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An economy produces three goods: orange, apple and orange juice. It is assumed that half of the orange are bought and consumed as final good; the other half is used to produce orange juice. In 2019, 200 KGs of oranges are produced at Rs.40/kg, 500 KGs of apples are produced at 120/kg, and 200 Glasses of orange juice are produced at Rs.150/glass. In 2020, 220 KGs of oranges are produced at Rs.50/kg, 450 KGs of apples are produced at 140/kg, and 230 glasses of orange juice are produced at Rs.135/glass. Assuming 2019 is the base year; calculate the nominal GDP in 2020
An economy produces three goods: orange, apple and orange juice. It is assumed that half of the orange are bought and consumed as final good; the other half is used to produce orange juice.
In 2019, 200 KGs of oranges are produced at Rs.40/kg, 500 KGs of apples are produced at 120/kg, and 200 Glasses of orange juice are produced at Rs.150/glass.
In 2020, 220 KGs of oranges are produced at Rs.50/kg, 450 KGs of apples are produced at 140/kg, and 230 glasses of orange juice are produced at Rs.135/glass.
Assuming 2019 is the base year; calculate the real GDP in 2019
What are public goods
Which one of the following statements regarding the current account is correct?
[1] It records a country’s net trade in goods and services.
[2] It represents a country’s exported and imported goods only.
[3] It can never be negative as transactions with the rest of the world takes place daily.
[4] It indicates a surplus when goods and services imported are greater than goods and services exported.
What are difference between microeconomics and macroeconomics?
Suppose that the central bank sells government bonds. Use a graph of the money market to
show what this does to the value of money and price level.
Assume the following exchange rates: $2 = £1 in New York ¥410 = £1 in London ¥200 = $1 in Tokyo Indicate how profitable triangular, or three-point, arbitrage can take place.
Suppose the market demand for playing cards is given by the equation
Q = 6,000,000 – 1,000,000P where Q is the number of decks of cards demanded each year and P is the price in dollars. For a price increase from $2 to $3 per deck, what is the arc price elasticity?
According to Tobin (1993), examples of Keynesian unemployment include situations where
Some people have argued that the wartime destruction of capital goods stimulated the postwar economic growth in Japan and (the former West) Germany.
(1) Does it follow that losing a war is an economic benefit?
(2) What about the loss of lives in the war? In terms of their e§ects on capital accumulation and growth, in what ways are casualties di§erent from capital losses?
