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QUESTION 30 The rule of 70 states that the number of years it takes an economy to double in size is the growth rate divided by 70. the number of years it takes an economy to double in size is 70 divided by the growth rate. the number of years it takes an economy to double in size is the growth rate times 70. it takes an economy 70 years to double its real GDP QUESTION 31 Matt works only part-time due to the not so ideal economy situation in Connecticut, he is willing and activel time job even though he has a part-time job. In a normal calculation of U6, as measured by the BLS, Matt Included in both the numerator and denominator Included in the denominator only Included in the numerator only Not in Not included in either the numerator or denominator QUESTION 32Year 2010 Year 2011 Year 2012 Price Quantity Price Quantity Price Quantity Chips $4 100 $4 110 $5 80 Dips $5 50 $4 40 $3 50 Sodas $3 50 $5 60 $5 70 Question 1. GDP [10 Points in Total] a. (3 points) Compute nominal GDP in 2010, 2011, and 2012. [Show your computation work] b. (3 points) Compute real GDP in 2010, 2011, and 2012 (base year method). [Show your computation work c. (2 points) Compute GDP deflator in 2010, 2011, and 2012. [Show your computation work] d. (2 points) Compute growth rates of nominal GDP and real GDP from 2010 to 201 1 and from 2011 to 2012. [Show your computation work] Question 2. Inflation [7 Points in Total] a. (3 points) Compute cost of CPI basket in 2010, 2011, and 2012. [Show your computation work] b. (2 points) Compute CPI in 2010, 2011, and 2012. [Show your computation work] c. (2 point) Compute inflation rates (based on CPI) from 2010 to 2011 and from 2011 to 2012. [Show your computation work] Question 3. Business Cycle [3 Points in Total] a. (2 points) Based on your answers on Question 1 and 2 above, did Aggieland experience an expansion or a recession from 2010 to 2011? How about from 2011 to 2012? Was it at peak or trough or neither in year 2011? b. (1 point) From 2010 to 2011, did Aggieland experience an inflation or deflation? How about from 2011 to 2012?QUESTION 30 1. Table 23-6 The table below contains data for the country of Batterland, which produces only waffles an d pancakes. The base year is 2013 Year Price of Quantity of Price of Quantity of Waffles Waffles Pancakes Pancakes 2010 $2.00 80 $1.00 100 2011 $2.00 100 $2.00 120 2012 $2.00 120 $3.00 150 2013 $4.00 150 $3.00 200 Refer to Table 23-6. In 2010, this country's nominal GDP was $260 $440 $620 $760 QUESTION 31 Sheri, a U.S. citizen, works only in Germany. The value she adds to production in Germany i 's included in both German GDP and U.S. GDP in German GDP, but is not included in U.S. GDP ET in U.S. GDP, but is not included in German GDP in neither German GDP nor U.S. GDP QUESTION 32 Disposable personal income is the income that "households have left after paying taxes and non-tax payments to the government businesses have left after paying taxes and non-tax payments to the government households and noncorporate businesses have left after paying taxes and non- tax payments to the government households and businesses have left after paying taxes and non- tax payments to the government QUESTION 33 Gross domestic product adds together many different kinds of goods and services into a singl e measure of the value of economic activity. To do this, GDP makes use of C market prices " statistical estimates of the value of goods and services to consumers. prices based on the assumption that producers make no profits the maximum amount consumers would be willing to pay