In 2010, the nominal GDP of some country was 35G$. In 2020, the GDP of that country was 52G$. Supposing that the price level rose by 28% during that period, what is the real GDP in 2020, expressed in 2010 dollars? (Express your answer in G$) Answer: 72.2 x (41)
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- A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 10 20 50 13 2021 15 30 60 15 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 1 karaoke machine and 5.A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 20 50 60 5 2021 21 70 80 6 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 2 karaoke machines and 6 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is . (Note: Again, use 2020 as the base year.) Which of the following statements is correct? Check all that apply. The CPI allows the basket of goods and services to change. The GDP deflator allows the basket of goods and services to change. The inflation rate in 2021 is not the same using the two methods.A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 20 50 60 5 2021 21 70 80 6 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 2 karaoke machines and 6 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is . (Note: Again, use 2020 as the base year.) Which of the following statements is correct? Check all that apply. The GDP deflator holds the basket of goods and services constant. The CPI holds the basket of goods and services constant. The inflation rate in 2021 is the same using the two methods.
- Find net Exports given:- Exports = $6400 Imports = $2200A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 10 40 30 10 2021 12 60 50 12 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is . (Note: Again, use 2020 as the base year.) Which of the following statements is correct? 1.The GDP deflator holds the basket of goods and services constant. 2.The inflation rate in 2021 is not the same using the two methods. 3. The CPI allows the basket of goods and services to change.Consider the following table: Consumption of foreign goods and services Consumption of domestic goods and services Investment of foreign goods and services Investment of domestic goods and services Government purchases of foreign goods and 100 900 20 180 services Government purchases of domestic goods and 500 services Exports 100 Based on the data, how much is the net exports? A -20 120 1,580
- Calculate imports in 2020, if exports in 2020 were $21,000 and the net exports is $11,500For this problem, assume exports equal zero and that firms did not purchase any plant or equipment in the years specified. Suppose in the year 2015, firms in this this country produced 4,000 million widgets, all of which they planned on selling. (In other words, firms were not planning on any changes to their inventories.) Of those 4,000 million widgets, households purchased 3,000 million, and government purchased 750 million. In 2015, what was the relationship between actual expenditures and the amount of output (widgets) produced? All else equal, what will firms likely do in the following year?The national income (Y) of a country has the form: Y = 0.48K0.4L0.3NX0.01 Where: K is capital, L is labor and NX is net exports. a) How will a 1% increase in labor affect income? Is there an opinion that reducing the labor rate by 2% can increase net exports by 15% while keeping income unchanged, is this true or false? b) Let NX's growth rate be 4%, K is 3%, L is 5%. Determine the growth rate of Y.
- Malaysia’s GDP to grow 6.3% to 7.5% next year, KUALA LUMPUR (July 7): International agencies have forecast that Malaysia's gross domestic product (GDP) growth in 2021 will be in the range of 6.3% to 7.5%, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.The finance minister said the projections are subject to Malaysia’s continued success in managing Covid-19, as well as in steering and nurturing the economy towards recovery and growth. "As Malaysia is an open economy, whether our growth will be a U-shaped or V-shaped recovery will also depend on external factors, such as the recovery of our major trading partners as well as the restoration of global supply chains," he said in his welcoming address at Invest Malaysia 2020 today. Malaysia recorded only five new Covid-19 cases yesterday, with only 198 active cases and an approximately 98% recovery rate to date. "The rate of infections may have been low in our country, but the public have been constantly reminded…Consider the following data for a hypothetical economy that produces two goods, milk and cheese. Quantity Produced Mak (litres) Cheese (kg) 110 121 Year 1 Year 2 Prices Milk (Slitro) Cheese (S/kg) 6 7 66 3 Using year 1 as the base year, the 53 35% increase in nominal GDP may be explained by a % increase in real GDP and a 1% increase in prices (Round your responses to two decimal places)Consider a country where the adult population (about 1 million) include skilled and unskilled workers, retirees, and students. There are many firms (domestic-owned and foreign-owned), and trading occurs with a neighboring country. At the end of 2018, the nation's bureau of economic analysis preliminary report stated that the country's 2018 gross domestic product is $12.8 billion. (Question 4 of 5) Consider that at the beginning of 2019, the following additional information was obtained with a note that while these activities occurred in 2018, they were not included in the preliminary report. For each activity, state whether it should be included in the calculation of the country's 2018 GDP, the component of GDP it would affect if included, and whether this activity will increase, decrease, or not change the preliminary value calculated. The juniors at one of the high schools were able to raise $5,000 from cake sales for their prom. This event the reported preliminary value of the…