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Consider a simple economy that produces two goods: apples and oranges. The following table shows the prices and quantities of the goods over a three-year period. Year Apples Oranges Price Quantity Price Quantity (Dollars per apple) (Number of apples) (Dollars per orange) (Number of oranges) 2008 1 110 2 150 2009 2 155 4 215 2010 3 120 4 180 Use the information from the previous table to fill in the following table. Year Nominal GDP Real GDP (Dollars) (Base year 2008, dollars) 2008 2009 2010 From 2009 to 2010, nominal GDP , and real GDP . Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. Real GDP is not influenced by price changes, but nominal GDP is. Grade It Now Save & Continue
Calculate the percentage rates of increase in real GDP, consumption of durables, consumption of nondurables, and consumption of services, and plot these. What do you notice in these plots compared to the information in Figure 3.9 and 3.10.
Regional economic integration and the consequent increase in increased dependence on each other creates incentives for political cooperation between the neighboring states and reduces the potential for violent conflict.
Consider a perfectly competitive market where demand is given by P=84.20-2.15Q and supply is given by P=12.78+1.20Q. Calculate the equilibrium quantity and price.
Betty can make either “12 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 96 boxes of chocolates” or a combination of wine and chocolates. Find Betty's opportunity cost of a bottle of wine in terms of box(es) of chocolates.
Measuring GDP The following table shows data on consumption, investment, exports, imports, and government expenditures for the United States in 2009, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the..
Calculate and describe the Nash equilibrium (quantities, price and profits) in the game in which both firms choose their quantities simultaneously.
q.imagine that e-markets is a company that implements a competitive market in mp3 players. based on information which
Describe one possible combination of government spending increases and tax decreases that would accomplish the same goal.
Policies established by the World Bank and the IMF have been the subject of much criticism, especially from the developing world. Why might developing world nations be critical of these policies? Do you think the policy actions are justified? Explain..
If the economy were at a steady-state unemployment rate with a separation rate of 0.02 per month and a job-finding rate of 0.10 per month, and the labor force was 100 million, how many individuals would lose their jobs each month?
Samson Industries purchased a new manufacturing system that has an estimated useful life of 17 years. The company anticipates annual operating costs will be $1483 and will increase by a uniform percentage of 4% per year. How much should the company d..
This might be interpreted as an upward shift in the consumption function. Elucidate how does this shift affect investment and the interest rate.
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