Refer to the table below for a very simple economy producing three goods: movies, burgers and bikes. Steel bike frames are used for bike production and meat patties are used for making burgers. 2015 2020 Product Quantity Price Quantity Price Steel frames 10 $5000 20 $7500 Movies 30 $10 50 $15 Bikes 10 $10000 20 $15000 Meat patties 200 $1.50 300 $2.00 Burgers 200 $2.00 300 $3.00 What is the nominal GDP in 2020? What was the nominal GDP in 2015? What is the real GDP in 2020 using 2015 prices as base year prices? What is the real GDP growth rate between 2020 and 2015? Explain the three main types of unemployment and outline the policies that can be used to reduce each type of unemployment.
Refer to the table below for a very simple economy producing three goods: movies, burgers and bikes. Steel bike frames are used for bike production and meat patties are used for making burgers. 2015 2020 Product Quantity Price Quantity Price Steel frames 10 $5000 20 $7500 Movies 30 $10 50 $15 Bikes 10 $10000 20 $15000 Meat patties 200 $1.50 300 $2.00 Burgers 200 $2.00 300 $3.00 What is the nominal GDP in 2020? What was the nominal GDP in 2015? What is the real GDP in 2020 using 2015 prices as base year prices? What is the real GDP growth rate between 2020 and 2015? Explain the three main types of unemployment and outline the policies that can be used to reduce each type of unemployment.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Refer to the table below for a very simple economy producing three goods: movies, burgers and bikes. Steel bike frames are used for bike production and meat patties are used for making burgers.
2015 |
2020 |
|||
Product |
Quantity |
Price |
Quantity |
Price |
Steel frames |
10 |
$5000 |
20 |
$7500 |
Movies |
30 |
$10 |
50 |
$15 |
Bikes |
10 |
$10000 |
20 |
$15000 |
Meat patties |
200 |
$1.50 |
300 |
$2.00 |
Burgers |
200 |
$2.00 |
300 |
$3.00 |
What is the nominal
Explain the three main types of
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