Use the table, which shows an economys total production and the prices of the final goods it
Question:
Use the table, which shows an economy’s total production and the prices of the final goods it produced in 2020 and 2021, to work Problems.
Calculate nominal GDP in 2020 and 2021.
Transcribed Image Text:
Item Fish Berries GDP data for 2020 Quantity 100 50 Fish Berries GDP data for 2021 Quantity 75 65 Item Price $2 $6 Price $5 $10
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
Nominal GDP in 2020 is eq...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Use the table, which shows an economys total production and the prices of the final goods it produced in 2020 and 2021, to work Problems. Calculate the percentage increase in real GDP in 2021. Item...
-
Use the table, which shows an economys total production and the prices of the final goods it produced in 2020 and 2021, to work Problems. The base year is 2020. Calculate real GDP in 2020 and 2021....
-
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal...
-
H. S. Black is noted for developing a negative feedback amplifier in 1927. Often overlooked is the fact that three years earlier he had invented a circuit design technique known as feed forward...
-
Explain why, for the same inventory level, a revenue-sharing contract results in lower sales effort from the retailer than if the retailer has paid for the product and is responsible for all...
-
1. Gene Johnson, who worked for Cable Fixers, Inc. for 21 years, was terminated when he was 69 years old and was replaced by a much younger man who Cable Fixers paid a significantly lower salary than...
-
Evaluate the following integrals: a. \(\int_{C} \bar{z} d z\), where \(C\) is the parabola \(y=x^{2}\) from \(z=0\) to \(z=1+i\). b. \(\int_{C} f(z) d z\), where \(f(z)=2 z-\bar{z}\) and \(C\) is the...
-
The Quality Desk Company makes two types of computer desks from laminated particle board. The Presidential model requires 30 square feet of particle board, 1 keyboard sliding mechanism, and 5 hours...
-
Derry Corporation is expected to have an EBIT of $2,000,000 nextyear. Increases in depreciation, the increase in net workingcapital, and capital spending are expected to be $160,000, $85,000,and $1 2...
-
A graduating student keeps applying for jobs until she gets an offer. The probability of getting an offer at any trial is 0.35. a. What is the expected number of applications? What is the variance?...
-
Use the following information to work Problems. An economy produces only fun and food. The table shows the prices and the quantities of fun and food produced in 2020 and 2021. The base year is 2020....
-
Use the following data on the economy of Iberia to work Problems. Net taxes $18 billion Government expenditure $20 billion Saving $15 billion Consumption expenditure $67 billion Investment $21...
-
Briefly, how do the at-risk rules and passive activity rules function together?
-
With schematic diagrams, discuss the purpose, concept, syntax and usage of Tool Diameter Compensation and Tool Length Compensation features.
-
1. Explain why patients (consumers with a medical problem) are starting to play a significant role in their medical care and what technologies may impact them. In other words, why here and why now?...
-
a) Using a risk free rate of 2%, determine the price of a 3 year bond issued by i) Disney (spread 0,5%), ii) Boeing (spread 1%) and iii) InfoSoft (spread 2%) taking into account that the face value...
-
On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 72,000 shares authorized, issued, and outstanding Paid-in capital in excess of par...
-
At the end of the first year of a firm's operations, the total inventory at cost was $200 and the market value (for purposes of Lower of cost and NRV) was $220. The corresponding values at the end of...
-
Explain how the checkpoints regulate the cell cycle,
-
Making use of the tables of atomic masses, find the velocity with which the products of the reaction B10 (n, ) Li7 come apart; the reaction proceeds via interaction of very slow neutrons with...
-
Read Eye on the Tradeoff on p. 391. How can the Phillips curve account for the combination of inflation and unemployment in 2015? Do the data for that year mean that there is no tradeoff?
-
Suppose that the U.S. economy fully recovers from the 2008-2009 recession but the natural unemployment rate has risen to 8 percent and the expected inflation rate is zero. How would the short-run and...
-
Suppose that the U.S. economy fully recovers from the 2008-2009 recession but the natural unemployment rate has risen to 8 percent and the expected inflation rate is zero. How would the short-run and...
-
Aanya is giving away sixteen identical candles as favours at her latest party! Eight guests in total are attending the party. In how many ways can the favours be given out if Aanya wants to ensure...
-
Deliverable #1 (2 Marks) due week 10 for professor review and feedback Select two entity classes from deliverable #3 "Part B" and develop two state diagrams. The classes should have a dynamic nature...
-
The differential equation a3y"" + y" + y' + oy = 0 has at least one solution of the form eax, a ER. True False Y2 If | | = 0, then y and y2 are fundamental set of solutions of the y'2 # differential...
Study smarter with the SolutionInn App