Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period. Year Apples Muffins Price Quantity Price Quantity (Dollars per apple) (Number of apples) (Dollars per muffin) (Number of muffins) 2018 1 110 2 150 2019 2 155 4 215 2020 3 120 4 180 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2018, dollars) 2018 2019 2020
Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period. Year Apples Muffins Price Quantity Price Quantity (Dollars per apple) (Number of apples) (Dollars per muffin) (Number of muffins) 2018 1 110 2 150 2019 2 155 4 215 2020 3 120 4 180 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2018, dollars) 2018 2019 2020
ChapterA: Working With Diagrams
Section: Chapter Questions
Problem 1QP
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Question
Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period.
Year
|
Apples
|
Muffins
|
||
---|---|---|---|---|
Price
|
Quantity
|
Price
|
Quantity
|
|
(Dollars per apple)
|
(Number of apples)
|
(Dollars per muffin)
|
(Number of muffins)
|
|
2018 | 1 | 110 | 2 | 150 |
2019 | 2 | 155 | 4 | 215 |
2020 | 3 | 120 | 4 | 180 |
Use the information from the preceding table to fill in the following table.
Year
|
Nominal
|
Real GDP
|
GDP Deflator
|
---|---|---|---|
(Dollars)
|
(Base year 2018, dollars)
|
||
2018 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
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