a. Complete the table below. 123456789101112 201820192020ltemQty2018 PricesNominal GDPQty2019 PricesNominal GDPReal GDPQty2020 PricesNominal GDPReal GDPPizzas32$8$ 36$9$ $ 40$10$ $ Movie tickets226 248 268 Farm tractors4105 595 6110 Parking meters640 750 460 Totals b. The value of nominal GDP in 2018 is $, in 2019 is $, and in 2020 is $. c. The value of real GDP in 2018 is $, in 2019 is $, and in 2020 is $. d. The value of the GDP deflator in 2018 is, in 2019 is, and in 2020 is. Answer to one decimal place. e. The inflation rate (using the GDP deflator) in 2019 is % and 2020 is %. Answer to one decimal place.

a. Complete the table below. 123456789101112 201820192020ltemQty2018 PricesNominal GDPQty2019 PricesNominal GDPReal GDPQty2020 PricesNominal GDPReal GDPPizzas32$8$ 36$9$ $ 40$10$ $ Movie tickets226 248 268 Farm tractors4105 595 6110 Parking meters640 750 460 Totals b. The value of nominal GDP in 2018 is $, in 2019 is $, and in 2020 is $. c. The value of real GDP in 2018 is $, in 2019 is $, and in 2020 is $. d. The value of the GDP deflator in 2018 is, in 2019 is, and in 2020 is. Answer to one decimal place. e. The inflation rate (using the GDP deflator) in 2019 is % and 2020 is %. Answer to one decimal place.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The data in the table below show the total output (a
mixture of consumer, capital, and government services)
and the prices of each product for the distant country of
Vindaloo. (All figures are in billions and the base year is
2018.)
a. Complete the table below.
123456789101112
PricesNominal GDPQty2019
PricesNominal GDPReal GDPQty2020
Prices Nominal GDPReal GDPPizzas32$8$ 36$9$ $ 40$10$
$ Movie tickets226 248 268 Farm tractors4105
595 6110 Parking meters640 750 460 Totals
201820192020ltemQty2018
b. The value of nominal GDP in 2018 is $, in 2019 is $,
and in 2020 is $.
c. The value of real GDP in 2018 is $, in 2019 is $, and in
2020 is $.
d. The value of the GDP deflator in 2018 is, in 2019 is,
and in 2020 is. Answer to one decimal place.
e. The inflation rate (using the GDP deflator) in 2019 is %
and 2020 is %. Answer to one decimal place.
f. Suppose that the representative consumer in Vindaloo
buys 5 units of each consumer good.
In this case the cost of the bundle in 2018 is $, in 2019
is $, and in 2020 is $.
g. Converting the cost of each bundle into a consumer
price index and using 2018 as the base year, what is the
value of index in each year?
The value of the index in 2018 is, in 2019 is and in
2020 is. Answer to one decimal place.

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