The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table 2012 T-Shirts Red Bull (cans) Pizza (slices) 2011 Quantity Price $25 100 530 $1 970 $3 Quantity 120 530 890 Nominal GDP in 2011 was $ and nominal GOP in 2012 was $ (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was If 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your answer above, the percentage change in prices between 2011 and 2012 was Price $25 $2 $6 percent. (Round your response to two decimal places and use a minus sign if necessary.) percent. (Round your response to two decimal places and use a minus sign if necessary) (Round your responses to one decimal place.) percent. (Round your responses to one decimal place and use a minus sign if necessary.)
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table 2012 T-Shirts Red Bull (cans) Pizza (slices) 2011 Quantity Price $25 100 530 $1 970 $3 Quantity 120 530 890 Nominal GDP in 2011 was $ and nominal GOP in 2012 was $ (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was If 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your answer above, the percentage change in prices between 2011 and 2012 was Price $25 $2 $6 percent. (Round your response to two decimal places and use a minus sign if necessary.) percent. (Round your response to two decimal places and use a minus sign if necessary) (Round your responses to one decimal place.) percent. (Round your responses to one decimal place and use a minus sign if necessary.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:
2011
2012
T-Shirts
Red Bull (cans)
Pizza (slices)
Quantity
100
530
970
Price
$25
$1
$3
Quantity
120
530
890
Price
$25
$2
56
Nominal GDP in 2011 was $ and nominal GDP in 2012 was $
(Enter your responses as integers.)
If 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.)
Based on your answer above, the percentage change in real GDP between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary.)
If 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.)
Based on your answer above, the percentage change in real GDP between 2011 and 2012 was
Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was
Based on your answer above, the percentage change in prices between 2011 and 2012 was
percent. (Round your response to two decimal places and use a minus sign if necessary.)
(Round your responses to one decimal place.)
percent. (Round your responses to one decimal place and use a minus sign if necessary)
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