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 $55.00 3.00 40.00 0.09 110 85 70 12,000 2020 Statistics Quantity 120 120 60 12,000 a. If the base year is the year 2012, then real GDP for 2020 equals $ GDP for 2021 equals $ (round your answer to the nearest penny). 2021 Statistics Quantity Price $75.00 3.50 35.00 0.08 Price $70.00 120 3.00 135 35.00 85 0.07 13,000 (round your answer to the nearest penny) and the real 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 $55.00 3.00 40.00 0.09 110 85 70 12,000 2020 Statistics Quantity 120 120 60 12,000 a. If the base year is the year 2012, then real GDP for 2020 equals $ GDP for 2021 equals $ (round your answer to the nearest penny). 2021 Statistics Quantity Price $75.00 3.50 35.00 0.08 Price $70.00 120 3.00 135 35.00 85 0.07 13,000 (round your answer to the nearest penny) and the real b. The (annual) growth rate of real GDP in 2021 is%. (Enter your response as a percentage rounded to two decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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7
Transcribed Image Text: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
110
85
70
12,000
Price
$55.00
3.00
2020 Statistics
Quantity
120
120
60
40.00
0.09 12,000
a. If the base year is the year 2012, then real GDP for 2020 equals $
GDP for 2021 equals $ (round your answer to the nearest penny).
Price
$70.00
3.00
35.00
0.07
2021 Statistics
Quantity
Price
$75.00
3.50
35.00
0.08
120
135
85
13,000
(round your answer to the nearest penny) and the real
b. The (annual) growth rate of real GDP in 2021 is%. (Enter your response as a percentage rounded to two
decimal places.)
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