Question: Question 1 (15 marks) The following table records the total output and prices for an entire economy for two products, sugar and Rice in 2019

Question 1 (15 marks) The following table records the total output

Question 1 (15 marks) The following table records the total output and prices for an entire economy for two products, sugar and Rice in 2019 and 2020. Suppose the base year in the following table is 2019. Year Price of Sugar Quantity of Sugar Price of Rice Quantity of Rice in per KG in tones per KG bones 2019 $2.00 200 $10:00 50 2020 $2 00 220 $11:00 50 a. What is the value of nominal GDP in 2019 and 2020? Shows your calculations. Answer: b. What is the value of real GDP in 2019 and 20207 Shows your calculations. Answer: What is the value of the GDP deflator in 20197 Shows your calculations. Answer: d. What is the value of the GDP deflator in 2020? Shows your calculations. Answer e. From 2019 to 2020, prices rose approximately what percentage? Shows your calculations. Answer: h. Wins the increase in nominal GDP from 2019 to 2020 mostly due to an increase in real output or due to an increase in prices

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

The accounts listed below appeared in the December 31 trial balance of the Skysong Theater. Debit Credit Equipment $198,576 Accumulated Depreciation-Equipment $61,080 Notes Payable 90,000 Admissions...

I need the full solution of this question 4. Suppose table below records the total output and prices for an entire economy. Further, suppose the base year in the following table in 2017. Please find:...

SECTiON A [100 MARKS] Answer ALL the questions in this section. Choose the most appropriate answer. Write down the letter that represents the correct answer next to each number in your answer...

Sara Tea Pty Limited (STPL) is a 100 percent privately owned business. Incorporated in 1972, the company manufactures and distributes four core products to Australian supermarkets, bakeries, cake...

QUESTION 1 : (15 Marks) Adanna Ghany is the founder and manager of Ceramics Unlimited. Adanna has approached the local bank for a loan to expand her business. As part of the loan application, Adanna...

Please helpFrom the text- please make one annotation per page Workbook please complete using the text 4 Files 4:01 PM Fri May '13 Insert Draw Layout Review View Unit 4Economic Indicators Name: HR:...

:Answer all questions. After nearly five years with Coca-Cola, engineer Xiaorong "Shannon" You was getting downsized. Prosecutors allege that two days before her final shift in Atlanta, You gave...

Stralhmore U N I V E R SITY STRATHMORE INSTITUTE OF MANAGEMENT AND TECHNOLOGY DIPLOMA IN INTERNATIONAL RELATIONS END OF SEMESTER EXAMINATION DIR 1304: ECONOMICS AND INTERNATIONAL RELATIONS DATE: 12'h...

Question 1 (a) The demand and supply equations for a product are given as P = 80 0.5Q and P = 20 + 0.50, respectively, where P is the price in dollars and Q is the quantity. Solve for the market...

FACULTY OF COMMERCE, MANAGEMENT AND LAW QUESTION 1 [40 MARKS] You were recently appointed as the group financial accountant of the Strawberry Ltd group of companies. The accountants of the various...

Calculate average right step length from the image below. 59 cm127 cm125 cm66 cm (0.0 65 cm 1 60 cm 67 cm 58 cm 2.5 s

(a) A unit of time sometimes used in microscopic physics is the shake. One shake equals 10-8 s. Are there more shakes in a second than there are seconds in a year? (b) Humans have existed for about...

Pomona Pizza had projected to earn $ 1 million in profits in the last quarter. Instead, it lost $ 3 0 0 , 0 0 0 . Describe several factors that could explain the difference between the budgeted and...

The international CPA firm of Arthur Andersen faced significant liability in conjunction with its audits of Enron Corporation. Required a. From a legal liability perspective, describe the unique...

Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative...

Jensen, Inc., filed suit against a public accounting firm, alleging that the auditors' negligence was responsible for failure to disclose a large defalcation that had been in process for several...

The Museum of New Art traditionally offers a new exhibit each month, in addition to its permanent collection. Mary Moser, the new museum director, has found that the number of exhibits must be...

The standard deviation (or, as it is usually called, the standard error) of the sampling distribution for the sample mean, x , is equal to the standard deviation of the population from which the...

Question 7 . Given the following simple maze, convert the maze into a graph. ( 5 points ) Question 8 . Implement depth first search in the maze function in homework 1 . py . ( 2 0 points ) Question 9...

2. Think of a person you really appreciate and who is a role model for you, such as something you admire for what the person does or has done (historical people, friends, family, from fairy tales,...

5. List at least three personal roles that you want to perform better. What can you imagine doing to perform better in these three personal roles. Use tomorrow to improve what you think can be...

10. Imagine that the goal has been reached. Now think about the path you have to take to reach the goal. How did you influence other people to achieve your goal? Imagine walking along the path you...