1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
levacccp [35]
3 years ago
13

Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken. Also assume that in 1984 each buck

et of chicken was priced at $10. Finally, assume that in 2005 the price per bucket of chicken was $16 and that 22,000 buckets were produced.
Required:
a. What is the GDP price index for 1994, using 2005 as the base year?
b. By what percentage did the price level, as measured by this index rise between 1984 and 2005?
c. What were the amounts of real GDP in 1984 and 2005?
Business
1 answer:
Dvinal [7]3 years ago
4 0

Answer:

a. 62.5

b. 60%

c. $160,000; $352,000

Explanation:

a. Price Index = (Price in year of interest/ Price in Base year) * 100

= (10/16) * 100

= 62.5

b. Rose from 62.5 in 1984 to 100 in 2005

= (100 - 62.5)/62.5

= 60%

c. Using 2005 as the Base year means that the Real GDP will be based on 2005 prices.

Real GDP 1984

= 10,000 buckets * 16

= $160,000

Real GDP 2005

= 22,000 * 16

= $352,000

You might be interested in
In the context of skills of successful managers, making sacrifices to encourage and promote desired outcomes in an organization
Zielflug [23.3K]

Answer: monitoring operation

Explanation:

Monitoring operations requires management oversight, employee feedback and customer reviews. It can help provide specific directions for employees, which can lead to improved time management and increased productivity.

4 0
3 years ago
Roberts Supply, Inc. provides the following data taken from its third quarter budget: Sep $83,000 $67,000 $59,000 Jul Aug ter Ca
Bumek [7]

Answer:

The answer is 1000 dollars.

Explanation:

In this question we are asked to calculate the cash closing balance as at 30 september. The opening cash balance that is 10000 dollars is given and, data related to the receipt and payments made in the quarter ended at september is also provide in the question.

We can easily calculate the cash balance as at 30 september with the help of accounting equation given below.

Closing Balance = Opening balance + Cash collections- Cash payments

                            = 10,000+ 209,000- 218,000*

                            = 1000$

* It include sum of all capital expenditures, operating expenses and purchases of direct material.

5 0
3 years ago
Last year Rocco Corporation's sales were $225 million. If sales grow at 6% per year, how large (in millions) will they be 5 year
cupoosta [38]

Answer:

b. $301.10

Explanation:

Current Sales = P = $225,000,000

Growth rate = g = 6%

Number of year = 5 years

Using simple growth formula we will find the Sales value after 5 years.

Future Sales = Current Sale ( 1 + growth rate )^Number of years

A = P ( 1 + g )^n

A = 225,000,000 x ( 1 + 0.06 )^5

A = 225,000,000 x 1.33823

A = 301,101,750 = 301.10175 Million

So, the correct option is b. $301.10.

3 0
3 years ago
Because of its effect on the amount of capital per worker, in the short term an increase in the working population is likely to
Tamiku [17]

Answer:

The correct answer is letter "B": reduce productivity. Other things the same, this decrease will be larger in a poor country.

Explanation:

Labor productivity measures the units a worker can produce per hour. <em>Capital, technology, </em>and <em>human development</em> influence the labor productivity employees could have. Poor countries are characterized by having low investments. If the labor force increases but the capital remains stagnant, the level of productivity is likely to fall since there is a surplus in labor hand.

3 0
3 years ago
Which of the following is a way to increase possession utility for a refrigerator?
Ivenika [448]
The correct answer is letter B. Providing a delivery service. Making an increase in possession is ensuring that you have the refrigerator or whatever product that you are getting. The ability to feel the tangible touch of a product gives you the possession.
6 0
2 years ago
Read 2 more answers
Other questions:
  • OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the
    7·1 answer
  • A maker of frozen meals claims that the average caloric content of its meals is 400, and the standard deviation is 15. a researc
    7·1 answer
  • Morrison Company began the year with the following balances in its inventory accounts:  Raw Materials $ 15,000  Work‐in‐Proces
    6·1 answer
  • Ziegler Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the
    15·1 answer
  • If all other factors are equal, what will happen to the supply of a product if the price goes up?
    12·2 answers
  • HELP A business function that includes all business activities that involve money is
    6·1 answer
  • Explain why it is not necessary for paper money to be backed by some commodity (eg gold) before it can have value?
    5·1 answer
  • Entries for Notes Payable A business issued a 60-day, 10% note for $83,000 to a creditor on account. Journalize the entries to r
    12·1 answer
  • Which of the following statements is true regarding competition?. . A) Competition among buyers decreases sellers' profits.. . C
    5·2 answers
  • Using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,500
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!