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
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 m 7 co 2018 12 13 14 2019 Prices 2020 Prices Item Qty Year 2018 Nominal GDP Prices Prices Qty Year 2019 Nominal GDP Prices Year 2018 Real GDP Year 2020 Nominal GDP Hot dogs Year 2018 Real GDP $1.50 672 $1 . 80 $1.50 $1.90 $1.50 DVDS 8.00 9.00 8.00 9.50 90 com + 8.00 Farm tractors 80.00 240 75.00 80.00 90.00 80.00 Parking meters 45.00 180 55.00 45.00 65. 00 45.00 Totals 656 . 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 20 million 21 million 22 million . Round your answers below to the f. The real GDP per capita In 2018 Is $ , In 2019 Is $ and in 2020 Is $ nearest dollar. g. The growth rate of real GDP per capita In 2019 Is % 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

The Economic Consequences Of The Peace

Authors: John Maynard Keynes

1st Edition

1420905856, 9781420905854

More Books

Students also viewed these Economics questions

Question

How are cost objects and direct costs related? LO1

Answered: 1 week ago

Question

What do you think you will bring to the organization?

Answered: 1 week ago

Question

Technology

Answered: 1 week ago

Question

Population

Answered: 1 week ago

Question

The feeling of boredom.

Answered: 1 week ago