What total value of the economy''s output in 2015 valued

Assignment Help Microeconomics
Reference no: EM13950463

The table below shows output and prices during 2015 in a hypothetical economy that produces only two goods-sweat shirts and bags of chips. Use the table to respond to the questions below, writing out price index values as whole numbers without decimals e.g. 110, and monetary values in dollars and cents e.g. $1.00.


Output in 2015

Prices in 2015
($)

Prices in 2014
($)

Sweat shirts

7

18.00

12.00

Bags of chips

75

2.20

1.90

a. The total value of the economy's output in 2015 valued in 2015 prices is $.

b. The total value of the economy's output in 2015 valued in 2014 prices is $.

c. The value of the GDP deflator in 2015 if 2014 is treated as the reference year is .

d. The GDP deflator differs from the consumer price index in that the GDP deflator includes (Click to select)a small subset of productsall products produced in the economy and weights prices in both the current and reference year in terms of (Click to select)reference yearcurrent year quantities.

Reference no: EM13950463

Questions Cloud

How do fitzpatrick-kirkpatrick and newby define evaluation : How do Fitzpatrick, Sanders & Worthen (2011), Kirkpatrick (1998) and Newby (1992) each define "evaluation" and what are the differences and similarities in the meanings, contexts and scopes of their definitions?
What is the equilibrium price, market quantity : Derive an expression for average total cost (ATC). At what quantity is ATC at its minimum (at what ATC level)? In your diagram, sketch ATC and confirm that it is U-shaped. [Hint: Calculate ATC when q=20 and q= 80.]
Write paper on the scientific method : Write a 400-word paper on the scientific method. Include the following: Describe how you applied the steps of the scientific method in the online activity
Planning guides the current and near-term activities : A(n) ________ is a structured grouping of people working together to achieve common goals. Which of the following job titles is an example of a staff position?
What total value of the economy''s output in 2015 valued : The GDP deflator differs from the consumer price index in that the GDP deflator includes (Click to select)a small subset of productsall products produced in the economy and weights prices in both the current and reference year in terms of (Click t..
What effect do these items have on her individual tax return : If Pam Epstein is a one-third Wheel shareholder, what effect do these items have on her individual tax return?
What is the significance of proteins : What is the significance of proteins, carbohydrates, fats and fiber in a healthy diet? Why do living organisms need these molecules
Integration of all project processes and practices : In which of the following stages is it determined what the project will entail, when it will be scheduled, whom it will benefit, and what the budget will be?
Would it matter if bill was an attorney : Would it matter if Bill was an attorney who provided legal services to the organization?

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Write down the effects of international trade to gdp

assume that you have been appointed as the speaker of the house. you must deliver a speech about the current state of

  Discussion on the federal government

Suppose as your company's lobbyist, what would you like to see done through Federal government that would be of help to your company? This could be what government could do or what they could stop doing this.

  Set of positive even numbers less than 20

Express the following set using enumeration - Set of positive even numbers less than 20

  Define a competitive market is in long-run equilibrium

A constant cost, perfectly competitive market is in long-run equilibrium. At present, there are 1,000 firms each producing 400 units of output. The price of the good is $60. Now suppose there is a sudden increase in demand for the industry's produ..

  Share resources to achieve a mutually beneficial objective

One way to think about this is if there is one company who manufactures a product and allows another company to utilize the exact same resources to manufacture the product to sell in a different market that the current company does not currently util..

  An anything be done to improve the imf

Conclusion: This paper should draw a conclusion about the IMF and their policies significance. It should be able to state a clear and defined position on the IMF their impact on the world economy while providing evidence through research done on the ..

  Production possibilities curve among health and other goods

Draw a production possibilities curve among health and all other goods. Insert a point in the drawing that illustrates an economy with an inefficient health system. Insert two additional points that illustrate two efficient economies, however two tha..

  Alternatively if regulator proposes to give away free

consider the case of a single polluter and regulator. the regulator knows the marginal benefit of pollution abatement

  Calculate the strain

After a fall, a 95 kg rock climber finds himself dangling from the end of a rope that had been 15 m long and 9.6 mm in diameter but has stretched by 2.8 cm. For the rope, calculate The strain,

  Can some macro variables that do not fluctuate like gdp

Over the business cycle, real GDP tends to increase during the expansion and decrease during the contraction. Can you name some other macro variables that fluctuate over the business cycle like GDP does?

  Government requires getting involved to make markets

When looking at our economy, you will find that the government requires getting involved to make markets be able to operate. Why do you think markets could actually fail?

  Youve recently learned that the company where you work is

youve recently learned that the company where you work is being sold for 315000. the companys income statement

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd