5. a) Assuming the following were the only goods and services purchased in an economy in a year, what is GDP? ETE Product Quantity Price Apples 100 $0.50 Shirts 30 $10.00 Haircuts 20 $3.00 b) Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information, what is real GDP?
5. a) Assuming the following were the only goods and services purchased in an economy in a year, what is GDP? ETE Product Quantity Price Apples 100 $0.50 Shirts 30 $10.00 Haircuts 20 $3.00 b) Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information, what is real GDP?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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How would I do b?
![5. a) Assuming the following were the only goods and services purchased in an economy in a year,
what is GDP?
Product
Quantity
Price
Apples
100
$0.50
Shirts
30
$10.00
Haircuts
20
$3.00
b) Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information,
what is real GDP?
NOV
15
DII
DD
000
000
F10
80
F9
F7
F8
F5
F6
F2
F3
F4
&
$
%
8
9
5
6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9363fbf8-1ca8-4725-9136-263a3c8a662e%2Fc5663333-f74a-4f22-bebd-bfc557a4ce8f%2Fmsbo08q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5. a) Assuming the following were the only goods and services purchased in an economy in a year,
what is GDP?
Product
Quantity
Price
Apples
100
$0.50
Shirts
30
$10.00
Haircuts
20
$3.00
b) Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information,
what is real GDP?
NOV
15
DII
DD
000
000
F10
80
F9
F7
F8
F5
F6
F2
F3
F4
&
$
%
8
9
5
6
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