the following table: 2011 2012 Quantity Price Quantity Price T-Shirts 80 $25 96 $25 Red Bull (cans) 510 $1 510 $2 Pizza (slices) 1030 $3 950 $6 ominal GDP in 2011 was $ and nominal GDP in 2012 was $. (Enter your responses as integers.) 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) ased on your answer above, the percentage change in real GDP between 2011 and 2012 was s percent. (Round your response to two decimal places and use a minus gn if necessary.) 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $. (Enter your responses as integers.) ased 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 gn if necessary.) sing 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was (Round your responses to one decimal place.) ased on your answer above, the percentage change in prices between 2011 and 2012 was percent. (Round your responses to one decimal place and use a minus gn if necessary.)
the following table: 2011 2012 Quantity Price Quantity Price T-Shirts 80 $25 96 $25 Red Bull (cans) 510 $1 510 $2 Pizza (slices) 1030 $3 950 $6 ominal GDP in 2011 was $ and nominal GDP in 2012 was $. (Enter your responses as integers.) 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) ased on your answer above, the percentage change in real GDP between 2011 and 2012 was s percent. (Round your response to two decimal places and use a minus gn if necessary.) 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $. (Enter your responses as integers.) ased 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 gn if necessary.) sing 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was (Round your responses to one decimal place.) ased on your answer above, the percentage change in prices between 2011 and 2012 was percent. (Round your responses to one decimal place and use a minus gn if necessary.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
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
Quantity
Price
Quantity
Price
T-Shirts
80
$25
96
$25
Red Bull (cans)
510
$1
510
$2
Pizza (slices)
1030
$3
950
$6
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
percent. (Round your response to two decimal places and use a minus
sign if necessary.)
Using 2011 as the base year, the GDP deflator in 2011 was
and the GDP deflator in 2012 was
(Round your responses to one decimal place.)
Based on your answer above, the percentage change in prices between 2011 and 2012 was
percent. (Round your responses to one decimal place and use a minus
sign if necessary.)
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