Data for 2019 (Base Year) Data for 2020 Quantity Price Quantity Price Potato 600 2.50 680 3.00 Rice 840 2.00 800 2.80 Computers 500 850 450 950 Cars 300 15,000 200 18,000 Calculate Nominal GDP for 2019 and 2020. Calculate Real GDP for 2019 and 2020 Calculate the GDP Deflator

Data for 2019 (Base Year) Data for 2020 Quantity Price Quantity Price Potato 600 2.50 680 3.00 Rice 840 2.00 800 2.80 Computers 500 850 450 950 Cars 300 15,000 200 18,000 Calculate Nominal GDP for 2019 and 2020. Calculate Real GDP for 2019 and 2020 Calculate the GDP Deflator

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 2QP

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Question

	Data for 2019 (Base Year)	Data for 2020
	Quantity	Price	Quantity	Price
Potato	600	2.50	680	3.00
Rice	840	2.00	800	2.80
Computers	500	850	450	950
Cars	300	15,000	200	18,000

Calculate Nominal GDP for 2019 and 2020.

Calculate Real GDP for 2019 and 2020

Calculate the GDP Deflator

Identify 2 possible exclusions to GDP and discuss why they have to be excluded.

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Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your research has uncovered the following data: Price of Crude Oil $ 80 90 100 110 GDP 17.0 16.9 16.8 16.7 #of New Mustaches Grown Price of Gasoline $2.75 3.00 3.25 3.50 3,000 2,000 5,000 1,000 Your client has asked you to plot GDP and gasoline prices on a graph. 1.) Using the multipoint curve drawing tool, plot GDP against gasoline prices on the graph to the right. Carefully follow the instructions above and only draw the required object. Click to enlarge graph Came Gasoline Prices ($per Galon) 3.75 3.50- 3.25 3.00- 2.75 2.50+ 16,5 16.9 GOP Q 16.7 17.1 17.3 After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.
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