Question

5 The country Naneli produces only mint and milk.Quantities and prices of these goods are given....

5 The country Naneli produces only mint and milk.Quantities and prices of these goods are given. The base year is 2017.

Year

Price of mints

Quantityof mints

Price of milk

Quantity of milk

2017

4

100

1

180

2018

4

120

2

200

2019

5

150

3

200

a. Calculate nominal GDP for the years 2017,2018 and 2019.

b. Calculate real GDP for the years 2017, 2018 and 2019.

c. Calculate growth rate for the years 2018 and 2019.

d. Calculate the inflation rate for the years 2018 and 2019.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for...
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2015. ​ Cereal Milk Price (Dollars per box) Quantity (Boxes of cereal) Price (Dollars per gallon) Quantity (Gallons) 2015 4.00 100 1.50 180 2016 4.00 120 2.00 200 2017 5.00 150 2.50 200 2018 6.00 180 3.50 240 This country's inflation rate from 2016 to 2017 was Select one: a....
The following table shows price and quantity data of Country BF which produces only two products:...
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)   ...
Placerville is a small country that produces only 4 products: shoes, hamburgers, and shirts.   2012 (Base...
Placerville is a small country that produces only 4 products: shoes, hamburgers, and shirts.   2012 (Base Year) 2018 2019 Product Quantity (Units) Price Per Unit Quantity (Units) Price Per Unit Quantity (Units) Price Per Unit Shoes 90 $50.00 100 $60.00 100 $65.00 Hamburgers 75 2.00 100 2.00 120 2.25 Shirts 50 30.00 50 25.00 65 25.00 Use the information in the table above to calculate nominal GDP in 2012, 2018 and 2019. Use the information in the table above to...
5. Real versus nominal GDP Consider a simple economy that produces two goods: pens and erasers....
5. Real versus nominal GDP 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) 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...
Suppose an economy produces two goods: Apple and Banana. Calculate Nominal GDP and Real GDP by...
Suppose an economy produces two goods: Apple and Banana. Calculate Nominal GDP and Real GDP by taking 2015 as a base year. Prices and Quantities Year Price of Apple Quantity of Apple Price of Banana Quantity of Banana 2015 $2 100 $3 50 2016 $3 150 $4 100 2017 $4 200 $5 150
The following table shows some data for an economy that produces only two goods: milk and...
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...
5. Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and muffins....
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 island of Maltana produces beer, pizza and pretzels. Here are the data on prices and...
The island of Maltana produces beer, pizza and pretzels. Here are the data on prices and quantities of the three goods in the years 2007 and 2017. What is nominal GDP for 2007 and 2017? What is nominal GDP growth? What is the growth rate of nominal GDP? Assume 2007 is the base year. What is real GDP for 2007 and 2017? What is real GDP growth? Find the implicit price deflator for 2007 and 2017. What is the inflation...
Suppose a country produces two final goods only, good A and good B. In 2017, the...
Suppose a country produces two final goods only, good A and good B. In 2017, the price for good A was $1 and the price for good B was $11. In 2018, the prices for good A and good B were $5 and $13 respectively, and the outputs of good A and B were 117 units and 236 units respectively. In 2019, the prices for good A and good B are $4 and $15 respectively, the outputs are 113 units...
The table below contains data for the country of Batterland, which produces only waffles and pancakes....
The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2008. In 2009, this country's real GDP was Year Price of Waffles Quantity of Waffles Price of Pancakes Quantity of Pancakes 2008 $2.00 100 $1.00 100 2009 $2.00 120 $2.00 150 2010 $2.00 150 $3.00 200 2011 $4.00 180 $3.00 220 $100. $390. $400. $540.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT