Question 2Suppose 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 75502011Quantity Price Quantity$50230• Calculate the nominal GDP for 2012.100• Calculate the nominal GDP for 2013.• Calculate the real GDP for 2011.• Calculate the real GDP for 2012.100Shirts50Cotton1000.80 800Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided.• Calculate the nominal GDP for 2011.• Calculate the real GDP for 2013.2012Price$6012250.60Quantity Price$652.25251001202013651200.70• 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 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).%%%

Nominal GDP is the product of current year price and current year quantity. Nominal GDP takes into…

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 Price Quantity Price $50 $60 2 2 30 25 100 100 50 • Calculate the nominal GDP for 2011. 2012 • Calculate the nominal GDP for 2012. ● Calculate the nominal GDP for 2013. Shirts Cotton 100 0.80 800 120 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. 0.60 Quantity Price $65 2.25 25 100 120 2013 165 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 50 2011 Quantity Price Quantity Price $50 $60 2 2 30 25 100 100 50 • Calculate the nominal GDP for 2011. 2012 • Calculate the nominal GDP for 2012. ● Calculate the nominal GDP for 2013. Shirts Cotton 100 0.80 800 120 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. 0.60 Quantity Price $65 2.25 25 100 120 2013 165 0.70

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 5SQ

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