Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Macroeconomic help. please show work so i can see how to do it. QUESTION 11 Consider the following data for a hypothetical economy (the base

image text in transcribedimage text in transcribed

Macroeconomic help. please show work so i can see how to do it.

image text in transcribedimage text in transcribed
QUESTION 11 Consider the following data for a hypothetical economy (the base year is Year 1): Year 1 Year 2 Good Price Quantity Price Quantity Good 1 $2 100 $3 200 Good 2 $3 100 $4 150 The GDP deflator in year 2 (rounded to two decimal places) equals O 0.00 O 0.71 O 1.00 O 1.41 QUESTION 12 Consider the following data for a hypothetical economy (the base year is Year 1): Year 1 Year 2 Good Price Quantity Price Quantity Good 1 $2 100 $3 200 Good 2 $3 100 $4 150 Suppose that the market basket (for the purpose of calculating the CPI) consists of 100 units of Good 1 and 100 units of Good 2. The CPI in year 1 (rounded to two decimal places) equals O 0.00 O 0.71 O 1.00 1.40QUESTION 13 Consider the following data for a hypothetical economy (the base year is Year 1): Year 1 Year 2 Good Price @antity Price @antity Good 1 $2 100 $3 200 Good 2 $3 100 $4 150 Suppose that the market basket (for the purpose of calculating the CPI) consists of 100 units of Good 1 and 100 units of Good 2. The CPI in year 2 (rounded to two decimal places) equals 0 0.00 O 0.71 o 1.00 O 1.40 QUESTION 14 Suppose that an economy has experienced steady deation (as measured by the GDP deator) from 2015 till the present time. The base year is 2015. Then, for this economy, in 2019: 0 Real GDP equals Nominal GDP. 0 Real GDP is greater than Nominal GDP. 0 Real GDP is less than Nominal GDP. QUESTION 15 With regard to the measurement of GDP of the US. using the income approach, the income earned by a non-US. resident (i.e., foreigner) stemming from her productive activity in the US. contributing towards production of output in the US. 0 is not included. 0 is included as a negative entry. 0 is included as a positive entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

20th Edition

1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870

Students also viewed these Economics questions