Questions 7, 8, 9, 10 and 11 Calculate the nominal GDP for 2011.Calculate the nominal GDP for 2012.Calculate the nominal GDP for 2013.• Calculate the real GDP for 2011.• Calculate the real GDP for 2012.Calculate the real GDP for 2013.• Calculate the growth rate in real GDP for 2012. (using 1 decimal place• Calculate the growth rate in real GDP for 2013. (using 1 decimal place• Calculate the cost of the market basket for 2011 (using 1 decimal place).Calculate the cost of the market basket for 2012 (using 1 decimal place).• Calculate the cost of the market basket for 2013 (using 1 decimal place).• Calculate the CPI for 2012 (using 1 decimal place).• Calculate the CPI for 2013 (using 1 decimal place).• Calculate the inflation rate for 2012 using the CPI (using 1 decimal place).Calculate the inflation rate for 2013 using the CPI (using 1 decimal place).. Calculate the GDP deflator for 2012.• Calculate the GDP deflator for 2013 (using 1 decimal place).• Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place).• Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimal place).%%%%%of Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton.Base Year 2011ProductTextbooksHamburgersShirtsCottonQuantity Price190755020111002012Quantity Price$602$50 100210030500.80800250.602013Quantity10012065120Price$652.25250.70

Dear student as you have posted multipart question, we are supposed to do only the first three…

• Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place • Calculate the cost of the market basket for 2011 (using 1 decimal place). % %

• Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place • Calculate the cost of the market basket for 2011 (using 1 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

Questions 7, 8, 9, 10 and 11

Calculate the nominal GDP for 2011.
Calculate the nominal GDP for 2012.
Calculate the nominal GDP for 2013.
• Calculate the real GDP for 2011.
• Calculate the real GDP for 2012.
Calculate the real GDP for 2013.
• Calculate the growth rate in real GDP for 2012. (using 1 decimal place
• Calculate the growth rate in real GDP for 2013. (using 1 decimal place
• Calculate the cost of the market basket for 2011 (using 1 decimal place).
Calculate the cost of the market basket for 2012 (using 1 decimal place).
• Calculate the cost of the market basket for 2013 (using 1 decimal place).
• Calculate the CPI for 2012 (using 1 decimal place).
• Calculate the CPI for 2013 (using 1 decimal place).
• Calculate the inflation rate for 2012 using the CPI (using 1 decimal place).
Calculate the inflation rate for 2013 using the CPI (using 1 decimal place).
. Calculate the GDP deflator for 2012.
• Calculate the GDP deflator for 2013 (using 1 decimal place).
• Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place).
• Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimal place).
%
%
%
%
%
of

Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton.
Base Year 2011
Product
Textbooks
Hamburgers
Shirts
Cotton
Quantity Price
190
75
50
2011
100
2012
Quantity Price
$60
2
$50 100
2
100
30
50
0.80
800
25
0.60
2013
Quantity
100
120
65
120
Price
$65
2.25
25
0.70

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