The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices of these products in 2018 and 2019 are shown in the table below. 2018 Price $5 15 20 Rice Pajamas Beer Total Nominal GDP Real GDP Quantity 460 160 Item 95 Rice Pajamas Beer Total $ $ Quantity 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price $ $ Quantity 520 a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. 2019 175 100 2018 Basket cost Price $5.7 b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 10 units each of beer and rice and 5 units of pajamas each year, complete the following table. 14 23 2019 Price . Answer to one decimal place. < Prev Search 2019 Nominal GDP $ 2019 Basket cost Price $5 15 13 of 14 H 20 Next > $ Real GDP

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices of
these products in 2018 and 2019 are shown in the table below.
2018
Price
$5
Rice
Pajamas
Beer
Total
Quantity
460
160
95
Item
Rice
Pajamas
Beer
Total
15
Quantity
20
$
$
2018
Nominal GDP
$
d. The value of the CPI for 2019 is
2018 Price
Quantity
520
175
100
a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below.
2019
$
$
Nominal GDP
Real GDP
b. The value of the GDP deflator for 2019 is
Answer to one decimal place.
c. Supposing the average inhabitant of Sumer consumes 10 units each of beer and rice and 5 units of pajamas each year, complete the
following table.
2018 Basket cost
Price
$5.7
14
23
2019 Price
Answer to one decimal place.
< Prev
Search
2019
Nominal GDP
$
2019 Basket cost
13 of 14
www
Price
$5
15
SAMSUNG
20
Next >
$
Real GDP
4
Transcribed Image Text:The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices of these products in 2018 and 2019 are shown in the table below. 2018 Price $5 Rice Pajamas Beer Total Quantity 460 160 95 Item Rice Pajamas Beer Total 15 Quantity 20 $ $ 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price Quantity 520 175 100 a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. 2019 $ $ Nominal GDP Real GDP b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 10 units each of beer and rice and 5 units of pajamas each year, complete the following table. 2018 Basket cost Price $5.7 14 23 2019 Price Answer to one decimal place. < Prev Search 2019 Nominal GDP $ 2019 Basket cost 13 of 14 www Price $5 15 SAMSUNG 20 Next > $ Real GDP 4
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education