for year 2 are given in the table below: P₁ 9 9 Year 1 Q₁ 100 200 W₁ 40 40 P₂ 11 11 Year 2 Q₂ 100 230 W₂ 40 50 Haircuts Banking Nominal GDP in year 1 is $ (Enter your response to the nearest dollar.) Nominal GDP in year 2 is $ (Enter your response to the nearest dollar.) Using year 1 prices, real GDP in year 2 is $. (Enter your response to the nearest dollar.) The growth rate of real GDP is%. (Round your response to two decimal places.) The rate of inflation using the GDP deflator is%. (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 1 is $ (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 2 is $ (Round your response to two decimal places.) The growth rate of labor productivity between year 1 and year 2 for the whole economy is%. (Round your response to two decimal places and include a minus sign

for year 2 are given in the table below: P₁ 9 9 Year 1 Q₁ 100 200 W₁ 40 40 P₂ 11 11 Year 2 Q₂ 100 230 W₂ 40 50 Haircuts Banking Nominal GDP in year 1 is $ (Enter your response to the nearest dollar.) Nominal GDP in year 2 is $ (Enter your response to the nearest dollar.) Using year 1 prices, real GDP in year 2 is $. (Enter your response to the nearest dollar.) The growth rate of real GDP is%. (Round your response to two decimal places.) The rate of inflation using the GDP deflator is%. (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 1 is $ (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 2 is $ (Round your response to two decimal places.) The growth rate of labor productivity between year 1 and year 2 for the whole economy is%. (Round your response to two decimal places and include a minus sign

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

Don’t need explanation

Suppose that there are only two goods produced in an economy: haircuts and banking services. Prices, quantities, and the number of workers occupied in the product
for year 2 are given in the table below:
Haircuts
Banking
(Enter your response to the nearest dollar.)
(Enter your response to the nearest dollar.)
Nominal GDP in year 1 is $
Nominal GDP in year 2 is $
Using year 1 prices, real GDP in year 2 is $
P₁
9
9
Year 1
Q₁
100
200
W₁
40
40
P₂
11
11
Year 2
Q₂
100
230
W₂
40
50
(Enter your response to the nearest dollar.)
The growth rate of real GDP is %. (Round your response to two decimal places.)
The rate of inflation using the GDP deflator is%. (Round your response to two decimal places.)
(Round your response to two decimal places.)
Using year 1 prices, real GDP per worker in year 1 is $
Using year 1 prices, real GDP per worker in year 2 is $
(Round your response to two decimal places.)
The growth rate of labor productivity between year 1 and year 2 for the whole economy is%. (Round your response to two decimal places and include a minus sign if
Time Remaining: 0-

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