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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 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). % %

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). % %

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 2011 Quantity Price Quantity $50 100 100 50 12 Product Quantity Price Textbooks 90 $65 Hamburgers 75 2.25 Shirts 50 30 25 Cotton 100 0.80 0.60 0.70 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. 800 • Calculate the real GDP for 2012. • Calculate the real GDP for 2013. 2012 Price $60 12 25 100 120 2013 65 120 • 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). % %
Transcribed Image Text: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 Quantity Price Quantity $50 100 100 50 12 Product Quantity Price Textbooks 90 $65 Hamburgers 75 2.25 Shirts 50 30 25 Cotton 100 0.80 0.60 0.70 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. 800 • Calculate the real GDP for 2012. • Calculate the real GDP for 2013. 2012 Price $60 12 25 100 120 2013 65 120 • 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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