Question

Refer to the following table, what has happened in the economy from 2008 to 2009? 2008...

Refer to the following table, what has happened in the economy from 2008 to 2009?

2008 2009
Nominal GDP $10,000 $12,000
Real GDP $9,500 $10,500
The price level has risen.
The price level remained constant.
The price level has fallen.
Not enough information is availalble to determine what has happened to prices.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A country reported nominal GDP of $100 billion in 2010 and $75 billion in 2009. It...
A country reported nominal GDP of $100 billion in 2010 and $75 billion in 2009. It also reported a GDP deáator of 125 in 2010 and 120 in 2009. Based on this information, what happened to Real output between 2009 and 2010? Prices between 2009 and 2010? Can you conclude whether the economy is better or worse of in 2010 relative to 2009?
2. Suppose that a simple economy produced only three goods: wheat, automobiles, and houses. The table...
2. Suppose that a simple economy produced only three goods: wheat, automobiles, and houses. The table below lists the quantity and prices for each of the goods for year 2000 and 2010. Based on table, answer the following questions: 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 2000. b) Calculate nominal GDP in...
The following table lists the prices of a small market basket purchased in both 2008 and...
The following table lists the prices of a small market basket purchased in both 2008 and 2018. Assuming that this basket of goods is representative of all goods and services, compute the price of the market basket in (a) 2008 and (b) 2018 and then answer two questions about price levels and real income. Price per Unit a. Cost of Market Basket in 2008 b. Cost of Market Basket in 2018 Item Quantity 2008 2018 (Quantity*2008 price) (Quantity*2018 price) Coffee...
Use the table below to answer the question. Year 2005 2006 2007 2008 2009 Nominal Price...
Use the table below to answer the question. Year 2005 2006 2007 2008 2009 Nominal Price $85 $87 $90 $86 $91 Price Level 112 115 117 121 128 How much has the price of this product changed on average per year in percentage Real terms over the period 2005 to 2009? -6.32% -1.62% 0.38% -4.32%
Consider a simple economy that produces two goods: pens and erasers. The following table shows the...
Consider a simple economy that produces two goods: pens and erasers. The following table shows the prices and quantities of the goods over a three-year period. Year Pens Erasers Price Quantity Price Quantity (Dollars per pen) (Number of pens) (Dollars per eraser) (Number of erasers) 2013 1 110 2 185 2014 2 155 4 200 2015 3 110 4 165 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator...
Based on the data in the table below, explain what happened to output and inflation in...
Based on the data in the table below, explain what happened to output and inflation in the hypothetical economy between 1998 and 1999. show all computations. 1998 1999 Nominal GDP ($ billions) $14,700 $15,200 Real GDP ($Billions 1992 chain weighted) $12,100 $11,900
Refer to the following table, and answer the questions that follow: Year Nominal GDP Real GDP...
Refer to the following table, and answer the questions that follow: Year Nominal GDP Real GDP GDP deflator 2012 $210,000    ?? 100.0 2013    ?? $215,000 110.0 2014 $260,000 $220,000    ?? (a) Compute the nominal GDP in 2013. (b) Compute the price level in 2014. (c) Calculate the inflation rate between 2012 and 2013.
Q.2 Refer to the following table, and answer the questions that follow: Year Nominal GDP Real...
Q.2 Refer to the following table, and answer the questions that follow: Year Nominal GDP Real GDP GDP deflator 2012 $210,000    ?? 100.0 2013    ?? $215,000 110.0 2014 $260,000 $220,000    ?? (a) Compute the nominal GDP in 2013. (b) Compute the price level in 2014. (c) Calculate the inflation rate between 2012 and 2013.
Refer to the data in the table given below. Suppose that the present equilibrium price level...
Refer to the data in the table given below. Suppose that the present equilibrium price level and level of real GDP are 100 and $215, and that data set A represents the relevant aggregate supply schedule for the economy. (A) (B) (C) Price Level Real GDP Price Level Real GDP Price Level Real GDP 100 215 110 240 110 290 100 240 100 240 100 265 100 265 95 240 95 240 100 290 90 240 90 215 a. What...
Recall the method of calculating real GDP detailed in the chapter. As you may already have​...
Recall the method of calculating real GDP detailed in the chapter. As you may already have​ noticed, this method has a​ problem: in calculating aggregate​ output, this method weights the output of the various goods and services by their relative prices in the base year. ​Say, for​ example, a textbook costs​ $100 in the base​ year, and a laptop costs​ $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But...