The hypothetical economy shown below produces 3 goods: Good A, Good B, and Good C. The following information shows the production and prices for three goods over three years. Use 2020 as a base year (i.e., 2020 = 100). Year 2019 Year 2020 Year 2021 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25 Justify all answers by showing your work. Calculate the nominal GDP (or current dollar GDP) for 2021. Calculate the real GDP (or constant dollar GDP) for 2021. Calculate the real GDP for 2020. What is the real economic growth rate from 2020 - 2021? If the population of the hypothetical economy above was equal to 15 individuals, then calculate the per capita real GDP for 2021. What is the GDP deflator for both 2020 and 2021? What is the GDP deflator inflation rate for 2020-2021? Suppose the base year is updated to 2021. What would be the value of real GDP for 2020?

The hypothetical economy shown below produces 3 goods: Good A, Good B, and Good C. The following information shows the production and prices for three goods over three years. Use 2020 as a base year (i.e., 2020 = 100). Year 2019 Year 2020 Year 2021 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25 Justify all answers by showing your work. Calculate the nominal GDP (or current dollar GDP) for 2021. Calculate the real GDP (or constant dollar GDP) for 2021. Calculate the real GDP for 2020. What is the real economic growth rate from 2020 - 2021? If the population of the hypothetical economy above was equal to 15 individuals, then calculate the per capita real GDP for 2021. What is the GDP deflator for both 2020 and 2021? What is the GDP deflator inflation rate for 2020-2021? Suppose the base year is updated to 2021. What would be the value of real GDP for 2020?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Year 2019 Year 2020 Year 2021

Quantity of Good A 10 12 14

Price of Good A $0.50 $1.00 $1.50

Quantity of Good B 3 6 9

Price of Good B $1.00 $2.00 $3.00

Quantity of Good C 20 20 20

Price of Good C $0.25 $0.25 $0.25

Justify all answers by showing your work.

Calculate the nominal GDP (or current dollar GDP) for 2021.

Calculate the real GDP (or constant dollar GDP) for 2021.

Calculate the real GDP for 2020.

What is the real economic growth rate from 2020 - 2021?

If the population of the hypothetical economy above was equal to 15 individuals, then calculate the per capita real GDP for 2021.

What is the GDP deflator for both 2020 and 2021?

What is the GDP deflator inflation rate for 2020-2021?

Suppose the base year is updated to 2021. What would be the value of real GDP for 2020?

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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