Suppose the information in the following table is for a simple economy that produces only four goods
Question:
Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that all the cotton is used in the production of shirts.
a. Use the information in the table to calculate real GDP for 2016 and 2017, assuming that the base year is 2009.
b. What is the growth rate of real GDP during 2017?
Transcribed Image Text:
2009 2016 2017 Quantity Price Quantity Price Quantity Price Product Shoes Hamburgers 90 $50.00 75 2.00 100 $60.00 2.00 100 $65.00 2.25 100 120 25.00 0.60 Shirts 50 30.00 50 50 65 25.00 0.70 50 Cotton 800 0.80 800 100 120
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
a Real GDP fo...View the full answer
Answered By
FREDRICK MUSYOKI
Professional Qualities:
Solution-oriented.
Self-motivated.
Excellent problem-solving and critical thinking skills.
Good organization, time management and prioritization.
Efficient troubleshooting abilities.
Tutoring Qualities:
I appreciate students as individuals.
I am used to tailoring resources for individual needs.
I can integrate IT into student's lessons.
I am good at explaining concepts.
I am able to help students progress.
I have a wide curriculum knowledge.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Micro Economics questions
-
Suppose that a simple economy produces only four goods: shoes, hamburgers, shirts, and cotton. Assume that all the cotton is used in the production of shirts. Use the information in the following...
-
Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that onequarter of all the sugar cane...
-
Consider a simple economy that produces only three products: haircuts, hamburgers, and Blu-rays. Use the information in the following table to calculate the inflation rate for 2016, as measured by...
-
The object provides methods for the creation of Statement objects that will be used to execute Oracle statements in the next step. a. Statement b. Connection c. DriverManager d. Driver
-
Strawberries contain about 15 wt% solids and 85 wt% water. To make strawberry jam, crushed strawberries and sugar are mixed in a 45:55 mass ratio, and the mixture is heated to evaporate water until...
-
What rate is used to charge or assign actual manufacturing overhead costs to Work in Process, and how is this rate calculated? Which costs are debited to the Manufacturing Overhead account, and which...
-
For a reversible process at equilibrium, the change in entropy is given by (a) \(\Delta S=\frac{q_{\text {rev }}}{T}\) (b) \(\Delta S=T q_{\text {rev }}\) (c) \(\Delta S=\frac{\Delta H}{T}\) (d)...
-
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: During January 2018, the following transactions occur: January 2 Sold gift cards totaling $8,000. The...
-
08 S On June 30, 2024, Exploration Incorporated signs a lease requiring quarterly payments each year for the next five years. Each of the 20 quarterly payments is $28,969.97, with the first lease...
-
1. How comparable are the two different methods? In what ways are they similar? In what ways are they different? 2. What are the positive and negative aspects of each approach that Shocker should...
-
Assuming that inflation has occurred over time, what is the relationship between nominal GDP and real GDP in each of the following situations? a. In the years after the base year b. In the base year...
-
Briefly explain whether you agree with the following statements. a. "If nominal GDP is less than real GDP, then the price level must have fallen during the year." b. "Whenever real GDP declines,...
-
1. Using Mary Beasley's data in Table 4-13, construct a time series plot, and compute the sample autocorrelations and sample partial autocorrelations for the total billable visits, Yt the differenced...
-
The KJA partnership is formed by Kennedy, Jane, and Allyson. Kennedy will contribute $ 5 0 0 , 0 0 0 cash as will Jane. Allyson will contribute real property with a FMV of $ 8 0 0 , 0 0 0 and subject...
-
Mira Enterprises reported the following transactions: Cash balance Jan 1 , 2 0 2 3 $ 3 7 , 0 0 0 Inventory balance Jan 1 , 2 0 2 3 $ 2 0 , 0 0 0 Purchases during the period $ 3 4 8 , 0 0 0 Purchase...
-
a ) Show how a temporary increase in the money supply affects the domestic interest rate and exchange rate in the short - run?
-
Obama, Bush, and Clinton are forming a partnership. Obama is transferring $ 1 5 0 , 0 0 0 of personal cashand $ 5 0 , 0 0 0 of accounts receivable to the partnership. Bush is contributing land, a...
-
Assume 2 0 2 3 tax year. Shelley and Tyler ( MFJ ) have interest income of $ 8 , 0 0 0 , dividend income of $ 1 , 5 0 0 , net rental income of $ 6 , 0 0 0 , and tax - exempt interest income of $ 1 6...
-
PanAir Reservations (PAR) borrowed $150,000 for 60 days from its bank. The simple interest rate on the loan is 12 percent. Calculate the APR and r EAR assuming the loan is a simple interest loan with...
-
Arlington Merchants reported the following on its income statement for the fiscal years ending December 31, 2016 and 2015. 2016 2015 Sales $4,857,500 $4,752,900 Cost of goods sold 3,258,950 3,207,000...
-
Suppose the marginal benefit of writing a contract is $50, independent of its length. Find the optimal contract length when the marginal cost of writing a contract of length L is: a. MC(L) = 10 + 2L....
-
Suppose the marginal cost of writing a contract of length L is MC(L) = 10 + 2L. Find the optimal contract length when the marginal benefit of writing a contract is: a. MB(L) = 100. b. MB(L) = 150. c....
-
The division of a large office services company that makes high-end copiers recently signed a five-year, $25 million contract for IT services from CGI Group, a Canadian information technology...
-
A particle initially has a speed of 0.46c. (Enter your answers in terms of c. Round your answers to at least three decimal places.) (a) At what speed does its momentum increase by 1%? .465 x c (b) At...
-
5) Megan and four of her friends plan to go for a long drive. She buys 12 bottles of frappe and a few bottles of orange juice from a supermarket. The total number of bottles they have are four times...
-
Job Posting Find a job posting for the organization and provide the title of the job posting, including a live hyperlink to the job posting. Apple Support College Program - Appalachian State...
Study smarter with the SolutionInn App