Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The data in the table below show the total output (a mixture of consumer, capital, and government services) and prices of each product for the

image text in transcribed
image text in transcribed
The data in the table below show the total output (a mixture of consumer, capital, and government services) and prices of each product for the distant country of Vindaloo. All figures are in billions of dollars and the base year is 2018. a. Complete the table below. Enter your responses rounded to one decimal place when needed. 2 3 5 6 8 9 10 11 12 13 14 2018 2019 2020 Prices Prices Prices Prices Prices Item Qty Year 2018 Nominal GDP Qty Year 2019 Nominal GDP Year 2018 Real GDP Qty Year 2020 Nominal GDP Year 2018 Real GDP Hot dogs 52 $2.30 $119.6 57 $2.60 $ $2.30 $ 60 $2.70 $ $2.30 $ DVD 16 11.00 110 12 12.00 11.00 14 12.50 11.00 Farm tractors unT 80.00 400 6 75.00 80.00 6 90.00 80.00 Parking meters 6 53.00 318 6 63.00 53.00 7 73.00 53.00 Totals 947.6 b. The value of nominal GDP in 2019 is $ and in 2020 is $ . Enter your responses rounded to one decimal place when needed. c. The value of real GDP in 2019 is $[ and in 2020 is $ . Enter your responses rounded to one decimal place when needed. d. The annual growth rate of nominal GDP in 2019 is [ % and in 2020 is %. Enter your responses rounded to one decimal place when needed. e. The annual growth rate of real GDP in 2019 is % and in 2020 is %. Enter your responses rounded to one decimal place when needed. Suppose that the population of Vindaloo is as follows in the table. 2018 2019 2020 29 million 30 million 31 million f. The real GDP per capita in 2018 is $ , in 2019 is $ , and in 2020 is $ . Round your answers below to the nearest dollar. g. The growth rate of real GDP per capita in 2019 is 1% and in 2020 is %. Enter your responses rounded to one decimal place when needed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Global Business Today

Authors: Charles Hill

9th Edition

1259299201, 9781259299209

More Books

Students also viewed these Economics questions

Question

1. Background knowledge of the subject and

Answered: 1 week ago