Price Quantity 88 boxes Goods/Services Play-Doh Towels Haircuts Hats Quantity 80 boxes Price Price Quantity 91 boxes $8.99/box 75 47 21 $8.49/box $8.50 each $31.50 each 42 $14.99 each 35 $6.99/box $8.90 each $37.50 each $15.99 each $8.25 each 85 80 $28.50 each 43 $14.99 each 25 Notice that everything produced is consumption goods and services. Take 2010 as a base year. Round all the answers to 2 decimals. 1. Calculate the nominal GDP in 2009. 2. Calculate the nominal GDP in 2010. 3. Calculate the nominal GDP in 2011. 4. Calculate the real GDP in 2009. 5. Calculate the real GDP in 2010. 6. Calculate the real GDP in 2011. 7. Calculate the GDP Deflator for 2009. 8. Calculate the GDP Deflator for 2010.

Price Quantity 88 boxes Goods/Services Play-Doh Towels Haircuts Hats Quantity 80 boxes Price Price Quantity 91 boxes $8.99/box 75 47 21 $8.49/box $8.50 each $31.50 each 42 $14.99 each 35 $6.99/box $8.90 each $37.50 each $15.99 each $8.25 each 85 80 $28.50 each 43 $14.99 each 25 Notice that everything produced is consumption goods and services. Take 2010 as a base year. Round all the answers to 2 decimals. 1. Calculate the nominal GDP in 2009. 2. Calculate the nominal GDP in 2010. 3. Calculate the nominal GDP in 2011. 4. Calculate the real GDP in 2009. 5. Calculate the real GDP in 2010. 6. Calculate the real GDP in 2011. 7. Calculate the GDP Deflator for 2009. 8. Calculate the GDP Deflator for 2010.

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter9: Demand-side Equilibrium: Unemployment Or Inflation?

Section: Chapter Questions

Problem 2DQ

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