Question

QUESTION 15

1. Figure 9-1
   
   
   Figure 9-1 shows the U.S. demand and supply for leather footwear.   
   
   
   Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports?

   		5 units
   		10units
   		15 units
   		20 units

2 points   

QUESTION 16

1. Which of the following is a final good or service?

   		the hair gels used by a hair stylist at the local hair salon
   		the taco shells purchased by Taco Bell for use in their tacos
   		the new economics textbook you are using
   		the butter used by a chef to make butter cream frosting

2 points   

QUESTION 17

1. Product	Price in 2009	Quantity in 2009	Price in 2019	Quantity in 2019	Price in 2020	Quantity in 2020
   A	9	7	11	10	12	11
   B	5	12	7	16	8	16
   C	13	16	16	21	16	22
   D	12	10	13	11	12	12

   The table above shows the quantities of Goods A-D produced and their prices in 2009, 2019 and 2020. The base year is 2009.

   Calculate nominal gdp in 2009.  

   Calculate nominal gdp in 2019.  

   Calculate nominal gdp in 2020.  

   Calculate real gdp in 2009.  

   Calculate real gdp in 2019.  

   Calculate real gdp in 2020.  

   Calculate the economic growth rate in 2020. (Round to two decimal places)

Answer 1

Question 15 - The figure is not provided in the question.

Question 16 - Answer - The new economics textbook you are using is the final product

The hair gel is used for providing hair cut, therefore hair cut is the final service

Taco shells are used by Taco bell to provide Tacos, therefore Tacos with other stuffing provided by Taco bell is the final product

The butter is used to make some other product, therefore butter cream frosting is the final product.

Therefore, The new book that you use is the final product that you start using.

Question 17- The solution is provided in the images attached.

ANSWERS Nominal GDP - Price current year X Quanning current year Real GDP = Price base x Quantity Eaurrent year year Base year 2009 Nonnal GDP (2009) – 9x7+5X12 +13X16 +12 X10 = 451 Nominal GOP (2019) 11X10 +7X16 +16 X 21 +13 XI! = 101

Nominal GDP (2020) = 12X1L+ 8X16 +16X22 +12x12 = 756 Real ADP (2009) - 9x7 +5X12+13x16 +12x10 =us Real GDP (2014) = 9x10+5x16+ 13x21 + 12x11 3575

We can only answer 4 sub-parts for a question, I have answered most of it