The following data shows an economy produces only t-shirts and tracks. The base year is 2018....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following data shows an economy produces only t-shirts and tracks. The base year is 2018. Quantities T-shirt Track Prices T-shirt Track 2018 600 800 2018 $0.70 $0.20 2019 1600 2200 2019 $2.00 $3.00 i) Calculate nominal GDP in 2018 and 2019 ii) Calculate real GDP in 2018 and 2019 expressed in base year prices. iii) Compare nominal GDP 2018 and 2019 and conclude your answer. The following data shows an economy produces only t-shirts and tracks. The base year is 2018. Quantities T-shirt Track Prices T-shirt Track 2018 600 800 2018 $0.70 $0.20 2019 1600 2200 2019 $2.00 $3.00 i) Calculate nominal GDP in 2018 and 2019 ii) Calculate real GDP in 2018 and 2019 expressed in base year prices. iii) Compare nominal GDP 2018 and 2019 and conclude your answer.
Expert Answer:
Related Book For
Managing Organizational Change A Multiple Perspectives Approach
ISBN: 978-0073404998
2nd edition
Authors: Ian Palmer, Richard Dunford, Gib Akin
Posted Date:
Students also viewed these economics questions
-
What three key conclusions do you draw from these stories about managing change? Think of a change that you have experienced, in either your work or personal life. We would like to ask you to write a...
-
How do you calculate the percentage of change in sales from 20X8 to 20X9? This will go in cell D7? Show the formula. Kretsmart Common-Size Income Statements For the Years Ended December 31, 20'X'9,...
-
Sena Corporation issued 10,000,000TL of 15%, 4-year bonds dated March 1, 2021, with annual interest payments on Feb. 28. The bonds were issued on March 1, 2021, at par. Sena's year-end is December...
-
SQL Queries Help For the SYSDES team, list the evaluatees and evaluators and theevaluation scores. Show the full name of evaluates and evaluator,the evaluation ID, the evaluation item and the score....
-
Using the following information, create a portfolio analysis and specify a strategic market plan for a business that serves the three product-markets A, B, and C.
-
Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees' individual earnings records for the pay period...
-
Pick a product like Cadillac or Sara Lee Deli products or service like Mr. Clean Performance Car Wash or a car and home insurance company that is offered in a limited number of countries. Assess the...
-
The City of Beverly Heights General Fund had the following transactions, among others, in 20X7: 1. Appropriations were made as follows: Personal Services . . . . . . . . . . . . . . . . . . . . . . ....
-
$400,000 for a new technology.The lender charges them 36% annually with monthly compounding.The agreement calls for no payment until the end of the first month of the 5th year with equal monthly...
-
A bank categorizes its customers into one of three groups based on their banking habits. A random sample of 30 customers from each group was selected, and the number of times each customer visited...
-
The density of O2 gas at 16C and 1.27 atm is O a. 2.36 g/L. O b. 1.98 g/L. O c. 1.50 g/L. O d. 1.71 g/L. O e. 1.61 g/L.
-
Generally, new shell entities inserted into existing group structures as part of the corporate reorganization process will meet the definition of business under IFRS 3.
-
If the number of blood donors is n = 20, find the probability that the number with Group O blood is x = 16. Assume that when blood donors are randomly selected, 45% of them have blood that is Group O...
-
If the number of blood donors is n = 16, find the probability that the number with Group O blood is x = 6. Assume that when blood donors are randomly selected, 45% of them have blood that is Group O...
-
If the number of blood donors is n = 8, find the probability that the number with Group O blood is x = 3. Assume that when blood donors are randomly selected, 45% of them have blood that is Group O...
-
A Marist poll survey showed that 47% of respondents chose whatever as the most annoying phrase used in conversation. What is the probability of randomly selecting someone choosing something different...
-
When Matt adds all his costs and divides them by the number of computers produced, he has an average cost per computer of $800. He offers a computer to his father for $600. His father hesitates...
-
You purchase a bond with a coupon rate of 6.7 percent, a par value $1,000, and a clean price of $905. Assume a par value of $1,000. If the next semiannual coupon payment is due in two months, what is...
-
Where and when would you hold it?
-
What pressures for change might face Barrett in the future? How do you arrive at this assessment?
-
Review the swipe card story, drawing on each of the following change perspectives discussed in Chapters 7 and 8: Organization development Sense-making Change management Contingency Processual...
-
What are the six books of original entry?
-
Show the journal entries necessary to record the following items: 2017 Apr 1 Bought office furniture on credit from Durham Brothers Ltd 1,400. 4 We take goods costing 270 out of the business...
-
You are to show the journal entries necessary to record the following items which occured in 2016: (a) May 1 Bought a motor bike on credit from Lakeside Garage for 5,500. (b) May 3 A debt of 347...
Study smarter with the SolutionInn App