Microsoft Word - (2)p macro HW 1B AaBbCc AaBbCAaBbCcDc AaBbCcDc2 ulgi1 ülauebloutProductionYear 1Good X 50Good Y 100Pricesear!$1.20S0.60Year 2Year 3Year 1$1.00S0.60Year3S1.2050601401201-Assume that this economy produces onlytwo goods Good Xand Good Y. Thevalue for this economy's nominal GDP in year lis2- Assume that this economy produces only two goods Good l'and Good Y Thevalue for this economy'snominal GDP in year 3 is3-Assume that this economy produces only two goods Good l'and Good Y Thevalue for this economy s nominal GDP in yea4-Assume that this econonmy produces onlyt1 is the base year. the value for this economy sreland Good Y If year5-Assume that this economy produces only two goods Good land Good Y If year1 is the base vear. the value for this economy's GDP deflator in vear 1 is6- Assume that this economy produces only two goods Good.I and Good Y If year1 is the base year. the value for this economy's GDP deflator in year 2 is7- Assume that this economy produces only two goods Good.I and Good Y. If year2 is the base year, the value for this economy's real GDP in year 3 is( olu

Nominal GDP measures value of goods and services using current level of prices whereas real GDP uses…

Production Prices Year 2 $1.20 S0.60 Year 2 Year 1 X 50 Y 100 Year 3 60 Year 1 $1.00 $(,60 Year 3 S1.20 SL00 50 120 140 ssume that this economy produces only two goods Good X and Good Y. The ne for this economy's nominal GDP in year 1 is Assume that this economy produces only two goods Good ľand Good Y. The ne for this economy's nominal GDP in year 3 is Assume that this economy produces only two goods Good l'and Good Y. The ue for this economy snominal GDP in yeai 2 Assume that this econonmy produces onlytwo goods Good Tamd Good Y. If vear is the base vear. the value for this economysreal CDP in year 2 is - Assume that this econonmy produces onlytwo goods Good Iand Good Y. Ifyear is the base year. the value for this economy's GDP deflator in vear 1 is -- Assume that this economy produces only two goods Good I'and Good Y. If year is the base year. the value for this economy's GDP deflator in vear 2 is 7-Assume that this economy produces only two goods Good.Vand Good Y. If year 2 is the base year, the value for this economy's real GDP in year 3 is

Production Prices Year 2 $1.20 S0.60 Year 2 Year 1 X 50 Y 100 Year 3 60 Year 1 $1.00 $(,60 Year 3 S1.20 SL00 50 120 140 ssume that this economy produces only two goods Good X and Good Y. The ne for this economy's nominal GDP in year 1 is Assume that this economy produces only two goods Good ľand Good Y. The ne for this economy's nominal GDP in year 3 is Assume that this economy produces only two goods Good l'and Good Y. The ue for this economy snominal GDP in yeai 2 Assume that this econonmy produces onlytwo goods Good Tamd Good Y. If vear is the base vear. the value for this economysreal CDP in year 2 is - Assume that this econonmy produces onlytwo goods Good Iand Good Y. Ifyear is the base year. the value for this economy's GDP deflator in vear 1 is -- Assume that this economy produces only two goods Good I'and Good Y. If year is the base year. the value for this economy's GDP deflator in vear 2 is 7-Assume that this economy produces only two goods Good.Vand Good Y. If year 2 is the base year, the value for this economy's real GDP in year 3 is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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