Give proper explanation and take a like Suppose an economy that consumes bagel, cake, and donut only. The following table shows the quantities consumedand prices for five years. Bagel Cake Donut Price Quantity Price Quantity Price2015201620172018201911, 00010, 50040050010.0005509, 000650lf the first letter of your last name is between A to H,then use 2019 as base year. If the first letter of your last name is between I to P, then use 2018 as base year. If the firstletter of your last name is between Q to Z, then use 2017 as base year.Calculate the GDP Deflator for 2015 and 2016.Calculate the inflation rate between 2015 and 2016 using the GDP Deflator.

To calculate the GDP Deflator for 2015, we need to first calculate the total value of goods and…

Answered: Suppose an economy that consumes bagel,…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 1SCQ: Table 22.4 shows the fruit prices that the typing college student purchased from 2001 to 2004. What...

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Consider the following table, which describes the prices and quantities of goods produced in an economy over 3 years. Treat 2018 prices as base-year prices. 2018 2019 2020 Item Prices Quantities Prices Quantities Prices Quantities Meal Kit Delivery $106.00 65025 $110.00 81600 $109.35 91600 Water $46.00 80025 $51.25 87350 $49.10 89850 Hydro Electricity Dry cleaning $53.00 $62.00 76025 $59.25 84200 $57.85 86350 43025 $67.00 49850 $67.10 47350 Entertainment $26.00 51025 $31.50 57900 $32.10 60950 Carry all rounded answers to later parts of the problem. • First two blanks: round the GDP deflator to 1 decimal place (example: 0.1). • Third and fourth blankS: report the GDP increase and change in price level as a percentage, rounded to 1 decimal place (example: 0.1). Do not include the % sign. The GDP deflator for 2019 is The GDP deflator for 2020 is % between 2019 and 2020. The economy's output level increased by % between 2019 and 2020. The price level increase by
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015. Prices and Quantities Year 2015 2016 2017 2018 Price of Cereal $4.00 $4.00 $5.00 $6.00 Quantity of Cereal 100 120 150 180 Refer to Table 23-5. In 2017, this country's Price of Milk $1.50 $2.00 $2.50 $3.50 O real GDP was $1250, and the GDP deflator was 138.9. O real GDP was $1250, and the GDP deflator was 128.0. O real GDP was $900, and the GDP deflator was 138.9. O real GDP was $900, and the GDP deflator was 128.0. Quantity of Milk 180 200 200 240
A hypothetical country of Narnia produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2017. Year 2016 2017 2018 2019 Price (Dollars per movie) 7.6% 7.5% Movies 7.2% 7% 10.00 11.00 12.00 12.00 Quantity Quantity (Movies) (Dollars per bag) (Bags) 500 600 650 625 Popcorn Refer to Table 23-5. What was the rate of inflation for Narnia in 2019? (Hint: round-off to the nearest decimal point) Price 5 4 5 6 1,000 900 950 925
A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2015 . Prices and Quantities Year Price ofMovies Quantity of Movies Price of Popcorn Quantity ofPopcorn 2014 $10.00 500 $5 1000 2015 $11.00 600 $4 900 2016 $12.00 650 $5 950 2017 $12.00 625 $6 925 Refer to Table 23-10. What was this country’s real GDP in 2016? a. $11,250 b. $12,550 c. $10,575 d. $10,950
Table 24-3 The table below lists the per pound prices of meat and potatoes for the months of January, February, and March. Assume that the typical consumer buys 25 pounds of meat and 15 pounds of potatoes each month, and that January is the base period. 10. Refer to Table 24-3. Calculate the cost of a basket of goods for each month. 11. Refer to Table 24-3. Calculate the consumer price index for February and March. 12. Refer to Table 24-3. Calculate the inflation rate for February.
A small economy produces three main products, products A, B, and C. The following table indicates the prices and quantities for the three products from 2013 to 2016. Product A Product B Product C Year Price Quantit Price Quantit Price Quantit 2013 24.75 17 13 6 27.5 10 12 5.5 6 57.5 4 6 14 14 10 2014 2015 2016 60.5 63.5 66 18 14 17 14 Using 2013 as the base year, calculate the real GDP for the years 2014. Select one: а. 523.25 b. 492 С. 722.75 d. None of the answers are correct e. 680.5 O CO
Time left 1:19: The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2009. Prices and Quantities Year Price of Quantity of Price of Quantity of Waffles Pancakes Waffles Pancakes 2008 $2.00 100 $1.00 100 2009 $2.00 120 $2.00 150 2010 $2.00 150 $3.00 200 2011 $4.00 180 $3.00 220 From 2010 - 2011, this country's output grew %. Select one: O a. 155.6 O b. 12.5 O c. 48.1 O d. 14.3
What is household consumption expenditure reflecting in terms of GDP of a country? What it indicates when the value is high or low?
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 Amount Amount Amount Price Price Price Price Spent Spent Spent Spent Apples Bananas Grapes Raspberries 1 10 S0.50 $0.75 $0.85 S0.88 12 S0.20 S0.25 S0.25 S0.29 2 $0.65 $0.70 $0.90 S0.95 $2.00 1.9 2.05 2.13 $2.13 Total
The following table lists the per gallon prices of gas and milk for the months of September, October, and November. Assume that the typical consumer buys 100 gallons of gas and 7 gallons of milk each month, and that September is the base period. Month September October November Price of Gas Price of Milk (Dollars per gallon) (Dollars per gallon) 4.00 4.40 4.60 3.50 3.52 3.58 Refer to Table 24-3. What is the consumer price index for November? a. 114.27 b. 91.36 C. 95.79 d. 87.51
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015. Prices and Quantities Quantity of Cereal Quantity of Milk Year Price of Cereal Price of Milk 2015 2016 $4.00 $1.50 100 120 180 200 $4.00 $2.00 2017 $5.00 150 $2.50 200 2018 $6.00 180 $3.50 240 1. Refer to Table 23-5. For each year listed, calculate real GDP and the GDP deflator, using 2015 as the base year. 2. Refer to Table 23-5. By how much did output grow from 2016 to 2017? 3. Refer to Table 23-5. What was this country's inflation rate from 2016 to 2017? From 2017 to 2018?
The 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

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