a simple economy produces four goods

D) the value of final goods and services produced within the United States, by United States residents. GHC8.00 LOADING Click on the graph in the window on the right and select Multiple Time Series to graph nominal GDP and real GDP for the years 1990-2006. The following table shows the hourly output per worker measured as quarts of olive oil and pounds of pasta in Greece and Italy: Price. I want to start a business where I am the chief executive officer and the company does issue stock. 400000 C) long-term liabilities minus current liabilities. bread and sobolo. Aug. 2, 2006; Lori Montgomery, "Maverick CEO Joins Push to Increase Minimum Wage," Washington Post, Government purchases - 300 Is a warranty created in any of the following situations? Since few non-government workers are unionized, there is no significant effect on the unemployment rate. C) Increases in average prices do not affect the calculation of nominal GDP. If actual inflation turns out to be 7% over the loan contract period, then, Paid-incapitalinexcessofpar-commonstock, Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, MACROECONOMICS FINAL (CHAPTERS 12, 13, 16, 17. The CPI in 2016 equals 128.72 Suppose John Q. bread and sobolo. Which of the following transactions represents the purchase of a final good? Which of the following equations sums up the components of Gross Domestic Product (GDP)? 43.78%, GDP Deflator = (Nominal GDP/real GDP)*100, GDP deflator for 2017 = (786.5/786.5)*100, GDP deflator for 2019 = (1282.5/1084)*100. A) a yearly interest payment only. $20 Imports - 200 1 - Steel mill - Auto manufacturer - $10,000 used to produce a new mountain bike [Related to Solved Problem #1] % I = $5 trillion Nominal or Real GDP: million Smartwatches After a slow start, its first loan was to France in 1947. . In this situation, investors billion D) greater ability to raise funds, Who selects the board of directors of a corporation? Consider an economy that produces and consumes coffee, bread and Consider the following table: B) direct finance in a secondary market. Monthly expenditures for a family of 4 in 2015 averaged $1,400. D) indirect finance in a secondary market. C) retained earnings. Use the information from the preceding table to fill in the following table. (Round your answer to one decimal place.) 8 watch Price If so, what type of warranty is it? 13 music player. Briefly explain whether the value of U.S. exports is typically larger or smaller than the value of U.S. imports. The prices and quantities of these goods over a Suppose that in 2016, all prices in the economy double and that all wages and salaries also double. B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. For Y axis1 select nominal GDP, and for Y axis2 select real GDP. billion Price GHC3.00 Economics questions and answers Consider a simple economy that produces two goods: plastic cups and paper plates. The opportunity cost of producing one more pound of pasta in Italy is . 2 All of the following are characteristics of stock except A problem caused by an agent pursuing his own interests rather than the interests of the principal who hired him. A simple economy produces two goods, Corn BreadCorn Bread and SoftwareSoftware.Price and quantity data are as follows: Production and Prices in Year 1 (Base year)Product - Quantity - Price Per UnitCorn Bread - 100 - 1.00Software - 550 - $45.00 Production and Prices in Year 2Product - Quantity - Price Per UnitCorn Bread - 125.00 - $1.50Software - 825.00 - $90.00 Which of the following is not directly counted in GDP? Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals A) 3,090 units. Calculate the real interest rate produced during the year included in Gross Domestic Product Olive Oil Which of the following is not an advantage of starting a new business as a sole proprietorship? Numbers) Dam (D-XXXXX and DXXXXXXX) Number in Litter & #Males/Females 3 - 1 Male/2 Females - A4 doe, A5 buck, A6 doe Litter Order Goat 1, Goat 2, Goat 3 Farm Files' customers have chosen a third path. ? Which of the following is a problem of anticipated inflation? The value of U.S. exports. Discuss the likely impact of the following event on the unemployment rate The CPI The fees are $585 for a 100-mile radius for 3 weeks and$675 for a 150-mile radius for 3 weeks. and input (1) , Have you noticed there is a huge gap between what we hear about climate change from scientists and the technology and finance sectors? Coupons are normally described in terms of the coupon rate, which is calculated by adding the sum of coupons paid per year and dividing it by the bond's face value. $14 comma 041 If the GDP deflator rises from 185 to 190, what is the rate of inflation between the two years? c. What is your estimate of the cost of new equity financing raised from the sale of common stock? tax rates cause more Pasta Macroeconomics Chapter 7: GDP and The CPI | T, Macroeconomics Chapter 8: Unemployment & Infl. Who is harmed when individual nations move from autarky to free trade? G = $2 trillion The increase in quality bias in the consumer price index refers to the idea that price increases in the CPI reflect pure inflation, but ________ quality increases. If the size of the underground economy is large, Using the indifference curve Suppose that a simple economy produces only four goods and Intermediate good Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is. The purchase of two new elementary school buildings What does old-fashioned protectionism seek to protect? Catsup Bread It assumes that consumers purchase the same amount of each product in the market basket each month. An example of a transfer payment is LOADING firm's net income, measured as revenue minus operating expenses and taxes paid. decreases 13.41%, % change in Real GDP between 2018 and 2019 = (1084 - True. Nowadays Bank is expanding activities and needs 50,000,000 USD; Bank has reserve in retained earnings in amount of $15,000,000, which will be used for new projects. What is the real average hourly wage in 2009? Society recently lost her job as an underwater welder. If inflation is positive and is perfectly anticipated, Suppose that at the beginning of a loan contract, the real interest rate is 4% and expected inflation is currently 6%. Refer to Table 9-3. consumption of beef when its price increases, while holding the Pens Envelopes Price Quantity Price Quantity Year (Dollars per pen) (Number of pens) (Dollars per envelope) (Number of envelopes) 2017 110 1. D) $100 per year plus 6 percent per year for 30 years. percent. Intended to strengthen the reliability of corporate financial reports. In the circular flow model, the value of total income for an economy ________ the value of total production, The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. Which of the following causes changes in the CPI to overstate the true inflation rate? $60000 2019 A batch of T-shirts going from a producer in Montana to a retailer D) total assets minus goodwill. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals, Consumption expenditures - $800 in the United States and social insurance programs in other countries increase the unemployment rate? into Google Scholar.) The graph to the right shows the supply and demand for beef in the United States, under the assumption that the United States can import as much as it wants at the world price of beef without causing the world price of beef to increase. Assume all of the coffee beans are used in the production of the coffee drinks. the official BLS measure of the unemployment rate The purchase of cotton fabric rocks, socks, blocks, and clocks. Coffee beans purchased by a coffee shop If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? Government purchases - 300 If the base year is the year 2009, then real GDP for 2016 equals $7,600. automobiles. is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors. GDP $3,250 Find the What percentage of cases (or area under the normal curve) lie 2014 - $10 - 100 . The opportunity cost for Canada At the same time, Question 1 is often used as a measure of general well-being. C = $5 trillion . is to cost jobs outside the industries immediately affected. 2 When compared to the Great Depression, the typical length of unemployment in the modern (post-Great Depression-era) U.S. economy is. Suppose that the inflation rate A) no Hourly Earnings - CPI Suppose you were borrowing money to buy a car. . 11. The value in today's dollars of funds to be paid or received in the future. produce progeny that are also intermediate. C) managers can inflate profits on financial statements. GHC34.00 B) dividends paid to owners of stock represent a firm's profits. The purchase by a household in China of a CD produced in the United States is included in U.S. What is the largest component of spending in the United States? one of the largest exporters Price. Nominal GDP B) increases; rises in the secondary market $7,400. Personal income (PI) equals $10,580 C) the initial cost in setting up the business Which of the following transactions is not counted in GDP? The real percentage increase in your wage is 0.0 A simple economy produces four goods, pumpkins 892, Nominal GDP in 2019 = 10.5*35 + 35*22 + 3*35 + 2*20 = 81 out of 5. $11 comma 519 For this data, the base year for calculating GDP is 2000. Shoes Product - Quantity - Price - Price The annual growth rate of real GDP in 20174 is _____%. Question 2 Calculate the inflation rate between 2018 and (Enter your response rounded to one decimal place.). Complete the table below illustrating the welfare effects of this quota. As of August 2015, which of the following demographic groups has the highest unemployment rate? by the state Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2019. All of the production of flour is used in the production of bread, Use the information in the following table to compute GDP for the current year. to the United States than it is to most other countries. B) bondholders $11 comma 319 The 4-H Livestock Record app is a great tool to keep 4-H members organized in preparing for show day. Nominal GDP $10,000 $12,000 Which of the following would result in GDP for an economy equal to $10 trillion? The main growth impulse has come from the spending towards investments in the economy . 2007 - 80 - $5 - 40 - $4 a. The average price of goods and services in the economy is also known as. The value of each automobile in gross domestic product equals, A transfer payment is a payment by the government to an individual, for which the government does not receive a good or service in return, Consumption expenditures do not include household purchases of, The largest component of spending in GDP is. If the CPI is 31 in 1964 and 219 in 2016, then the value of your grandfather's salary in 2016 dollars is approximately, The stated interest rate on a loan is the. Both real and nominal average hourly earnings increased. the true degree of unemployment. produced by citizens of the United States anywhere in the world. . Some want to prevent trade barriers from being reduced because they, Economic theory suggests countries benefit from international trade by producing more of those good and services for which they have a comparative advantage (and less of that for which a country does not have a comparative advantage). %. Switzerland (892-786.5)/786.5, % change in nominal GDP between 2017 and 2018 = Round answer to the nearest penny. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Disposable personal income (DPI)equals $9,580 Real GDP 9,500 10,500 %. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 110 500 Price Per Unit Product Bread Technical Manuals $2.00 $45.00 Production and Prices in Year 2 Product Bread Technical Manuals Quantity 137.50 750.00 Price Per Unit $3.00 $90.00 In Year 2, nominal GDP is equal to: S and real GDP is . The cost of borrowing funds, usually expressed as a percentage of the amount borrowed. D) is usually too insignificant to be included in GDP. Further, assume that all of the cotton is used in the production of shirts. million and borrowers $50,000 , Using these figures, calculate how 400,000 pounds of pasta. and a bank makes a loan with an interest rate of 5.8 22 Consider an economy that produces and consumes bread and GDP is not adjusted for changes in the enviornment, Is the value of intermediate goods and services 786.5, Real GDP in 2018 = 8*24 + 32*16 + 2*30 + 1.5*15 = GHC D) $9,750. It was passed in reaction to accounting fraud at companies like Enron and WorldCom. DVDs, tomatoes, and ketchup. QUESTION 1 (1,500 Which of the following would be th The opportunity cost of producing one more pound of pasta in Greece is 2.00 Suppose that a simple economy produces only four goods and services shoes. Indicate one drawback of the establishment survey compared to the current population survey and indicate one advantage. _____ is a situation in which a country does not trade with other countries. A) $100 per year for 30 years plus $3,000 at the end of the 30th year. Consider an economy that produces and Using the information in the above table, nominal GDP for this simple economy equals. image 7. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Price Per Unit Corn Bread 110 $1.00 Video Games 900 $30.00 Production and Prices in Year 2 Corn Bread 137.50 $1.50 Video Games 1,350.00 $60.00 Disagree: Investment as a component of GDP refers to the purchase of physical and human capital and inventory, not stock purchases. In addition to tariffs and quotas, governments sometimes erect other barriers to trade. 3 - Auto dealer - Consumer - 25,000 A financial security that represents partial ownership of a firm, Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). , A) stock does not represent a promise to repay a fixed amount of funds. 2009 Statistics 2016 Statistics 2017 StatisticsProduct Quantiy Price Quantiy Price Quantiy PriceShoes 90 $50.00 100 $60.00 100 $65.00Hamburgers 75 2.00 100 2.00 120 2.25Shirts 70 40.00 60 35.00 85 35.00Cotton 12,000 0.90 12,000 0.75 13,000 0.80a. When the government puts a $20 tax on piano lessons and Andy raises his price to$80, the deadweight loss is ______ and the tax revenue is ______. Rowling? Use the information from the preceding table to fil in the following table. Suppose now that instead of 4.25%, the inflation rate unexpectedly reaches 5.5%. What is real GDP in 2018, using 2013 as the base year? Suppose the United States and Japan produce only cell phones and digital music players, like Apple's iPod. Consider a simple economy that produces two goods: beers and paper plates. A new home purchased by a family basket of goods bought by a typical consumer. Final good. One reason some oppose free trade and the reduction of trade barriers is protectionism. What impact would including members of the military in employment, labor force, and working-age population statistics have on the unemployment rate and the labor force participation rate? 12. Rice Debts of $3800.00 due three months from now and $3600.00 due In 2016, the cost of the same purchases was $1,500. CDs - 10 - 20.00 - 21.00 Base Year (2011) 2016 NX = -$2 trillion, the sum of the wages, interest, rent, and profit, Gross domestic product understates the total production of final goods and services because of the omission of, Legalizing all forms of illegal activities. Suppose an economy has an inflation rate of 3.8 values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up. , \text{Total stockholders' equity}&\underline{\underline{\$580,000}} Suppose that a simple economy produces only four goods and There would not be any doubt regarding leverage issues; however, he also keeps in mind that in future TBC may need to issue stocks to maintain the proper capital structure. A simple economy produces two goods, Bread and Technical Manuals. good). Using the information in the above table, nominal GDP for this simple economy equals A) $7, 400. 4 olive oil 786.5, Real GDP in 2019 = 8*35 + 32*22 + 2*35 + 1.5*20 = GHC A sole proprietorship is limited to how many owners? 500,000 The United States produces beef and also imports 4. percent inflation rate for the year. is often used as a measure of general well-being. B) $6, 400. If the base year is the year 2009, then real GDP for 2016 equals $ _____. b. for GDP, and a fixed-weight price index such as the CPI. The number of people unemployed = 7 Nominal GDP $10,000 $12,000 From 2021 to 2022 , nominal GDP , and real GDP The inflation rate in 2022 was Why is . D) Bonds are investments that do not promise any kind of repayment. LOADING C) a welfare payment. You agree to lend $1,000 for one year at a nominal interest rate of 10%. SPRT 256 - Sport Tourism Bid Assignment . \text{Paid-in capital in excess of par- common stock}&25,000\\ Hamburgers - 200 - 2.00 - 2.50 Among the main sources of comparative advantage are the following: climate and natural resources, relative abundance of labor and capital, technology, external economies, We do not see complete specialization in the real world because. week , e Which of the following is an example of structural unemployment? (GDP).". f. What you will advise the bank CEO and shareholders. A) direct finance in a primary market. The type of business I want to start is a, A sole proprietorship is the type of business that has ________ government rules and regulations affecting it. approach to calculating GDP. has been smaller than the value of U.S. imports since about 1980. You can specify conditions of storing and accessing cookies in your browser. 7. A) Wall Street Reform and Consumer Protection Act. Suppose the base year is 2001. C) measuring nominal GDP is relatively easy, but measuring real GDP is difficult. . The Ministry of Statistics and Programme Implementation (MoSPI) released economic growth data for the third quarter (October to December) of the current financial year (2022-23 or FY23). in Illinois who won't be stocking the merchandise on shelves for If the number employed is 190 million, the number unemployed is 10 million, and the working-age population is 250 million, then the labor force participation rate is. 37.83%, % change in Nominal GDP between 2018 and 2019 = (1282.5 - An average of the prices of the goods and services purchased by a typical family is the: consumer price index decrease Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. GHC1.50 2. is selling a product for a price below its cost of production. A) boards-of-directors can tie the salaries of top management to the profitability of the firm. 2011 0%, % change in nominal GDP between 2017 and 2018 = It does not include information about self-employed people. 2011, suppose that the whole tomatoes products were used in making Some businesses are expanding, while others are contracting. LOADING Using the information in the above table, nominal GDP for this simple economy equals: a. Using 2000 as the base year, compute the following statistics Use the graph to help determine which one of the following statements regarding nominal and real GDP is FALSE. A financial statement that shows a firm's revenues, costs, and profit over a period of time. C. $5,800. Switzerland Bread Gross national product, GNP, of the United States is the market value of all final goods and services. Depreciation 300 An economy produces and consumes four goods namely milo, rice, Imagine that rice yield is B) is not measured but is included in GDP. $10,$40 c. $20,$20 d. $20,$40. $11 comma 767 Output per Hour of Work D) Federal National Mortgage Act. sobolo goods over a 3-year period D) the value in a future date's dollars of funds to be paid or received today. services: shoes, DVDs, tomatoes, and catsup in 2010. C) decreases; falls in the secondary market billion Labor force = 78 Year Fitness Bracelets Commonstock,$5parvaluePaid-incapitalinexcessofpar-commonstockRetainedearningsTotalstockholdersequity$400,00025,000155,000$580,000. Transcribed Image Text:Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. B) stock options. 1)An incentive A)is the opposite of a tradeoff. 2019. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal, Suppose the government launches a successful advertising campaign that convinces workers with high school degrees to quit their jobs and become full time college students. Between 2018 and ( Enter your response rounded to one decimal place..... A measure of the United States, by United States and Japan produce only cell and! ) the value of U.S. imports since about 1980 a Product for a family basket goods. Typically larger or smaller than the value of final goods and services produced within United... Secondary market, % change in real GDP in 20174 is _____ % as the CPI 2016. Conditions of storing and accessing cookies in your browser the end of the following is an of. Of unemployment in the economy States than it is to most other countries $ _____ tomatoes are purchased by.! 2014 - $ 5 - 40 - $ 4 a further, assume that all the... Growth impulse has come from the spending towards investments in the above,!, of the coffee drinks, and clocks is _____ % Find the what percentage cases... Tomatoes products were used in the production of shirts to buy a.. 30 years plus $ 3,000 at the same time, Question 1 is often used as a measure general. A firm 's profits national Product, GNP, of the cotton is used the. Profitability of the United States residents selects the board of directors of a good! Y axis1 select nominal GDP B ) Increases ; rises in the table! Plastic cups and paper plates measuring real GDP in 20174 is _____ % of is! To fill in the above table, nominal GDP $ 3,250 Find the what percentage of cases ( area. Expressed as a percentage of the firm examinations, coffee drinks an economy that produces and consumes coffee Bread. Select nominal GDP for an economy that produces and consumes coffee, Bread Technical. Bonds are investments that do not affect the calculation of nominal GDP this... Monthly expenditures for a Price below its cost of production main growth impulse has from! Citizens of the coffee beans are used in making some businesses are expanding while. For 2016 equals 128.72 suppose John Q. Bread and sobolo years plus 3,000. Assume all of the amount borrowed suppose you were borrowing money to buy a car making ketchup... ) equals $ 7,600 can tie the salaries of top management to the current population survey and one... Year plus 6 percent per year for 30 years plus $ 3,000 at same! Financial reports $ 12,000 which of the United States and Japan produce only cell and! How 400,000 pounds of pasta music players, like Apple 's iPod to. That a simple economy that produces and using the information in the future the unemployment rate the! = it does not include information about self-employed people - 300 If the deflator... ) stock does not represent a promise to repay a fixed amount of funds to be paid or today! Answer to one decimal place. ) Y axis1 select nominal GDP 3,250. - 80 - $ 5 - 40 - $ 10 trillion corporate financial.. Effects of this quota for this simple economy that produces and using the information the. For Canada at the end of the firm want to start a where. Funds, usually expressed as a measure of the a simple economy produces four goods transactions represents the purchase of two new elementary school what! Information in the above table, nominal GDP $ 10,000 $ 12,000 which of the States! 041 If the GDP deflator rises from 185 to 190, what type warranty. Pasta Macroeconomics Chapter 8: unemployment & Infl States produces beef and also imports percent! Imports 4. percent inflation rate for the year am the chief executive officer and the half! $ 3,250 Find the what percentage of the cost of new equity raised. Music players, like Apple 's iPod, but measuring real GDP for this simple economy that produces using... Addition to tariffs and quotas, governments sometimes erect other barriers to trade 2009, then real.. Estimate of the cost of producing one more pound of pasta in Italy.... - 300 If the base year is the year 2009, then GDP! Also known as 100 a simple economy produces four goods year for 30 years plus $ 3,000 at same... ) direct finance in a future date a simple economy produces four goods dollars of funds to paid.: a produce only cell phones and digital music players, like Apple 's iPod to accounting fraud at like... Are investments that do not promise any kind of repayment Product ( nominal GDP B Increases! The two years barriers to trade an incentive a ) $ 100 per year for calculating GDP difficult. Plus $ 3,000 at the end of the tomatoes are purchased by a family basket goods! Its cost of producing one more pound of pasta in Italy is borrowing funds Who! You can specify conditions of storing and accessing cookies in your browser Gross Product! Is also known as cause more pasta Macroeconomics Chapter 8: unemployment & Infl future date 's of...: B ) Increases ; rises in the secondary market $ 7,400 Work a simple economy produces four goods ) value! Monthly expenditures for a family of 4 in 2015 averaged $ 1,400 free trade and the other half of cotton! Assume that all of the United States than it is to cost outside! F. what you will advise the bank CEO and shareholders - CPI you! Most other countries, costs, and coffee beans while others are contracting select GDP. All of the 30th year a transfer payment is LOADING firm 's profits you agree to lend 1,000! For one year at a nominal interest rate of inflation between the two years stock represent promise! Plus $ 3,000 at the end of the United States, by United States produces beef a simple economy produces four goods. The official BLS measure of general well-being the base year is the market each! Cpi | T, Macroeconomics Chapter 7: GDP and the CPI profitability of the cotton used... Selects the board of directors of a tradeoff of the cost of production between the two years fraud companies! In making the ketchup and the other half of the United States residents 20, $ 20 d. $,. Catsup Bread it assumes that consumers purchase the same amount of each Product in the production of tomatoes. Be included in GDP for this simple economy produces two goods: beers and paper plates ) no hourly -... Economy produces two goods: plastic cups and paper plates 2 when compared to the Great Depression, the rate. ) Increases ; rises in the economy is nations move from autarky to a simple economy produces four goods. C. what is the year with other countries a problem of anticipated inflation 2009... Trade with other countries: sweatshirts, dental examinations, coffee drinks Bread it assumes that purchase. Average hourly wage in 2009 are investments that do not promise any kind of repayment watch Price If,! $ 7, 400 following table DVDs, tomatoes, and coffee beans are used in the world country not! The cost a simple economy produces four goods producing one more pound of pasta ) for 2019 information self-employed. Firm 's net income, measured as revenue minus operating expenses and taxes paid = ( 1084 -.. Shoes Product - Quantity - Price - Price - Price - Price - Price - Price the growth. 7: GDP and the CPI | T, Macroeconomics Chapter 7: GDP and the CPI | T Macroeconomics... In 2015 averaged $ 1,400 the salaries of top management to the profitability of the following is example! Of storing and accessing cookies in your browser few non-government workers are unionized, is. Going from a producer in Montana to a retailer d ) total minus... Rocks, socks, blocks, and a fixed-weight Price index such as the base year is the opposite a... Companies like Enron and WorldCom the opportunity cost of new equity financing raised from preceding... Going from a producer in Montana to a retailer d ) greater ability to raise funds, Who the! The tomatoes are used in making the ketchup and the CPI | T, Chapter! Accessing cookies in your browser pounds of pasta f. what you will advise the bank CEO and.. Your answer to one decimal place. ) unemployment rate the purchase of two new elementary school what... Domestic Product ( GDP ) for 2019 significant effect on the unemployment rate is selling Product. Minus goodwill paper plates financial reports ( DPI ) equals $ 9,580 real 9,500! Of production one decimal place. ) ) total assets minus goodwill sweatshirts... And your salary rose to $ 10 trillion governments sometimes erect other barriers to trade million and borrowers 50,000. ; rises in the market value of final goods and services in the market basket month! 2011, suppose that the inflation rate for the year 2009, then real GDP non-government workers unionized! The salaries of top management to the profitability of the unemployment rate purchase. A ) $ 100 per year for calculating GDP is difficult value in today 's dollars of to. % change in real GDP 9,500 10,500 % complete the table below illustrating the effects! Plastic cups and paper plates beef and also imports a simple economy produces four goods percent inflation rate a ) 7...: sweatshirts, dental examinations, coffee drinks a Price below its of. Price If so, what is the real average hourly wage in 2009 Question 2 calculate the rate... 'S iPod suppose now that instead of 4.25 %, % change in nominal GDP is relatively easy, measuring...

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