Homework answers / question archive / INSTRUCTIONS: Fill in each blank with a number -- no words, unless otherwise instructed! If the blank calls for a word, enter the corresponding number of the correct answer   QUESTION 1 The table below describes the output and price for a one-good economy over a 6 year period

INSTRUCTIONS: Fill in each blank with a number -- no words, unless otherwise instructed! If the blank calls for a word, enter the corresponding number of the correct answer   QUESTION 1 The table below describes the output and price for a one-good economy over a 6 year period

Economics

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INSTRUCTIONS:

Fill in each blank with a number -- no words, unless otherwise instructed! If the blank calls for a word, enter the corresponding number of the correct answer

 

QUESTION 1

1. The table below describes the output and price for a one-good economy over a 6 year period. Use the blank table you downloaded from the Quiz 3 Resources spreadsheet in the COURSE DOCUMENTS section to fill in the blanks for questions 7 through 12. Go ahead and fill in your table now before moving on to the next set of questions (8-12) because this table will not appear in those questions. Do not use percentage signs or decimals for this series of blanks. Don't forget to put in a minus sign where appropriate. For answers that require a decimal point, carry the answer out to one decimal place. For example if an answer were 5.33333, just enter it as 5.3. Or, if an answer were 2.6666666, just enter it as 2.7. One other word of warning -- most students lose points because they use the Output column when they should have used the Price column, and vice versa. Don't let this happen to you -- make sure you're using the correct column, especially in computing the Price Index.

Year Output(units of widgets) Price of Widgets ($)

1 4 4

2 8 8

3 10 8

4 15 10

5 12 8

6 16 10

 

The percentage change in output from year 1 to year 2 is  ___%

The percentage change in output from year 2 to year 3 is  ___%

The percentage change in output from year 3 to year 4 is  ___%

The percentage change in output from year 4 to year 5 is  ___%

The percentage change in output from year 5 to year 6 is  ___%

 

 

 

QUESTION 2

1. For this set of blanks, do not use dollar signs or decimals.
2. A) The nominal GDP for year 1 is 
3. B) The nominal GDP for year 2 is 
4. C) The nominal GDP for year 3 is 
5. D) The nominal GDP for year 4 is 
6. E) The nominal GDP for year 5 is 
7. F) The nominal GDP for year 6 is 

 

 

QUESTION 3

1. For this set of blanks, do not use percentage signs. For answers requiring a decimal, just use one decimal place. for answers that do not require a decimal, don't use any decimal places. For example, if the answer to one of the blanks was 5, enter 5, not 5.0. If the answer were 3.3333 or 6.66666 enter 3.3 or 6.7, respectively. Use minus signs where appropriate.
2. A) The percent change in nominal GDP from year 1 to year 2 is   
3. B) The percent change in nominal GDP from year 2 to year 3 is   
4. C) The percent change in nominal GDP from year 3 to year 4 is   
5. D) The percent change in nominal GDP from year 4 to year 5 is   
6. E) The percent change in nominal GDP from year 5 to year 6 is 

 

 

 

QUESTION 4

1. For this set of blanks, enter all numbers with one decimal place 1.0, 2.5 etc.
2. The price index for year 1 is 
3. The price index for year 2 is 
4. The price index for year 3 is 
5. The price index for year 4 is 
6. The price index for year 5 is 
7. The price index for year 6 is 

 

 

 

QUESTION 5

1. For this set of blanks do not use dollar signs or decimals.
2. The real GDP for year 1 is 
3. The real GDP for year 2 is 
4. The real GDP for year 3 is 
5. The real GDP for year 4 is 
6. The real GDP for year 5 is 
7. The real GDP for year 6 is 

 

 

QUESTION 6

1. For this set of blanks, do not use percentage signs. For those amounts requiring a decimal point, use only one decimal place, otherwise use no decimals. Don't forget to put a minus sign where appropriate.
2. The percent change in real GDP from year 1 to year 2 is 
3. The percent change in real GDP from year 2 to year 3 is 
4. The percent change in real GDP from year 3 to year 4 is 
5. The percent change in real GDP from year 4 to year 5 is