Calculating Real GDP, Price Indices, and Inflation. Using the data from the table below, answer the following questions: Quantities Produced 2011 2012 CDs 105 125 Tennis Rackets 210 220 Price per CD $21 $25 Prices Price per Tennis Racket $105 $125 Real GDP in 2011 using 2011 prices is $24255. (Enter your response as an integer.) Real GDP in 2012 using 2011 prices is $25725 (Enter your response as an integer.) Real GDP grew by 6.06 percent. (Enter your response as a percentage rounded to two decimal places.) The price index for GDP (GDP Deflator) for 2012 using 2011 as the base year is (Enter your response rounded to two decimal places.)
Calculating Real GDP, Price Indices, and Inflation. Using the data from the table below, answer the following questions: Quantities Produced 2011 2012 CDs 105 125 Tennis Rackets 210 220 Price per CD $21 $25 Prices Price per Tennis Racket $105 $125 Real GDP in 2011 using 2011 prices is $24255. (Enter your response as an integer.) Real GDP in 2012 using 2011 prices is $25725 (Enter your response as an integer.) Real GDP grew by 6.06 percent. (Enter your response as a percentage rounded to two decimal places.) The price index for GDP (GDP Deflator) for 2012 using 2011 as the base year is (Enter your response rounded to two decimal places.)
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter13: Measuring The Economy's Performance
Section: Chapter Questions
Problem 22AA
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![Calculating Real GDP, Price Indices, and Inflation. Using the data from the table below, answer the following questions:
Quantities Produced
2011
2012
CDs
105
125
Tennis Rackets
210
220
Real GDP in 2011 using 2011 prices is $24255. (Enter your response as an integer.)
Real GDP in 2012 using 2011 prices is $25725. (Enter your response as an integer.)
Real GDP grew by 6.06 percent. (Enter your response as a percentage rounded to two decimal places.)
The price index for GDP (GDP Deflator) for 2012 using 2011 as the base year is
Price per CD
$21
$25
Prices
Price per Tennis Racket
$105
$125
(Enter your response rounded to two decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2ce4750-a6e0-46a4-8c35-7d5957357c05%2F4e545acb-df55-46da-97e6-90c70ea2ee51%2Fbbrk5ib_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Calculating Real GDP, Price Indices, and Inflation. Using the data from the table below, answer the following questions:
Quantities Produced
2011
2012
CDs
105
125
Tennis Rackets
210
220
Real GDP in 2011 using 2011 prices is $24255. (Enter your response as an integer.)
Real GDP in 2012 using 2011 prices is $25725. (Enter your response as an integer.)
Real GDP grew by 6.06 percent. (Enter your response as a percentage rounded to two decimal places.)
The price index for GDP (GDP Deflator) for 2012 using 2011 as the base year is
Price per CD
$21
$25
Prices
Price per Tennis Racket
$105
$125
(Enter your response rounded to two decimal places.)
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