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 2011 Product Quantity Price Textbooks 90 $50 Hamburgers 75 2 120 Shirts 50 30 25 65 Cotton 100 0.80 800 0.60 120 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. • Calculate the nominal GDP for 2011. • Calculate the real GDP for 2011. Quantity • Calculate the nominal GDP for 2012. • Calculate the real GDP for 2012. 100 • Calculate the nominal GDP for 2013. • Calculate the real GDP for 2013. 100 50 2012 Price $60 12 2013 Quantity Price $65 100 2.25 25 0.70 • 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). % %

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