1) Consider a country in which three goods (A, B, and C) are produced. The following table shows data for prices and quantities produced for two years. Quantities produced Unit prices Q1 Q2 P1 P2 Good A 51 45 10 14 Good B 23 54 10 6 Good C 6 12 10 8 Taking year 1 as the base year, what is the growth rate of real GDP between years 1 and 2? a. 0.75% b. 38.75% c. 14.75% d. 375.5% 2) Consider a country in which three goods (A, B, and C) are produced. The following table shows data for prices and quantities produced for two years. Quantities produced Unit prices Q1 Q2 P1 P2 Good A 51 45 10 14 Good B 23 54 10 6 Good C 6 12 10 8 Using year 1 as the base year, what is the value of the GDP deflator between years 1 and 2? Hint: Remember that the GDP deflator is a way of measuring the aggregate change in prices from one period to another. a. 12.5% b. -25% c. 0% d. 8%
1) Consider a country in which three goods (A, B, and C) are produced. The following table shows data for
|
|
Quantities produced |
Unit prices |
||
|
|
Q1 |
Q2 |
P1 |
P2 |
|
Good A |
51 |
45 |
10 |
14 |
|
Good B |
23 |
54 |
10 |
6 |
|
Good C |
6 |
12 |
10 |
8 |
Taking year 1 as the base year, what is the growth rate of real GDP between years 1 and 2?
| a. |
0.75% |
|
| b. |
38.75% |
|
| c. |
14.75% |
|
| d. |
375.5% |
2)
- Consider a country in which three goods (A, B, and C) are produced. The following table shows data for prices and quantities produced for two years.
|
|
Quantities produced |
Unit prices |
||
|
|
Q1 |
Q2 |
P1 |
P2 |
|
Good A |
51 |
45 |
10 |
14 |
|
Good B |
23 |
54 |
10 |
6 |
|
Good C |
6 |
12 |
10 |
8 |
Using year 1 as the base year, what is the value of the GDP deflator between years 1 and 2? Hint: Remember that the GDP deflator is a way of measuring the aggregate change in prices from one period to another.
| a. |
12.5% |
|
| b. |
-25% |
|
| c. |
0% |
|
| d. |
8% |
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Consider a country in which three goods (A, B, and C) are produced. The following table shows data for prices and quantities produced for two years.
|
|
Quantities produced |
|
Unit prices |
|
|
|
Q1 |
Q2 |
P1 |
P2 |
|
Good A |
51 |
45 |
10 |
14 |
|
Good B |
23 |
54 |
10 |
6 |
|
Good C |
6 |
12 |
10 |
|
Using year 1 as the base year, what is the value of the GDP deflator between years 1 and 2? Hint: Remember that the GDP deflator is a way of measuring the aggregate change in prices from one period to another. Bartleby
by Bartleby Expert2)
- Consider a country in which three goods (A, B, and C) are produced. The following table shows data for
prices and quantities produced for two years.
|
|
Quantities produced |
Unit prices |
||
|
|
Q1 |
Q2 |
P1 |
P2 |
|
Good A |
51 |
45 |
10 |
14 |
|
Good B |
23 |
54 |
10 |
6 |
|
Good C |
6 |
12 |
10 |
8 |
Using year 1 as the base year, what is the value of the GDP deflator between years 1 and 2? Hint: Remember that the GDP deflator is a way of measuring the aggregate change in prices from one period to another.
by Bartleby Expert
