Suppose that an economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2019 and 2020 are shown in the table below: Price ($) Laptops = 220 Books Laptops = 200 Year Quantities produced Laptops = 60 2019 Books = 1200 ? %3D Laptops = 100 2020 Books = ? Books = 8 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2019, so that real GDP in 2019 equals nominal GDP in 2019. If the real GDP was $18,000 in 2019, the price of books must have been $ Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 15 percent, have been produced. books must Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2019 and 2020 was ]percent.

Suppose that an economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2019 and 2020 are shown in the table below: Price ($) Laptops = 220 Books Laptops = 200 Year Quantities produced Laptops = 60 2019 Books = 1200 ? %3D Laptops = 100 2020 Books = ? Books = 8 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2019, so that real GDP in 2019 equals nominal GDP in 2019. If the real GDP was $18,000 in 2019, the price of books must have been $ Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 15 percent, have been produced. books must Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2019 and 2020 was ]percent.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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To answer Questions #1 through #4 use the following information: Suppose that in the nation state of Raleighville there are 2 final goods produced in the economy - dog food and kitten chow. Suppose the economy produces 15 units of dog food and 5 units of kitten chow in 2000 (the base year), and 20 units of dog food and 10 units of kitten chow in 2020. Further suppose the price of dog food was $1.00 per unit in 2000, and $3.00 per unit in 2020; whereas the price of kitten chow was $1.00 in 2000 and $2.50 in 2020. What was the real GDP for Raleighville in 2000? O a. $20.00 O b. $30.00 O c. $57.50 O d. $85.00 Next page
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