Chapter 1. Chapter 7(22)

Step 1

Work It Out
Work It Out
Chapter 7(22)
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Question

The economy of Britannica produces three goods: computers, Blu-rays, and pizza. The accompanying table shows the prices and output of the three goods for the years 2012, 2013, and 2014.

Computers Blu-rays Pizzas
Year Price Quantity Price Quantity Price Quantity
2012 $900 10 $10 100 $15 2
2013 1,000 10.5 12 105 16 2
2014 1,050 12 14 110 17 3
Table

What is the percent change in production of each of the goods from 2012 to 2013 and from 2013 to 2014?

The percent change in the production of computers

From 2012 to 2013, the percent change in the production of computers is 9unfpD6J5Rc1pFRy percent.

Correct! The percent change in the production of computers is 5.0% (equal to ((10.5 – 10)/10) x 100).
Sorry, the percent change in the production of computers is 5.0% (equal to ((10.5 – 10)/10) x 100).
From 2012 to 2013, the percent change in the production of computers is ______ percent.

Question

From 2013 to 2014, the percent change in the production of computers is iGlAzpws4eE= percent. (Round your answer to the nearest tenth.)

Correct! The percent change in the production of computers is 14.3% (equal to ((12 – 10.5)/10.5) x 100).
Sorry, the percent change in the production of computers is 14.3% (equal to ((12 – 10.5)/10.5) x 100).
From 2013 to 2014, the percent change in the production of computers is ______ percent. (Round your answer to the nearest tenth.)

Question

The percent change in the production of Blu-rays

From 2012 to 2013, the percent change in the production of Blu-rays is 9unfpD6J5Rc1pFRy percent.

Correct! The percent change in the production of Blu-rays is 5.0% (equal to ((105 – 100)/100) x 100).
Sorry, the percent change in the production of Blu-rays is 5.0% (equal to ((105 – 100)/100) x 100).
From 2012 to 2013, the percent change in the production of Blu-rays is ______ percent.

Question

From 2013 to 2014, the percent change in the production of Blu-rays is H0nNDTSPTQI= percent. (Round your answer to the nearest tenth.)

Correct! The percent change in the production of Blu-rays is 4.8% (equal to ((110 – 105)/105) x 100).
Sorry, the percent change in the production of Blu-rays is 4.8% (equal to ((110 – 105)/105) x 100).
From 2013 to 2014, the percent change in the production of Blu-rays is ______ percent. (Round your answer to the nearest tenth.)

Question

The percent change in the production of pizzas

From 2012 to 2013, the percent change in the production of pizzas is IxypGJsJaUwlx2QB percent.

Correct! The percent change in the production of pizzas is 0.0% (equal to ((2 – 2)/2) x 100).
Sorry, the percent change in the production of pizzas is 0.0% (equal to ((2 – 2)/2) x 100).
From 2012 to 2013, the percent change in the production of pizzas is ______ percent.

Question

From 2013 to 2014, the percent change in the production of pizzas is PJoBQ9tuTxFv7yyF percent.

Correct! The percent change in the production of pizzas is 50.0% (equal to ((3 – 2)/2) x 100).
Sorry, the percent change in the production of pizzas is 50.0% (equal to ((3 – 2)/2) x 100).
From 2013 to 2014, the percent change in the production of pizzas is ______ percent.
2:49

Step 2

Question

The economy of Britannica produces three goods: computers, Blu-rays, and pizza. The accompanying table shows the prices and output of the three goods for the years 2012, 2013, and 2014.

Computers Blu-rays Pizzas
Year Price Quantity Price Quantity Price Quantity
2012 $900 10 $10 100 $15 2
2013 1,000 10.5 12 105 16 2
2014 1,050 12 14 110 17 3
Table

What is the percent change in prices of each of the goods from 2012 to 2013 and from 2013 to 2014? Please round your answer to nearest tenth.

The percent change in the price of computers

From 2012 to 2013, the percent change in the price of computers is utP2Ld4nlL4= percent. (Round your answer to the nearest tenth.)

Correct! The percent change in the price of computers is 11.1% (equal to (($1,000 – $900)/$900) x 100).
Sorry, the percent change in the price of computers is 11.1% (equal to (($1,000 – $900)/$900) x 100).
From 2012 to 2013, the percent change in the price of computers is ______ percent. (Round your answer to the nearest tenth.)

Question

From 2013 to 2014, the percent change in the price of computers is 9unfpD6J5Rc1pFRy percent.

Correct! The percent change in the price of computers is 5.0% (($1,050 – $1,000)/$1,000) x 100).
Sorry, the percent change in the price of computers is 5.0% (($1,050 – $1,000)/$1,000) x 100).
From 2013 to 2014, the percent change in the price of computers is ______ percent.

Question

The percent change in the price of Blu-rays

From 2012 to 2013, the percent change in the price of Blu-rays is Ea1KV6ORBr+cBPdB percent.

Correct! The percent change in the price of Blu-rays is 20.0% (equal to (($12 – $10)/$10) x 100).
Sorry, the percent change in the price of Blu-rays is 20.0% (equal to (($12 – $10)/$10) x 100).
From 2012 to 2013, the percent change in the price of Blu-rays is ______ percent.

Question

From 2013 to 2014, the percent change in the price of Blu-rays is 1014Isnlrss= percent. (Round your answer to the nearest tenth.)

Correct! The percent change in the price of Blu-rays is 16.7% (($14 – $12)/$12) x100).
Sorry, the percent change in the price of Blu-rays is 16.7% (($14 – $12)/$12) x100).
From 2013 to 2014, the percent change in the price of Blu-rays is ______ percent. (Round your answer to the nearest tenth.)

Question

The percent change in the price of pizzas

From 2012 to 2013, the percent change in the price of pizzas is haWzmjXRZyI= percent. (Round your answer to the nearest tenth.)

Correct! The percent change in the price of pizzas is 6.7% (($16 – $15)/$15) x 100).
Sorry, the percent change in the price of pizzas is 6.7% (($16 – $15)/$15) x 100).
From 2012 to 2013, the percent change in the price of pizzas is ______ percent. (Round your answer to the nearest tenth.)

Question

From 2013 to 2014, the percent change in the price of pizzas is Z2xFovNx9XcgVGDe percent.

Correct! The percent change in the price of pizzas is 6.25% (equal to (($17 – $16)/$16) x 100).
Sorry, the percent change in the price of pizzas is 6.25% (equal to (($17 – $16)/$16) x 100).
From 2013 to 2014, the percent change in the price of pizzas is ______ percent.
2:00

Step 3

Question

The economy of Britannica produces three goods: computers, Blu-rays, and pizza. The accompanying table shows the prices and output of the three goods for the years 2012, 2013, and 2014.

Computers Blu-rays Pizzas
Year Price Quantity Price Quantity Price Quantity
2012 $900 10 $10 100 $15 2
2013 1,000 10.5 12 105 16 2
2014 1,050 12 14 110 17 3
Table

Calculate nominal GDP in Britannica for each of the three years. What is the percent change in nominal GDP from 2012 to 2013 and from 2013 to 2014?

Nominal GDP:

In 2012, nominal GDP is $ c7lQXQXEDAhqgGyY66pqReTYQXM=.

Correct! To find nominal GDP for 2012 add up the market value of production for all three goods. Britannica produces 10 computers at a price of $900, a market value of $9,000; 100 Blu-rays at a price of $10, a market value of $1,000; and 2 pizzas at a price of $15, a market value of $30. The economy of Britannica has a nominal GDP of $10,030 ($9,000 + $1,000 + $30).
Sorry, to find nominal GDP for 2012 add up the market value of production for all three goods. Britannica produces 10 computers at a price of $900, a market value of $9,000; 100 Blu-rays at a price of $10, a market value of $1,000; and 2 pizzas at a price of $15, a market value of $30. The economy of Britannica has a nominal GDP of $10,030 ($9,000 + $1,000 + $30).
In 2012, nominal GDP is $______.

Question

In 2013, nominal GDP is $OfJjMRrSULSQDlOwrLxHeb/hmqE=.

Correct! To find nominal GDP for 2013 add up the market value of production for all three goods. Britannica produces 10.5 computers at a price of $1,000, a market value of $10,500; 105 Blu-rays at a price of $12, a market value of $1,260; and 2 pizzas at a price of $16, a market value of $32. The economy of Britannica has a nominal GDP of $11,792 ($10,500 + $1,260 + $32).
Sorry, to find nominal GDP for 2013 add up the market value of production for all three goods. Britannica produces 10.5 computers at a price of $1,000, a market value of $10,500; 105 Blu-rays at a price of $12, a market value of $1,260; and 2 pizzas at a price of $16, a market value of $32. The economy of Britannica has a nominal GDP of $11,792 ($10,500 + $1,260 + $32).
In 2013, nominal GDP is $______.

Question

In 2014, nominal GDP is $nP+jOlRil7fVnLNWw/R/wQUZXuc=.

Correct! To find nominal GDP for 2014 add up the market value of production for all three goods. Britannica produces 12 computers at a price of $1,050, a market value of $12,600; 110 Blu-rays at a price of $14, a market value of $1,540; and 3 pizzas at a price of $17, a market value of $51. The economy of Britannica has a nominal GDP of $14,191 ($12,600 + $1,540 + $51).
Sorry, to find nominal GDP for 2014 add up the market value of production for all three goods. Britannica produces 12 computers at a price of $1,050, a market value of $12,600; 110 Blu-rays at a price of $14, a market value of $1,540; and 3 pizzas at a price of $17, a market value of $51. The economy of Britannica has a nominal GDP of $14,191 ($12,600 + $1,540 + $51).
In 2014, nominal GDP is $______.

Question

The percent change in nominal GDP: (Please round your answers to the nearest tenth.)

From 2012 to 2013, the percent change in nominal GDP is hI7ShknEr1Y= percent.

Correct! The percent change in nominal GDP is 17.6% (equal to (($11,792 - $10,030)/$10,030) x 100).
Sorry, the percent change in nominal GDP is 17.6% (equal to (($11,792 - $10,030)/$10,030) x 100).
From 2012 to 2013, the percent change in nominal GDP is ______ percent.

Question

From 2013 to 2014, the percent change in nominal GDP is zzTryiuLIa8= percent.

Correct! The percent change in nominal GDP is 20.3% (equal to (($14,191 - $11,792)/$11,792) x 100).
Sorry, the percent change in nominal GDP is 20.3% (equal to (($14,191 - $11,792)/$11,792) x 100).
From 2013 to 2014, the percent change in nominal GDP is ______ percent.
3:56

Step 4

Question

The economy of Britannica produces three goods: computers, Blu-rays, and pizza. The accompanying table shows the prices and output of the three goods for the years 2012, 2013, and 2014.

Computers Blu-rays Pizzas
Year Price Quantity Price Quantity Price Quantity
2012 $900 10 $10 100 $15 2
2013 1,000 10.5 12 105 16 2
2014 1,050 12 14 110 17 3
Table

Calculate real GDP in Britannica using 2012 prices for each of the three years. What is the percent change in real GDP from 2012 to 2013 and from 2013 to 2014?

Real GDP:

In 2012, real GDP is $qIErhe/SD+nhif1b.

Sorry, to find real GDP for 2012 add up the value of production for all three goods assuming the prices are equal to those in 2012. Britannica produces 10 computers at a price of $900, a value of $9,000; 100 Blu-rays at a price of $10, a value of $1,000; and 2 pizzas at a price of $15, a value of $30. The economy of Britannica has a real GDP of $10,030 ($9,000 + $1,000 + $30). Notice that the nominal GDP and real GDP are equal in 2012, this is always true when calculated the real GDP for the base year.
In 2012, real GDP is $______.

Question

In 2013, real GDP is $6+S7n0MqkMK/8nw/.

Sorry, to find real GDP for 2013 add up the value of production for all three goods, be sure to keep the prices the same as 2012. Britannica produces 10.5 computers at a price of $900, a value of $9,450; 105 Blu-rays at a price of $10, a value of $1,050; and 2 pizzas at a price of $15, a value of $30. The economy of Britannica has a real GDP of $10,530 ($9,450 + $1,050 + $30).
In 2013, real GDP is $______.

Question

In 2014, real GDP is $B/StYCE5BOX1Wrwt.

Sorry, to find real GDP for 2013 add up the value of production for all three goods, be sure to keep the prices the same as 2012. A common mistake is to use the previous years prices, you want to make sure to keep the prices the same for all years. Britannica produces 12 computers at a price of $900, a value of $10,800; 110 Blu-rays at a price of $10, a value of $1,100; and 3 pizzas at a price of $15, a market value of $45. The economy of Britannica has a real GDP of $11,945 ($10,800 + $1,110 + $45).
In 2014, real GDP is $______.

Question

The percent change in real GDP: (Please round your answer to the nearest tenth.)

From 2012 to 2013, the percent change in real GDP is 9unfpD6J5Rc1pFRy percent.

Sorry, the percent change in real GDP is 5.0% (equal to (($10,530 - $10,030)/$10,030) x 100).
From 2012 to 2013, the percent change in real GDP is ______.

Question

From 2013 to 2014, the percent change in real GDP is xhCiU5neGbw= percent.

Sorry, the percent change in real GDP is 13.4% (equal to (($11,495 - $10,530)/$10,530) x 100).
From 2013 to 2014, the percent change in real GDP is ______ percent.
3:47