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 2011 Quantity Price Quantity Price T-Shirts 100 $24 120 $24 Red Bull (cans) Pizza (slices) 480 $2 480 $3 960 $3 880 $6 Nominal GDP in 2011 was $ (Enter your responses as integers.) 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 $ 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 Based on your answer above, the percentage change in prices between 2011 and 2012 was and the GDP deflator in 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.)
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 2011 Quantity Price Quantity Price T-Shirts 100 $24 120 $24 Red Bull (cans) Pizza (slices) 480 $2 480 $3 960 $3 880 $6 Nominal GDP in 2011 was $ (Enter your responses as integers.) 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 $ 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 Based on your answer above, the percentage change in prices between 2011 and 2012 was and the GDP deflator in 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.)
Chapter5: Gross Domestic Product
Section: Chapter Questions
Problem 12SQP
Question
100%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning