Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2012 Statistics Quantity Price $60.00 2020 Statistics Quantity 100 110 55 10,000 2.50 30.00 0.08 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). 90 80 60 11,000 2021 Statistics Price Quantity 100 $65.00 125 2.75 75 30.00 11,000 0.07 Price $50.00 2.50 35.00 0.09 a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2012 Statistics Quantity Price $60.00 2020 Statistics Quantity 100 110 55 10,000 2.50 30.00 0.08 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). 90 80 60 11,000 2021 Statistics Price Quantity 100 $65.00 125 2.75 75 30.00 11,000 0.07 Price $50.00 2.50 35.00 0.09 a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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i need help with this macro econmics question 4
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The country of Old Jersey produces milk and butter, and it has published the following macroeconomic data, where quantities are in gallons and prices are dollars per gallon. Year 1 Year 2 Good Quantity Price Quantity Price Milk 500 $2 900 $3 Butter 2000 $1 3000 $2 Between Year 1 and Year 2, the GDP deflator (based on Year 1 as a base year) rose Select one: a. 123.00%. b. 83.33%. c. 60.00%. d. 81.25%.