supply of loanable funds, U.S. interest rates, U.S.
domestic investment
C.U.S. supply of loanable funds, U.S. interest rates, U.S. net
capital outflow
D.the real exchange rate of the dollar, U.S. net capital
outflow, U.S. net exports
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