Answered: Nominal GDP in 2011 was $... and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:

	2011		2012
	Quantity	Price	Quanity	Price
T-Shirts	90	$25	108	$25
Red Bull (cans)	510	$2	510	$3
Pizza (slices)	980	$3	900	$6

Nominal GDP in 2011 was $... and nominal GDP in 2012 was $.....

(Enter your responses as integers.)

If 2011 is the base year, real GDP in 2011 was $.... and real GDP in 2012 was

$......

(Enter your responses as integers.)

Based on your answer above, the percentage change in real GDP between 2011 and 2012 was...... percent.

(Round your response to two decimal places and use a minus sign if necessary.)

If 2012 is the base year, real GDP in 2011 was $..... and real GDP in 2012 was $.....

(Enter your responses as integers.)

Based on your answer above, the percentage change in real GDP between 2011 and 2012 was..... percent.

(Round your response to two decimal places and use a minus sign if

necessary.)

Using 2011 as the base year, the GDP deflator in 2011 was ..... and the GDP deflator in 2012 was ......

(Round your responses to one decimal place.)

Based on your answer above, the percentage change in prices between 2011 and 2012 was..... percent.

(Round your responses to one decimal place and use a minus sign if

necessary.)

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