Calculate real GDP in 2011and 2010 expressed in base-year prices. An economy produces only apples and oranges.
Question:
An economy produces only apples and oranges. The base year is 2011, and the table gives the quantities produced and the prices.
Transcribed Image Text:
Quantities Apples Oranges 2011 60 80 2012 160 220 2011 S0.50 $0.25 2012 $1.00 $2.00 Prices Apples Oranges
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Real GDP in 2011is 50 and in 2010 is 135 Real GDP in the base year 2011 is equal t...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Macroeconomics Canada in the Global Environment
ISBN: 978-0321778109
8th edition
Authors: Michael Parkin, Robin Bade
Question Posted:
Students also viewed these Economics questions
-
Calculate real GDP in 2011 expressed in base-year prices. Tropical Republic produces only bananas and coconuts. The base year is 2010, and the tables give the quantities produced and the prices....
-
The base year is 2016. Calculate real GDP in 2016 and 2017. Use the table, which shows an economys total production and the prices of the final goods it produced in 2016 and 2017, GDP data for 2016...
-
In year 1 and year 2, there are two products produced in a given economy, computers and bread. Suppose that there are no intermediate goods. In year 1, 20 computers are produced and sold at $1,000...
-
Present entries to record the following summarized operations related to production for a company using a job order cost system: (a) Materials purchased on account $176,000 (b) Prepaid expenses...
-
What are the two manufacturing overhead variances? What does each measure? Who within the organization would be responsible for each of these variances?
-
Smackey Dog Foods Inc. started in the kitchen of Sarah, Kim, and Jillian's family home in the suburbs of Chicago. The three sisters initially bought the ingredients for their natural dog food recipes...
-
Leggere, an Internet book retailer, is interested in better understanding the purchase decisions of its customers. For a set of 1,604 customer transactions, it has categorized the individual book...
-
Break-even calculations are most often concerned with the effect of a shortfall in sales, but they could equally well focus on any other component of cash flow. Dog Days is considering a proposal to...
-
Discuss how the business make decisions in the context of the behaviour of the various cost of production? Required ( have to be included) : Communicating of cost behaviour from accountant to...
-
A company has the following profile. Solve/respond to the the questions below. Please show your calculations for partial credit. Net Income - $375,000 Bank Debt - $1,000,000 @ 6% Equity - $3,000,000...
-
During 2008, in an economy Flow B was $900 bllion, Flow C was $200 billion, Flow D was $300 billion, and Flow E was $70 billion. Name the flows and calculate the value of a. Aggregate income. b....
-
The United Nations Human Development Index (HDI) is based on real GDP per person, life expectancy at birth, and indicators of the quality and quantity of education. a. Explain why the HDI might be...
-
Which of the following statements is positive, which is normative, and which can be tested? a. Canada should cut its imports. b. China is Canadas largest trading partner. c. The federal government...
-
For the following sequences decide if they are a) bounded, b) monotone. Explain/prove. (37)}, {#), {sin n), {} 72
-
Tesa Limited has a relatively high level of current assets and this is evident in the amount of inventory it carries and the amount owed by trade debtors A higher inventory level is maintained to...
-
Today is March1, 2006. Consider the following two (semi-annual coupon) bonds: Bond A Bond B Maturity DateMarch 1, 2012March 1, 2013 Coupon Rate4%12% Current Price$948.71 $1,273.01 (a)What is the YTM...
-
Pinder Co . , Ltd . is considering investing $ 5 0 0 , 0 0 0 to build a factory to produce electric bicycles. Pinder Co . , Ltd . has signed a contract with a large retailer that guarantees that...
-
2. Fill in the following table to prepare a master production schedule for end item 'F' using the lot-for-lot rule. The beginning inventory for F is 25; the forecast and committed customer orders for...
-
A wedge like the one in Exercise 22 has a = 4, b = 6, and c = 3. Make a quick sketch to check for yourself that the square of the distance from a typical point (x, y, z) of the wedge to the line L: x...
-
Suppose that you could invest in the following projects but have only $30,000 to invest. How would you make your decision and which projects would you invest in? Project Cost $ 8,000 11,000 9,000...
-
Suppose that the economy is at full employment, the price level is 100, and the multiplier is 2. Investment increases by $100 billion. a. What is the immediate change in the quantity of real GDP...
-
Suppose that the economy is at full employment, the price level is 100, and the multiplier is 2. Investment increases by $100 billion. What is the change in equilibrium expenditure if the price level...
-
Suppose that exports increase. What happens to the AE curve? The equilibrium level of aggregate expenditure? The AD curve?
-
Mrs. Sam Taffer was a brilliant engineer at IBM and made a lot of money from stock options. Since then, she has worked as a musician and raised her two sons. She wishes to have most of her property...
-
Miller Company ended its fiscal year on June 30, 2017. The company's adjusted trial balance as of the end of its fiscal year is shown below. MILLER COMPANY Adjusted Trial Balance June 30, 2017...
-
What depreciation method is used to write off property, plant and equipment? Regarding the triple bottom line, what information did the company disclose about environmental matters in the reports?...
Study smarter with the SolutionInn App