SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Table 8-22 2017 Product Pizzas Quantity Price 120 $12 Haircuts 45 20 Backpacks 210 45 Refer to Table 8-22. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the 1) quantities produced and their corresponding prices for 2017 and 2020 are shown in the table above. Use the information to compute 1) real GDP in the year 2017 and 2020. Assume that 2017 is the base year. Is output higher in 2020 or 2017? Why? Table 8-24 2020 Quantity 100 50 200 Price $10 15 40 2019 $10,000 2020 $15,000 Nominal GDP Real GDP 9,500 10,500 Refer to Table 8-24. Given the following information, calculate the rate of increase in the price level from 2019 to 2020. Use the 2) percent change in the GDP deflator. 2)
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Table 8-22 2017 Product Pizzas Quantity Price 120 $12 Haircuts 45 20 Backpacks 210 45 Refer to Table 8-22. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the 1) quantities produced and their corresponding prices for 2017 and 2020 are shown in the table above. Use the information to compute 1) real GDP in the year 2017 and 2020. Assume that 2017 is the base year. Is output higher in 2020 or 2017? Why? Table 8-24 2020 Quantity 100 50 200 Price $10 15 40 2019 $10,000 2020 $15,000 Nominal GDP Real GDP 9,500 10,500 Refer to Table 8-24. Given the following information, calculate the rate of increase in the price level from 2019 to 2020. Use the 2) percent change in the GDP deflator. 2)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
f3.
Subject
Economics
Transcribed Image Text:SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
Table 8-22
2017
Table 8-24
2020
Quantity
100
50
200
Product
Quantity
Pizzas
120
Haircuts
45
Backpacks
210
Refer to Table 8-22. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the
1) quantities produced and their corresponding prices for 2017 and 2020 are shown in the table above. Use the information to compute 1)
real GDP in the year 2017 and 2020. Assume that 2017 is the base year. Is output higher in 2020 or 2017? Why?
Price
$10
15
40
Price
$12
20
45
2019
$10,000
2020
$15,000
Nominal GDP
Real GDP
9,500
10,500
2)
Refer to Table 8-24. Given the following information, calculate the rate of increase in the price level from 2019 to 2020. Use the
percent change in the GDP deflator.
2)
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