Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton.Base Year 2011ProductTextbooks90Hamburgers 75ShirtsCottonQuantity Price Quantity$502300.8020115010010010050800Calculate the nominal GDP for 2011.• Calculate the nominal GDP for 2012.• Calculate the real GDP for 2011.• Calculate the real GDP for 2012.• Calculate the real GDP for 2013.• Calculate the nominal GDP for 2013.2012Price$602250.60Quantity100120201365120Price$652.25250.70• Calculate the growth rate in real GDP for 2012. (using 1 decimal place• Calculate the growth rate in real GDP for 2013. (using 1 decimal place• Calculate the cost of the market basket for 2011 (using 1 decimal place).• Calculate the cost of the market basket for 2012 (using 1 decimal place).• Calculate the cost of the market basket for 2013 (using 1 decimal place).• Calculate the CPI for 2012 (using 1 decimall place).Calculate the CPI for 2013 (using 1 decimall place).• Calculate the inflation rate for 2012 using the CPI (using 1 decimal place).• Calculate the inflation rate for 2013 using the CPI (using 1 decimal place).• Calculate the GDP defilator for 2012.Calculate the GDP deflator for 2013 (using 1 decimal place).• Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place).• Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimal place).9619696

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Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 Product Textbooks 90 Hamburgers 75 Shirts Cotton Quantity Price Quantity $50 2 30 0.80 2011 50 100 100 100 50 800 Calculate the nominal GDP for 2011. • Calculate the nominal GDP for 2012. Calculate the nominal GDP for 2013. 2012 Price $60 2 25 0.60 Quantity 100 120 2013 65 120 Price $65 2.25 25 0.70

Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 Product Textbooks 90 Hamburgers 75 Shirts Cotton Quantity Price Quantity $50 2 30 0.80 2011 50 100 100 100 50 800 Calculate the nominal GDP for 2011. • Calculate the nominal GDP for 2012. Calculate the nominal GDP for 2013. 2012 Price $60 2 25 0.60 Quantity 100 120 2013 65 120 Price $65 2.25 25 0.70

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter23: Measuring A Nation's Income

Section: Chapter Questions

Problem 4PA

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The following table shows the outputs and prices of three products A, B and C by a small economy in 2019, 2020 and 2021. 2019 2020 2021 Product price qty price qty price qty A $4 50 $5 55 $6 60 B $3 40 $5 42 $8 45 C $2 20 $3 25 $4 28 (A) Compute the nominal GDP, the real GDP and the GDP deflator in 2020 and 2021, taking 2019 as the base year. Using the GDP deflator, measure the inflation rate in the economy between 2019 and 2020, and also between 2020 and 2021. (B) A typical household consumes 3 units of A, 3 units of B and 2 units of C in 2019. Using 2019 as the base year, compute the CPI for 2020 and 2021 and the inflation rate between 2019 and 2020, and also between 2020 and 2021. Are the inflation rates computed from (b) the same as those computed from (a)? Why?
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