Question 2Part (a)Refer to the table below for a very simple economy producing three goods:education, pizzas and cars. Steel panels are needed for car production, cheese isnecessary for making pizzas and projectors are used for educational service.ProductSteel panelsEducationCarsCheesePizzasProjectorsQuantity404004002500250040002017Price$5000$1000$10000$1.50$9.00$2000Quantity504505003500350050002022Price$6000$1100$12000$1.50$12.00$3000What is the nominal GDP for the economy in 2022? What was the nominal GDP in2017? What is the real GDP in 2022 using 2017 prices as base year prices? What isthe overall real GDP growth rate between 2022 and 2017?Part (b)Assume for an economy, there are 11.5 million people employed, unemploymentrate is 5.2%, labor force participation rate is 64%, number of defence force personnel is 70,000 and full-time students are 125,000. How many people are unemployed?How many people are in the labour force?Part (c)Consider a simple economy that produces only three products: hot dogs, torches andgolf balls. Use the information in the following table to calculate the inflation rate for2020, as measured by the consumer price index.ProductHot dogsTorchesGolf ballsQuantity10158Base YearPrice (2013)$1.00$5.00$2.00Price (2019)$1.50$7.00$3.00Price (2020)$1.75$6.75$3.50Now assume an investor is negotiating with a bank to obtain a loan for business. Thebank offers her two options: take a loan with 1.5% real interest rate or (ii) take aloan with 2.0% nominal interest rate. Will she be better off with the first or thesecond choice? Explain carefully.

Gross Domestic Product (GDP) is a measure of the total value of all final goods and services…

Part (a) Refer to the table below for a very simple economy producing three goods: education, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and projectors are used for educational service. Product Steel panels Education Cars Cheese Pizzas Projectors Quantity 40 400 400 2500 2500 4000 2017 Price $5000 $1000 $10000 $1.50 $9.00 $2000 Quantity 50 450 500 3500 3500 5000 2022 Price $6000 $1100 $12000 $1.50 $12.00 $3000 What is the nominal GDP for the economy in 2022? What was the nominal GDP in 2017? What is the real GDP in 2022 using 2017 prices as base year prices? What is the overall real GDP growth rate between 2022 and 2017?

Part (a) Refer to the table below for a very simple economy producing three goods: education, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and projectors are used for educational service. Product Steel panels Education Cars Cheese Pizzas Projectors Quantity 40 400 400 2500 2500 4000 2017 Price $5000 $1000 $10000 $1.50 $9.00 $2000 Quantity 50 450 500 3500 3500 5000 2022 Price $6000 $1100 $12000 $1.50 $12.00 $3000 What is the nominal GDP for the economy in 2022? What was the nominal GDP in 2017? What is the real GDP in 2022 using 2017 prices as base year prices? What is the overall real GDP growth rate between 2022 and 2017?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 1PA

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