Answered

Welcome to Westonci.ca, your one-stop destination for finding answers to all your questions. Join our expert community now! Join our platform to get reliable answers to your questions from a knowledgeable community of experts. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

2000
2001
Quantity Price ($)
Quantity Price ($)
Sunglasses
80
10
100
12
Sunscreen
100
8
50
10
The table above gives the quantities and prices for a hypothetical economy that
only produces sunglasses and sunscreen. What is the growth rate of Nominal GDP
from 2000 to 2001?
(1 point)
0 -6.25%
O-106.25%
O 106.25%
O 6.25%

2000 2001 Quantity Price Quantity Price Sunglasses 80 10 100 12 Sunscreen 100 8 50 10 The Table Above Gives The Quantities And Prices For A Hypothetical Economy class=

Sagot :

themystriouschick1

Answer:

1. In a hypothetical country, Nominal GDP has increased by 5%. Which of the following must be true?

-Either price, economic output, or both has increased.

2.The GDP for a hypothetical economy is determined to be 6 billion dollars in year 1 and 7.5 billion dollars in year 2. What is the growth rate of GDP from year 1 to year 2?

-25%

3. Use the table to answer the question.

 2000   2001

 Quantity Price ($)   Quantity Price ($)

Sunglasses 80 10   100 12

Sunscreen 100 8   50 10

The table above gives the quantities and prices for a hypothetical economy that only produces sunglasses and sunscreen. What is the growth rate of Nominal GDP from 2000 to 2001?

-6.25%

4. Which of the following formulas can be used to calculate the real GDP growth rate?

-real GDP growth rate=(quarter 2 real GDP )−(quarter 1 real GDP)/

(quarter 1 real GDP)×100

5. What is the difference between real GDP and nominal GDP?

-Real GDP is adjusted for inflation, while nominal GDP is not.

Explanation:

100% Correct

marvineetesh3

The full form of GDP is Gross Domestic Price. The growth rate of Nominal GDP is from year 2000 to 2001 is 6.25%.

What is Nominal GDP?

The term Nominal GDP is called the National Gross Domestic Product. It measures the output by using the current year prices.

Computation of Nominal GDP:

Nominal GDP of 2000:

Nominal GDP of Sunglasses:

[tex]=\text{Current Year Quantity Of Sunglasses} \times \text{Current Year Price Of Sunglasses }\\=80 \times 10\\=800[/tex]

Nominal GDP of Sunscreen:

[tex]=\text{Current Year Quantity Of Sunscreen} \times \text{Current Year Price Of Sunscreen }\\=100 \times 8\\=800[/tex]

Then, Nominal GDP of 2000 is 1,600 [tex](800+800)[/tex].

Nominal GDP of 2001:

Nominal GDP of Sunglasses:

[tex]=\text{Current Year Quantity Of Sunglasses} \times \text{Current Year Price Of Sunglasses }\\=100 \times 12\\=1,200[/tex]

Nominal GDP of Sunscreen:

[tex]=\text{Current Year Quantity Of Sunscreen} \times \text{Current Year Price Of Sunscreen }\\=50\times 10\\=500[/tex]

Then, Nominal GDP of 2001 is 1,700 [tex](1,200+500).[/tex]

Now Deduct the Nominal GDP of 2000 and 2001 to get the net GDP.

[tex]1,600-1,700 = 100[/tex]

Then,  growth rate of Nominal GDP from 2000 to 2001 is:

[tex]=\dfrac{100}{1600}\times 100\\\\=6.28\%[/tex]

Therefore, the growth rate of Nominal GDP from 2000 to 2001 is 6.25%.

Learn more about Nominal GDP, refer to:

https://brainly.com/question/15171681

Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.