ppose the information in the following table is for asimple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the coton is used 2012 Statistics 2020 Statistics 2021 Statistics Quantity Product Quantity Price Quantity Price Price 555.00 $70.00 3.00 Shoes 110 120 120 575.00 Hamburgers Shirts 3.50 25 00 85 3.00 120 135 50 30.00 50 25.00 65 Cofton 12,000 0.09 12.000 0.07 13.000 the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) and the real GOP for 2021 equals S round your answer to the nearest pennyt The (annual) growth rate of real GDP in 2021 is % (Enter your response as a percentage rounded to bwo decimal places)
ppose the information in the following table is for asimple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the coton is used 2012 Statistics 2020 Statistics 2021 Statistics Quantity Product Quantity Price Quantity Price Price 555.00 $70.00 3.00 Shoes 110 120 120 575.00 Hamburgers Shirts 3.50 25 00 85 3.00 120 135 50 30.00 50 25.00 65 Cofton 12,000 0.09 12.000 0.07 13.000 the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) and the real GOP for 2021 equals S round your answer to the nearest pennyt The (annual) growth rate of real GDP in 2021 is % (Enter your response as a percentage rounded to bwo decimal places)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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