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Evgen [1.6K]
3 years ago
11

Consider the following information about a simple country that produces two different goods: Year PriceMilk QuantityMilk Price C

ereal Quantity Cereal 2014 $4 100 $5 120 2015 $4.50 150 $5.50 180 2016 $5 200 $6.00 250 Nominal GDP in 2014 was $ ___________ . Nominal GDP in 2015 was $ ____________. Nominal GDP in 2016 was $ ____________. Enter numbers rounded to two decimal places as necessary. Assume the base year was 2014.
Business
1 answer:
Tema [17]3 years ago
7 0

Answer:

Nominal GDP in 2014 was $1000

Nominal GDP in 2015 was $1665

Nominal GDP in 2016 was $2500

Explanation:

Nominal GDP is the market value of goods and services produced in an economy, un-adjusted for inflation.

NGDP= Q x P

Where

Q= quantity

P= price

Nominal GDP in 2014

NGDP(2014)=$4x 100+ $5 x120

NGDP(2014)=$1000

Nominal GDP in 2015

NGDP(2015)= $4.50x 150+ $5.50x 180

NGDP(2015)=$1665

Nominal GDP in 2016

NGDP(2016)= $5x 200 +$6.00x 250

NGDP(2016)= $2500

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Answer: 8%

Explanation:

The Annual Percentage Rate or APR for short is calculated by dividing the finance cost by the total amount borrowed in the following manner,

APR = Finance Charge / Amount borrowed.

To calculate the Finance charge we add the interest and the service charge.

Finance charge = 25 + 15

= $40

Back to the APR formula we will have,

APR = Finance Charge / Amount borrowed

APR = 40/500

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3 0
3 years ago
Henri earned a salary of $50,000 in 2001 and $70,000 in 2006. The consumer price index was 177 in 2001 and 265.5 in 2006. Henri'
gladu [14]

Answer:

Henri's 2006 salary in 2001 dollars =$46,666.66

Explanation:

A rise in the price index implies inflation

Inflation is the increase in the general price level. Inflation erodes the value of money.  

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So we can determine the salary in the base year value  as follows:  

2006 Salary in the base year terms=

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CPI base year- 177, CPI in the current yea- 256.5,

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Henri's 2006 salary in 2001 dollars =$46,666.66

8 0
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Ed needs to take out a loan for $7,000 to purchase a car. His bank has offered him a loan at 10.0% interest, compounded monthly,
Evgesh-ka [11]
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Costello Corporation reported pretax book income of $500,900. During the current year, the reserve for bad debts increased by $6
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Answer:

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