Suppose the price of apples doubles to $3.00 between year 1 and year 2 but that nothing else in the economy changes Instructions: Round your answers to one decimal placea. What would be the percentage change in nominal GDP? b. What would be the percentage change in real GDP?Suppose the prices of both apples and bread double between year 1 and year 2 and quantities remain unchanged. Instructions: Round your answers to one decimal place a) What would be the percentage change in nominal GDP?% b) What would be the percentage change in real GDP?

Answers

Answer 1

Answer:

1. Suppose Quantity of Apple sold in year one & two =  100Kg.

Price in year 1 = $1.50 per kg

Price in year 2 = $3.00 per kg

Nominal GDP 1 = Price * Quantity = 1.50*100 = $150

Nominal GDP year 2 = 3*100 = $300

Change in Nominal GDP = $150

Percentage change in Nominal GDP = 100%

b. Real GDP of year 1 = Nominal GDP of year 1 = $150

Real GDP of year 2 = 1.50*100 = $150

Change in Real GDP = 0%

2. Quantity of Bread = 100 units price = $ 1 per unit, year 2 price = $ 2 per units

a. Nominal GDP year 1 = 1*100+1.5*100 = $250

Nominal GDP year 2 = 2*100+3*100 = $500

Percentage change in Nominal GDP = 500-250/500 * 100 = 100%

b. Real GDP year 1 = $250

Real GDP year 2 = 1*100 + 1.5*100 = $250

Percentage change in Real GDP = 0%

Answer 2

The percentage change in nominal GDP is 100% and the Change in Real GDP is 0%.

Percentage change in nominal GDP

1. Price in year 1

Price in year 1= $1.50 per kg

Price in year 2 = $3.00 per kg

Nominal GDP 1 = Price ×Quantity

Nominal GDP 1 = 1.50×100

Nominal GDP 1  = $150

Nominal GDP year 2 = 3×100

Nominal GDP year 2 = $300

Change in Nominal GDP = $150

Percentage change in Nominal GDP = 100%

b. Real GDP of year 1

Real GDP of year 2 = 1.50×100

Real GDP of year 2 = $150

Change in Real GDP = 0%

2a. Nominal GDP year 1

Nominal GDP year 1 = 1×100+1.5×100

Nominal GDP year 1  = $250

Nominal GDP year 2 = 2×100+3×100

Nominal GDP year 2= $500

Percentage change in Nominal GDP = 500-250/500 ×100

Percentage change in Nominal GDP = 100%

b. Real GDP year 1

Real GDP year 2 = 1×100 + 1.5×100

Real GDP year 2= $250

Percentage change in Real GDP = 0%

Inconclusion the percentage change in nominal GDP is 100%.

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Related Questions

Skills are abilities that you naturally have.


True

False

Answers

Answer:

False

Explanation:

Skilles = the ability to do something well; expertise.

False.skills are something you have to learn in order to have the ability to do

Describe the population distribution in Guyana​

Answers

Statistics indicate that Guyana is one of the most lightly populated countries in Latin America and the Caribbean. The World Bank estimated that there were four people per square kilometer in Guyana in 1988, far fewer than the average of twenty people per square kilometer for all of Latin America. However, more than 90 percent of Guyana's population lived along the coast, on a strip constituting only 5 percent of the country's total land area. A more useful figure is the population density per square kilometer of agricultural land, which was estimated at forty-six in 1988. In Latin America as a whole, the average population density on agricultural land was fifty-five per square kilometer.

More than 70 percent of Guyana's coastal population is rural, living on plantations or in villages strung along the coastal road. The villages range in size from several hundred to several thousand inhabitants. The layout of the villages is dictated by the drainage and irrigation systems of the plantations, both active and abandoned. The villages are most heavily concentrated along the estuary of the Demerara River and the eastern environs of Georgetown, near the mouth of the Berbice River close to New Amsterdam, and along the extreme east coast near the Courantyne River.

The pattern of population distribution in Guyana is a product of nineteenth-century economic development, which was based on the cultivation of sugarcane. Because the swampy coast was fertile and sugar production was geared to export, the large sugar estates confined their operations to a narrow coastal strip. Most of the villages had ethnically diverse populations, but usually one ethnic group predominated. The urban population was predominantly African, but it would be misleading to suggest that all Afro-Guyanese were urban. Indeed, the majority of the Afro-Guyanese population was rural. A far greater majority of Indo-Guyanese, however, lived outside the cities. The interior of the country was left mainly to the Amerindians. Even the later exploitation of timber, bauxite, and manganese in the interior failed to effect any sizeable migration.

Type the correct answer in the box. Spell all words correctly.
Which type of facility layout groups similar machines together so that they carry out specific functions?

In the case of a (blank) layout, similar machines are grouped together to carry out specific functions.

Answers

Answer:

A process layout groups similar activities together according to the functions they perform.

Explanation:

Answer:

process

Explanation:

Plato/Edmentum

What is moral myopia? Why do you think an advertising professional might experience this phenomenon?

Answers

Answer: See Explanation

Explanation:

Moral myopia occurs when someone is unable to clearly see ethical issues. In this case, people decide not to say anything even though they see the unethical behavior of others.

An advertising professional might experience moral myopia in the sense that such person looks away when he or she sees an unethical act because of fear of losing his or her job and also because of fear of losing a customer.

bro r u kidding me smh

Answers

Answer: THATS SO F-U-C-K-I-N-G STUP.ID!!!!!!!!! HOW HARD IS IT FOR THEM TO GIVE YOU MORE TIME!!!!!!!!!

Explanation:

Answer:

But from the screenshot it seems like you spent alot of time on ur work, and they still give you an F and D?!  That's literally messed up. ur teachers should understand :/

What is the education level of a majority of the Power, Structural, and Technical Systems workers?
associate's degree or vocational school degree
bachelor's degree or apprenticeship
bachelor's degree or master's degree
master's degree or vocational school degree

Answers

Answer:

B- Bachelor's degree or apprenticeship

Explanation:

Took the test, gl! :)

Answer:

Bachelor degree

Explanation:

Where would the equllbrillim price be located, and how much is the equllbrillim price?

Answers

ANSWER:

Hindi ko Kaya anong grade po ba iyan

Answers:

The equilibrium price is located at the intersection of the supply and demand curves.The equilibrium price is $8

=============================================================

Explanation:

Visually, the two curves cross at (x,y) = (60,8) where x is the quantity and y is the price. This is known as the equilibrium.

In the third row of each table, we have the same pair of values $8 and 60 in that exact order. This leads to finding the equilibrium without using the graph.

Something like the first row wouldn't work because the first table shows $2 and 10, while the second table has that same row showing $12 and 10. There isn't a match.

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Extra info (optional section)

If the price is below equilibrium, then suppliers don't have much incentive to produce. This means they'll produce less. At the same time, demand will increase since price and quantity demanded go in opposite directions. Having more people demand for something that's in short supply is known as a shortage. Think of a bunch of people at a mall and there's a mad rush for one very rare item. If people really wanted that item, then they'll outbid each other to raise the price until it reaches some stable point. This idea is applied on a much larger scale.

If the price is above equilibrium, then suppliers will produce too much goods and demand will be lower. In this case, we have surplus and that will lower the cost of the goods eventually assuming there aren't external forces to keep the price afloat. The price will eventually drift down to equilibrium. An example could be that a store has too many coats and it's getting closer to the warmer spring weather, so they heavily discount the coats. Low demand on the large supply of coats lowers the price of those items.

As you can see, the equilibrium price is effectively a game of tug-of-war between the suppliers and consumers (those who demand and purchase a product). It's the middle ground, so to speak, between the two parties.

which part of our body is affected by plogue pose?​

Answers

Answer:

spine and shoulders are affected

The spine and the shoulders of our body part are mostly affectd by the plogue pose. It stretches our body muscles.

Plow Pose

It is a stretching exercise which keeps your body fit and flexible.

Doing stretching exercise regularly benefits the body mucles and tendons.

The plow pose is a stretching exercise where one positions his/her body upside down and keeps their feet bend over the head.

This pose affects our spine and also our shoulders.

Learn more about "exercise" here :

https://brainly.com/question/1365564

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