b. The (annual) growth rate of real GDP in2021 is -_%. (Enter your response as apercentage rounded to two decimal) Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts.2020 Statistics2021 StatisticsQuantity2012 StatisticsProductQuantityPriceQuantityPricePrice$50.00$65.00ShoesHamburgersShirtsCotton$60.002.0090100100100752.0030.000.091202.25505025.006525.0011,00010,0000.0811,0000.07a. If the base year is the year 2012, then real GDP for 2020 equals $ 6700 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).

The gross domestic product(GDP) is defined as the market value of all the final commodities produced…

Answered: b. The (annual) growth rate of real GDP…

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b. The (annual) growth rate of real GDP in 2021 is ___%. (Enter your response as a percentage rounded to two decimal)

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

b. The (annual) growth rate of real GDP in
2021 is -_%. (Enter your response as a
percentage rounded to two decimal)

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts.
2020 Statistics
2021 Statistics
Quantity
2012 Statistics
Product
Quantity
Price
Quantity
Price
Price
$50.00
$65.00
Shoes
Hamburgers
Shirts
Cotton
$60.00
2.00
90
100
100
100
75
2.00
30.00
0.09
120
2.25
50
50
25.00
65
25.00
11,000
10,000
0.08
11,000
0.07
a. If the base year is the year 2012, then real GDP for 2020 equals $ 6700 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).

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