Question

2001 | 2006 | |||

Good | Price | Quantity | price | Quantity |

Shampoo | $2 | 15 | $4 | 20 |

DVD | $210 | 10 | $250 | 10 |

Drives | $200 | 10 | $250 | 10 |

Books | 40 | 5 | 50 | 4 |

Milk | 3 | 10 | 4 | 3 |

Candy | 1 | 40 | 2 | 20 |

Assuming a 2001 base year:

A. What is nominal GDP for 2001 and 2006?

B. What is real GDP for 2001 and 2006?

8-9 In the table if 2001 is the base year, what is the price index for 2001? For 2006? (round decimal fractions to the nearest tenth).

Answer #1

a) Nominal GDP 2001 = Sum of products of price and quantities of all the products using 2001 prices

= 2*15 + 210*10 + 200*10 + 40*5 + 3*10 + 1*40

= $4400

Nominal GDP 2006 = Sum of products of price and quantities of all the products using 2006 prices

= 4*20 + 250*10 + 250*10 + 50*4 + 4*3 + 2*20

= $5332

b) Real GDP 2001 = Sum of products of price and quantities of all the products using 2001 prices

= $4400

Real GDP 2006 = Sum of products of price and quantities of all the products using 2001 prices but 2006 quantities

= 20*2 + 10*210 + 10*200 + 4*40 + 3*3 + 20*1

= $4329

c) Price index for 2001 = Nominal GDP 2001/Real GDP 2001 = 4400/4400 = 100

Price index for 2006 = Nominal GDP 2006/Real GDP 2006 = 5332/4329 = 123.2

Year
Quantity of Ice Blocks
Price of Ice
Quantity of
Salmon
Price of
Salmon
2014
105
$2
25
$10
2015
95
$3
30
$15
Task 1: Calculate the value of 2014 nominal GDP in Arctica.
210+250=460 nominal GDP
Task 2: Calculate the value of 2015 nominal GDP in Arctica.
285+450=735 nominal GDP
Task 3: Using 2014 as your base year, calculate the value of
2015 real GDP in Arctica.
50+90=140 real GDP
Task 4: Did nominal GDP or real GDP...

2018 Price
2018 Quantity
2019 Price
2019 Quantity
Laptops
$500
4
$600
2
Printers
$100
3
$120
2
The table above shows a country's output level for two goods in
2018 and 2019, as well as the market price of those goods in each
year. Assume that this country only produces laptops and printers,
and that both are final goods. Note that this information is used
for questions 4-9.
What is the country's nominal GDP in 2018?
What is the...

Consider an economy that produces three goods, cameras, legal
services, and books according to the following table below.
2013 2014 Product Quantity Price Quantity Price Camera 100 $10 120
$12 Legal services 50 15 45 20 Books 200 40 210 45
a. Determine the nominal GDP in this economy in 2013 and
2014.
b. Determine the real GDP in this economy in 2013 and 2014 using
2014 as base year.
c. Determine the GDP deflator in this economy in 2013...

The nation of Krakoa produces comic books, action figures, and
t-shirts. The following table provides prices and quantities of the
three goods in the years 2010, 2014, and 2018.
Assuming 2010 is the base year, find nominal GDP and real GDP
for all three years. Please enter your answers as numeric responses
with no decimal places (ie. 2000 or $2000 not $2000.00 or "Two
thousand dollars")
What is the value of Nominal GDP for this nation in 2010?
What is...

The following table shows price and quantity data of Country BF
which produces only two products: food and beverages.
Beverages products
Food products
Price $
Quantity (tons)
Price $
Quantity (tons)
2017
2
2
10
10
2018
3
3
11
20
2019
4
4
13
25
Calculate the following:
a. the nominal GDP for each year
(10 points)
b. the real GDP for each year using
2017 as the base year (10 points)
c. the GDP deflator for each
year (10 points) ...

table
2002
2007
product
quantity
price
quantity
price
movies
20
$6
30
$7
burgers
100
$2
90
$2.50
bikes
3
$1,000
6
$1,100
1)Suppose that a very simple economy produces three goods:
movies, burgers, 20) and bikes. Suppose the quantities produced and
their corresponding prices for 2002 and 2007 are
shown in the table above. What is nominal GDP in 2007?
A) $7,035 B) $6,360 C) $3,320 D) $3,690
2) Suppose that a very simple economy produces three goods:
movies,...

What is the GDP deflator in 2018 if 2013 is the base year?
2013
2018
Product
Quantity
Price
Quantity
Price
Camera
100
$10
120
$12
Legal services
50
15
45
20
Books
200
40
210
45
Group of answer choices
106.2
120.3
94.1
114.7

Use the
following data for the next three problems.
2014
2015
Price
Quantity
Price
Quantity
Good X
$20
50
$22
55
Good Y
$5
150
$6
140
Good Z
$100
10
$100
12
Using 2014 as the base
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$3310
$2750
$3060
Which of these is NOT
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government
purchases
investment
net exports
transfer payments
consumption
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Quantity produced in 2000
Price in 2000
Quantity produced in 2010
Price in 2010
Wheat
100
$5
100
$10
Milk
20
$3
20
$6
Chairs
4
$50
4
$100
a) Calculate nominal GDP in year
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