By what percentage did nominal gdp increase

Reference no: EM13207387

Suppose the following data describe output in two different years. Item Year 1 Year 2 Apples Bicycles Movie Rentals 20,000 @ 25¢ each 700 @ $800 each 6,000@ $1.00 each 30,000 @ 30¢ each 650 @ $900 each 8,000 @ $1.50 each

(a) Compute nominal GDP in each year.

(b) By what percentage did nominal GDP increase from Year 1 to Year 2?

(d) By what percentage did real GDP change from Year 1 to Year 2?

Reference no: EM13207387

Questions Cloud

What is the opportunity cost of pearls on each island : Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The production-possibilities schedules in the table below describe their potential output in tons per year. (a) What is the opportunity cost of pearls on..

Compute the partial pressure of carbon dioxide : septic tank has a pH of 6.90 and HCO3- concentration of 8.25 mmol L-1. Calculate the partial pressure of carbon dioxide in the associated soil atmosphere.

Determine how will the output change per year : Assume that total output is determined by the formula: number of workers × productivity = total output (output per worker) If an economy's productivity increases by 5 percent but the number of workers declines by 3 percent a year

State isopentyl alcohol with an excess of acetic acid : isopentyl alcohol with an excess of acetic acid, how many gras of isopentyl acetate( MW =130.2 g/mol) would you hav if the yield was 75%?

By what percentage did nominal gdp increase : Suppose the following data describe output in two different years. Item Year 1 Year 2 Apples Bicycles Movie Rentals 20,000 @ 25¢ each 700 @ $800 each 6,000@ $1.00 each 30,000 @ 30¢ each 650 @ $900 each 8,000 @ $1.50 each

Explain adipic acid what volume of cyclohexene : Adipic acid can be prepared by the oxidation cleaveage of the CC double bond of cyclohexne. If you require 12.5g of adipic acid what volume of cyclohexene

State the temoerature rose small piece of calcium carbonate : The temoerature rose by 3.65C. Next, a small piece of calcium carbonate was placed in the same calorimeter and .100L of dilute HCl was poured over it.

Why the combination of rising incomes plus price : During the late 1980' and early 1990's, economic reforms initiated by Soviet President Mikhail Gorbachev began to raise consumer incomes; but the Soviet government continued to impose price ceilings on basic goods like food, clothing and household..

Explain the number of grains of asa per tablet : it is common to see the the strength of aspirin tablets listed in terms of the number of grains of ASA per tablet. using the conversion factor of 15.4 grains per gram ASA

User Account

All Pages