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Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 2816 Quantities Produced Laptops 50 Books = 1,000 Laptops = 90 Books = ? Price (5) Laptops = 250 Books => Laptops 150 Books = 10 Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round your answer to one decimal place. a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015. If the real GDP in Britain was $20,000 in 2015, the price of books was: $ 7.50 1000 books must have been produced in 2016. b. Using your answer from part (a), if the growth rate in nominal GDP was 10%, c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: 38.33%

Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 2816 Quantities Produced Laptops 50 Books = 1,000 Laptops = 90 Books = ? Price (5) Laptops = 250 Books => Laptops 150 Books = 10 Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round your answer to one decimal place. a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015. If the real GDP in Britain was $20,000 in 2015, the price of books was: $ 7.50 1000 books must have been produced in 2016. b. Using your answer from part (a), if the growth rate in nominal GDP was 10%, c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: 38.33%

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 2016 Quantities Produced Laptops = 5e Books = 1,000 Laptops = 90 Books = ? Price ($) Laptops = 250 Books = ? Laptops = 150 Books = 10 Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round your answer to one decimal place. a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015. If the real GDP in Britain was $20,000 in 2015, the price of books was: $ b. Using your answer from part (a), if the growth rate in nominal GDP was 10%, c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: 7.50 1000 books must have been produced in 2016. 38.33 %.
Transcribed Image Text:Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 2016 Quantities Produced Laptops = 5e Books = 1,000 Laptops = 90 Books = ? Price ($) Laptops = 250 Books = ? Laptops = 150 Books = 10 Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round your answer to one decimal place. a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015. If the real GDP in Britain was $20,000 in 2015, the price of books was: $ b. Using your answer from part (a), if the growth rate in nominal GDP was 10%, c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: 7.50 1000 books must have been produced in 2016. 38.33 %.
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