Question

The following table shows some data for an economy that produces only two goods: milk and honey.

Year |
Milk |
Honey |
||
---|---|---|---|---|

Price | Quantity | Price | Quantity | |

(Dollars) | (Quarts) | (Dollars) | (Quarts) | |

2016 | 1 | 200 | 2 | 100 |

2017 | 1 | 400 | 2 | 200 |

2018 | 2 | 400 | 4 | 200 |

The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed.

Year | Nominal GDP | Real GDP | GDP Deflator |
---|---|---|---|

(Dollars) | (Dollars) | ||

2016 | 400 | 400 | 100 |

2017 | 800 | 800 | 100 |

2018 | 1,600 | 800 | 200 |

Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2017 and 2018 from the preceding year.

Year |
Percentage Change In... |
||
---|---|---|---|

Nominal GDP | Real GDP | GDP Deflator | |

2017 | |||

2018 |

From 2016 to 2017, _______ did not change; and from 2017 to 2018, ________ did not change.

Comparing the changes in 2017 and 2018, economic well-being increased more in ._________

Answer #1

5. Problems and Applications Q5
1.GDP Computations
2.Percentage Changes
STEP: 1 of 2
The following table shows some data for an economy that produces
only two goods: milk and honey.
Year
Milk
Honey
Price
Quantity
Price
Quantity
(Dollars)
(Quarts)
(Dollars)
(Quarts)
2016
1
200
2
100
2017
1
400
2
200
2018
2
400
4
200
Using 2016 as the base year, compute nominal GDP, real GDP, and
the GDP deflator for each year.
Year
Nominal GDP
Real GDP
GDP...

Below are some data
from the land of milk and honey.
Year
Price
of Milk
Quantity of Milk
Price
of Honey
Quantity of Honey
2014
$1
100
$2
50
2015
$2
200
$3
100
2016
$3
300
$4
150
Compute Nominal GDP for each
year.
Compute Real GDP for each
year.
Compute the GDP Deflator for
each year.

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...

5. Real versus nominal GDP
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)
2018
1
150
2
160
2019
2
135
4
230
2020
3
110
4
165
Use the information from the preceding table to fill in the
following table.
Year
Nominal...

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) ...

Real versus nominal GDP 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...

Velocity and the quantity equation
Consider a simple economy that produces only cell phones. The
following table contains information on the economy's money supply,
velocity of money, price level, and output. For example, in 2017,
the money supply was $200, the price of a cell phone was $5.00, and
the economy produced 400 cell phones.
Fill in the missing values in the following table, selecting the
answers closest to the values you calculate.
Fill in the missing values in the...

The economy of Turista produces only two products, protein bars
and snowboards. In 2016 it produced 18 million protein bars and
101,000 snow boards. In 2017, production of protein bars rose to 20
million, and snowboards to 107,000.
a. If the price of protein bars rose from $1.60 to $2.00 over this
period, while the price of snowboards rose from $200 to $230, fill
in the table below. Round your answers to two decimal
places.
2016
2017
Quantity
Price ($)...

Using 2015 as the base year, calculate nominal GDP, real GDP,
and the GDP price deflator for each year.
Year
Quantity of Strawberries
Price of Strawberries
Quantity of Cream (pints)
Price of Cream (per pint)
Nominal GDP
Real GDP
GDP Deflator
2015
100
3.00
200
2.00
2016
125
4.00
400
2.50
2017
150
5.00
500
3.00

The following table lists hypothetical values
1
2
3
4
5
6
7
8
Year
Nominal GDP
GDP Deflator (base year = 2014)
Real GDP (base year = 2014)
Percentage Change in Real GDP
GDP Deflator (base year = 2016)
Real GDP (base year = 2016)
Percentage Change in Real GDP
2012
950
90
81.8
2013
1025
92
83.6
2014
1075
100
90.9
2015
1150
105
95.5
2016
1300
110
100
Fill in column (4) by calculating real GDP using...

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