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.
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 | 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
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
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.
Step by step
Solved in 2 steps
