An economy produces three goods: A, B and C. Quantities (Q) and prices (P) per unit for years 2010, 2011 and 2012 are as follows: A B с 2010 2011 2012 P 2 3 4 Q 275 225 275 P 3 4 6 Q 375 375 275 b. Real GDP in 2011 c. Percentage change in real GDP from 2011 to 2012 P 4 5 7 Q 475 450 520 a. What is nominal GDP in 2012? b. Using the prices for 2012 as the set of common prices, what is real GDP in 2011? c. Using the prices for 2012 as the set of common prices, by what percentage does real GDP change from 2011 to 20127 Nominal GDP in 2012 1. 6300 16285 I.3.15% N. 4.28% V. 2.16% VI. 6275 VIL 6390 VIII, 6210 I 1.43%

An economy produces three goods: A, B and C. Quantities (Q) and prices (P) per unit for years 2010, 2011 and 2012 are as follows: A B с 2010 2011 2012 P 2 3 4 Q 275 225 275 P 3 4 6 Q 375 375 275 b. Real GDP in 2011 c. Percentage change in real GDP from 2011 to 2012 P 4 5 7 Q 475 450 520 a. What is nominal GDP in 2012? b. Using the prices for 2012 as the set of common prices, what is real GDP in 2011? c. Using the prices for 2012 as the set of common prices, by what percentage does real GDP change from 2011 to 20127 Nominal GDP in 2012 1. 6300 16285 I.3.15% N. 4.28% V. 2.16% VI. 6275 VIL 6390 VIII, 6210 I 1.43%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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