Q18. Consider the following data for Tyrovia, a country that produces only two products: guns and butter. Year Guns Produced Price of Guns Butter Produced | Price of Butter 2005 80 $5 40 $4 2013 | 90 6 60 10 4 (1) Nominal GDP for Tyrovia in 2013 equals (2) Real GDP for Tyrovia for 2013 using 2005 as the base year equals (3) GDP deflator in 2013 using 2005 as the base year equals

Q18. Consider the following data for Tyrovia, a country that produces only two products: guns and butter. Year Guns Produced Price of Guns Butter Produced | Price of Butter 2005 80 $5 40 $4 2013 | 90 6 60 10 4 (1) Nominal GDP for Tyrovia in 2013 equals (2) Real GDP for Tyrovia for 2013 using 2005 as the base year equals (3) GDP deflator in 2013 using 2005 as the base year equals

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Q18. Consider the following data for Tyrovia, a country that produces only two products:
guns and butter.
Year Guns Produced Price of Guns
Butter Produced Price of Butter
2005 80
$5
40
$4
2013 90
6
60
10
4
(1) Nominal GDP for Tyrovia in 2013 equals
(2) Real GDP for Tyrovia for 2013 using 2005 as the base year equals
(3) GDP deflator in 2013 using 2005 as the base year equals

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