Section B 3. Calculate the missing information in the table 3.1. Table 3.1 Year Real GDP Nominal GDP GDP Deflator 2013 2700 1890 2014 3600 100 2015 4680 130 4. Consider the following data on Prices and Quantities of T-Shirts and Pajamas. Note: that the GDP Deflator for 2015 is 100 (i.e. the base year) Year Price of T-Shirts Quantity of T-Shirts Price of Pajamas Quantity of Pajamas 2015 $10 120 $12 200 2016 12 300 15 200 2017 14 275 18 180 a. Calculate the Nominal GDP in 2015. b. Calculate the Nominal GDP in 2016. c. Calculate the Real GDP in 2016. d. Calculate the Real GDP in 2017. e. Calculate the growth rate of real GDP between 2016 and 2017. f. Calculate the consumer price index for 2016.

Section B 3. Calculate the missing information in the table 3.1. Table 3.1 Year Real GDP Nominal GDP GDP Deflator 2013 2700 1890 2014 3600 100 2015 4680 130 4. Consider the following data on Prices and Quantities of T-Shirts and Pajamas. Note: that the GDP Deflator for 2015 is 100 (i.e. the base year) Year Price of T-Shirts Quantity of T-Shirts Price of Pajamas Quantity of Pajamas 2015 $10 120 $12 200 2016 12 300 15 200 2017 14 275 18 180 a. Calculate the Nominal GDP in 2015. b. Calculate the Nominal GDP in 2016. c. Calculate the Real GDP in 2016. d. Calculate the Real GDP in 2017. e. Calculate the growth rate of real GDP between 2016 and 2017. f. Calculate the consumer price index for 2016.

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 4CQ

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