Consider the following data on Prices and Quantities of oranges and VCRs. From a. – k Calculate the total value of goods and services at current prices in this economy in 1998. b. Calculate the total value of goods and services at current prices in this economy in 1999. using the image
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Consider the following data on Prices and Quantities of oranges
and VCRs. From a. – k
Calculate the total value of goods and services at current prices in this
economy in 1998.
b. Calculate the total value of goods and services at current prices in this
economy in 1999.
using the image
Step by step
Solved in 4 steps with 4 images
- 5. a) The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of fruit with the quantities shown in column 2? Items Qty. 2001 2002 2003 2004 Amount Spent Price Price Amount Price Amoun Amount Price Spent t Spent Spent Apples Bananas $0.50 $0.20 $0.65 $2.00 10 $0.75 $0.25 $0.70 $0.85 $0.25 $0.90 2.05 $0.88 $0.29 $0.95 12 Grapes Raspberries 1 Total Price Index Inflation 2. 1.9 2.13 Rate b) Construct the price index for a "fruit basket" in each year using 2003 as the base year. c) Compute the inflation rate for fruit prices from 2001 to 2004. Who in an economy is the big winner from inflation and why?If consumption and savings are $300 and $150 respectively Calculate income of householdThe table below gives the price and consumption (usage/sales) for two products xand yfor four years. Using year 2000 as the base year calculate for each year, thea) Basic expenditure index b) Laspeyers price index, and c) Paasche price index
- Define the term inventories?The table below represents the economy of Bruce, IL which is a small town in Moultrie County Com is grown and only used in the production of beet (as feed) Rifles are produced but only used by government for policing Beef and juice are produced and consumed by all citizens If necessary, use 2012 as your base year Com Rifles Beef Juice Price Quantity Price Quantity Price Quantity Price Quantity 2011 $350 1000 $150 100 $5 100 110 $2 $2 210 2012 $360 $380 700 1100 1200 $175 120 $6 220 2013 $165 140 $6 130 $4 220 150 Yasiel was earming 10% nominal interest from 2011-2012. How much real interest did he earn? 2014 $400 $185 $6 140 $5 200D. The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2009. Year Price Quantity Price of Quanti of of Pancakes of Waffles Waffles Pancak 2008 $2.00 100 $1.00 100 2009 $2.00 120 $2.00 150 2010 $2.0O 150 $3.00 200 2011 $4.00 180 $3.00 220 1. In 2009, this country's nominal GDP was 2. In 2009, this country's real GDP was 3. In 2011, this country's GDP deflator was 4. In 2011, this country's real GDP growth rate was 5. This country's inflation rate in 2011 was
- Table 22.4 shows the fruit prices that the typing college student purchased from 2001 to 2004. What is the amount spent each year on the basket of fruit with the quantities shown in column 2?Agricultural price supports result in governments holding large inventories of agricultural products. Why do you think the government cannot simply give the products away to poor people?25 00:53:53 2000 Expenditures 1500 1000 500 500 1000 Disposable Income When disposable income is 1,000, I is Multiple Choice O 100 200 1500 2000 ann
- Ques 8and 9 pleaseThe following is production data: Waffles Waffles Orange Orange Toaster Toaster Year (Quantity) (Price) Juice Juice Ovens Ovens (Quantity) (Price) (Quantity) (Price) 2010 2000 $1.20 400 $5 280 $22 2011 2200 $1.30 410 $5 300 $25 2012 2500 $1.40 420 $6 300 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 150 waffles, 20 units of orange juice and 4 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me nominal GDP for 2012 for this economy.e the information in the table to answer the folowing qustiona. Al numbers are in bilions of 2012 dolars Govermment Purchases (G) $2.00 $2.500 $2.500 $2.500 $2.500 Pianned investment ( $1.000 Net Exports (NK) Real GOP (Y) Consumption (C) $12.000 $13.000 $14,000 $15.000 $10.000 $9.500 $10.250 $1.000 -$500 -$500 -5500 -$500 -$500 $1.000 $1,000 S11,750 $1.000 $12.500 $1.000 The equibrum level of GOP is S bilion The MPC is (snter your reaponse to two decimal places) Suppose that net exporta increase by $200 blion. Using the multiplier formua, determine the new level of GOP. AS200 bilon increase in net exports leads to a change in spending of S bilion, so the new level of GDP wi be billon