The table above shows Econland’s economy aggregate demand and aggregate supply schedules. Econland’s potential GDP is $400 billion. (6). What specific fiscal policy would you prescribe to close the gap? (7). What specific monetary policy would you prescribe to close the gap?
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The table above shows Econland’s economy aggregate
(6). What specific fiscal policy would you prescribe to close the gap?
(7). What specific
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- Forecast the demand for the rice for a country for the year 2019 on the basis of 7-year data given in table: Year 2012 2013 2014 2015 2016 2017 2018 Population (millions) 10 12 15 20 25 30 40 Rice consumed (million tonnes) 40 50 60 70 80 90 100The table below details Student A's monthly purchases during 2019 and 2020. Answer the following questions writing out dollars and cents for monetary values e.g. $1.00, item weights to two decimal places e.g. 0.10, price index values as whole numbers without decimals, e.g. 110, and percentages to one decimal place e.g. 1.0%. Hotdogs Cans of Cola Chocolate bars Magazines Movies Prices ($) 2019 2.70 1.30 1.00 6.50 6.00 2020 2.80 1.25 1.00 7.50 5.75 Quantities (# consumed per month) 2020 With 2019 as the base year this index has changed by 2019 2 16 7 3 2 1 18 7 a. The value of Student A's 2019 shopping basket using 2019 prices is $ The item weights associated with this shopping basket are for magazines, and for movies. b. The value of Student A's 2019 shopping basket using 2020 prices is $ If 2019 is used as the base year, the 2020 value of Student A's price index is 2 3 for hotdogs, for cola, for chocolate bars, and the 2019 value of this index is then % between 2019 and 2020.2) Below is the Table showing the annual gross electricity demand (TW.h) of Turkey versus gross do product a) Draw gross domestic product versus electricity consumption and find the equation of the line by the graphical method (be careful determining the dependent and the independent variables) b) By using the equation you have found, predict the electricity demand when GDP becomes 2500 billion S. Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GDP (billion $) 800 928 1024 1120 1094 1250 1433 1532 1691 1861 1966 2040 2186 gross annual electricity consumption (TWh) 161 175 190 198 194 210 230 242 246 257 266 279 295
- 4. The table below is extracted from Goodland Republic Bureau of Statistics records for 2016-2017. Use the information to answer the questions that follow. Goodland Economy 2013 and 2018 I tem Price 2017 (Base year) Price 2018 Price per Price per Production Unit ($) Production Unit (S) 50,000 1.50 55,000 2.00 100.000 2.00 98000 250 50,000 23,000.00 45,000 2,450.00 120.000 100.00 110,000 120.00 5.000 5,000.00 6,000 7,000.00 Rice (tons) Wheat (tons) Tractors mid-size (units) Cotton (tons) Used cars Manufacture garments (tons) Eggs (Trays) Coca Cola (litres) Pepsi Cola (litres) Beef (tons) Second hand cloths (tons) Alcoholic Beverages (litres) Milk (litres) 150,000 2.000 6,000 700 5,000 500 500 7000 50.00 2.50 0.80 1.10 6.50 15.00 3.25 230 145,000 2,300 6.500 850 4.800 450 600 7.500 70.00 3.50 1.20 1.50 8.50 25.00 3.75 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is…The following data are taken from a United States Department of Agriculture (USDA) reportfor the wheat market. b) From the information in table 2 would you predict an increase or decrease of wheatprice for 2022? Show and explain the formulae you apply.Discuss how the demand and supply for a particular product/s have changed in the last 2-3 years. Discuss the product, and how one or a few of its determinants of demand and supply has changed in the last few years. You can use a diagram to illustrate your response. Also, discuss how the price of that product and the equilibrium quantity has changed due to changes in the demand and supply for that product.
- 2) Below is the Table showing the annual gross electricity demand (TW.h) of Turkey versus gross dom product a) Draw gross domestic product versus electricity consumption and find the equation of the line by the graphical method (be careful determining the dependent and the independent variables) b) By using the equation you have found, predict the electricity demand when GDP becomes 2500 billion $. Year GDP (billion S) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 800 928 1024 1120 1094 1250 1433 1532 1691 1861 1966 2040 2186 gross annual electricity consumption (TWh) 161 175 190 198 194 210 230 242 246 257 266 279 295Price ($) a) Suppose that the demand for pizzas were to increase by 120 pizzas per day. Show the new demand, in the graph below: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. 64 56 48 40 32 24 16 8 0 40 80 120160200240 280 320 360 400 440 480 S D Tools Demand Help i Save & Exit SubmitQuantity XX XX Quantily Refer to figure above. Assume that the graphs in this figure represent the demand and supply curves for new songs on iTunes. Which panel describes what happens in this market as a result of an increase in the price of new songs on iTunes, ceteris paribus? Panel (4) 10 Panel (c) Panel (c) Panel (a) None of these are correct Panel (b) Panel (d) Panel (b) Panel(d) Quantity
- A recent typhoon hits the Philippines where most of the raw materials are produced. What non-price determinant/s will affect the supply and in what way? How will it affect the country’s economy?Question 2 Refer to the table below to answer the questions. Price per Pizza Quantity Demanded (Pizzas per Month) Quantity Supplied (Pizzas per Month) RM3 1,200 600 6 1,000 700 9 800 800 12 600 900 15 400 1,000 2.1) If the price per pizza is RM12, what happen to the price and why? ____________ 2.2) If the price per pizza is RM15, what happen to the market? _____________ 2.3) If the price per pizza is RM6, what happen to the market? ____________ 2.4) In this market there will be an excess demand of 300 pizzas at a price of _______ 2.5) In this market there will be an excess supply of 300 pizzas at a price of ________ 2.6) If the price per pizza is RM3, what happen to the price and why? ________________ Question 5 5.1) Jane has RM500 a week to spend on clothing and food. The price of clothing is RM25 and the price of food is RM10. The clothing and food pairs in Jane's choice set include ________ units of clothing and ________…Consider that the quantity of Milk A sold will increase by 50%, the sales revenue of Milk A will decrease by 25%, and the price is determined by sales revenue divided by quantity sold. Which of the following best describes the expected change in Milk A's price in April, compared to March? January February March Milk A Quantity Sold Sales Revenue Quantity Sold 500 800 400 $3,000 $4,400 $2,400 Milk B 1200 1500 950 Select the single best answer: A. increase by 25% B. decrease by 50% C. decrease by 25% D. decrease by 15% E. no change Sales Revenue $5,000 $6,000 $4,400 Quantity Sold Milk C 600 550 700 Sales Revenue $3,400 $3,300 $5,000