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. Tear 2015 2016 Quantities Laptops Books 1,000 Laptops 90 Books - 7 Produced 50 Price (5) Laptops Books-7 200 Laptops 170 Books B 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. n. 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 $15,000 in 2015, the price of books was: $[ b. Using your answer from part (a), if the growth rate in nominal GDP was 15%, Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: books must have been produced in 2016.
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. Tear 2015 2016 Quantities Laptops Books 1,000 Laptops 90 Books - 7 Produced 50 Price (5) Laptops Books-7 200 Laptops 170 Books B 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. n. 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 $15,000 in 2015, the price of books was: $[ b. Using your answer from part (a), if the growth rate in nominal GDP was 15%, Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: books must have been produced in 2016.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
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![Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for
2015 and 2016 are shown in the table below.
Year
2015
2016
Quantities Produced
Laptops 50
Books 1,000
Laptops 90
Books ?
Price ($)
Laptopa
Books 7
Laptops 170
Books B
200
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 $15,000 in 2015, the price of books was: $[
b. Using your answer from part (a), if the growth rate in nominal GDP was 15% | books must have been produced in 2016.
Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was:
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0eb03798-68ea-49c2-9fab-df3324894e0a%2Ff690063f-236b-4e15-bbaa-cd768eeffff9%2F9v8ltah_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for
2015 and 2016 are shown in the table below.
Year
2015
2016
Quantities Produced
Laptops 50
Books 1,000
Laptops 90
Books ?
Price ($)
Laptopa
Books 7
Laptops 170
Books B
200
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 $15,000 in 2015, the price of books was: $[
b. Using your answer from part (a), if the growth rate in nominal GDP was 15% | books must have been produced in 2016.
Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was:
%
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