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.   2011   2012   2013   Product Quantity Price Quantity Price Quantity Price Textbooks 90  $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 2.25 Shirts 50 30 50 25 65 25 Cotton 100 0.80 800 0.60 120 0.70 Please enter only numbers (no commas, dollar signs etc) in the spaces provided. Calculate the nominal GDP for 2011. ____ Calculate the nominal GDP for 2012. ____ Calculate the nominal GDP for 2012. ____ Calculate the real GDP for 2011.

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Chapter1: Making Economics Decisions
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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.

  2011   2012   2013  
Product Quantity Price Quantity Price Quantity Price
Textbooks 90  $50 100 $60 100 $65
Hamburgers 75 2 100 2 120 2.25
Shirts 50 30 50 25 65 25
Cotton 100 0.80 800 0.60 120 0.70

Please enter only numbers (no commas, dollar signs etc) in the spaces provided.

Calculate the nominal GDP for 2011. ____

Calculate the nominal GDP for 2012. ____

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 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 decimal place). _____

Calculate the CPI for 2013 (using 1 decimal 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 Deflator 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). ____%

 

Please note that it is impossible to separate the questions as all are based on the table. Please show me working so I can compare your answers to mine to see if I'm on the right track.

Question 2
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
50
2011
Quantity
Quantity
100
2012
100
50
Price
$60
Price
$50
2
Shirts
30
Cotton
100
0.80 800
0.60
Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided.
• Calculate the nominal GDP for 2011.
• Calculate the nominal GDP for 2012.
• Calculate the nominal GDP for 2013.
• Calculate the real GDP for 2011.
• Calculate the real GDP for 2012.
•
Calculate the real GDP for 2013.
• 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 decimal place).
• Calculate the CPI for 2013 (using 1 decimal 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 deflator 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).
2
25
Quantity
100
2013
120
65
120
Price
$65
2.25
25
0.70
%
%
%
de
%
%
Transcribed Image Text:Question 2 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 50 2011 Quantity Quantity 100 2012 100 50 Price $60 Price $50 2 Shirts 30 Cotton 100 0.80 800 0.60 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. • Calculate the nominal GDP for 2011. • Calculate the nominal GDP for 2012. • Calculate the nominal GDP for 2013. • Calculate the real GDP for 2011. • Calculate the real GDP for 2012. • Calculate the real GDP for 2013. • 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 decimal place). • Calculate the CPI for 2013 (using 1 decimal 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 deflator 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). 2 25 Quantity 100 2013 120 65 120 Price $65 2.25 25 0.70 % % % de % %
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