The table below contains data for a country, which produces only X and Y. The base year is 2010. Year Price of X Q of X Price of Y Q of Y N GDP R GDP Def 2010 $3.00 90 $1.00 150 2011 $4.00 100 $2.00 180 2012 $5.00 120 $3.00 200 1. Refer to Table. In 2011, a. nominal GDP was $420, real GDP was $420 b. nominal GDP was $240, real GDP was $480. c. nominal GDP was $760, real GDP was $420. d. nominal GDP was $760, real GDP was $480. 2. Refer to Table. In 2012, a. GDP deflator was 100.00 b. GDP deflator was 158.33. c. GDP deflator was 214.28. d. GDP deflator was 285.71. 3. Refer to Table. Output growth from 2011 to 2012 a. 80.95%. c. 57.89%. b. 14.28%. d. 16.66%. 4. Refer to Table. Inflation rate from 2011 to 2012 a. 14.28% c. 35.33%. b. 16.66%. d. 58.33%.
The table below contains data for a country, which produces only X and Y. The base year is 2010. Year Price of X Q of X Price of Y Q of Y N GDP R GDP Def 2010 $3.00 90 $1.00 150 2011 $4.00 100 $2.00 180 2012 $5.00 120 $3.00 200 1. Refer to Table. In 2011, a. nominal GDP was $420, real GDP was $420 b. nominal GDP was $240, real GDP was $480. c. nominal GDP was $760, real GDP was $420. d. nominal GDP was $760, real GDP was $480. 2. Refer to Table. In 2012, a. GDP deflator was 100.00 b. GDP deflator was 158.33. c. GDP deflator was 214.28. d. GDP deflator was 285.71. 3. Refer to Table. Output growth from 2011 to 2012 a. 80.95%. c. 57.89%. b. 14.28%. d. 16.66%. 4. Refer to Table. Inflation rate from 2011 to 2012 a. 14.28% c. 35.33%. b. 16.66%. d. 58.33%.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The table below contains data for a country, which produces only X and Y.
The base year is 2010.
Year Price of X Q of X Price of Y Q of Y N GDP R GDP Def
2010 $3.00 90 $1.00 150
2011 $4.00 100 $2.00 180
2012 $5.00 120 $3.00 200
1. Refer to Table. In 2011,
a. nominal GDP was $420, real GDP was $420
b. nominal GDP was $240, real GDP was $480.
c. nominal GDP was $760, real GDP was $420.
d. nominal GDP was $760, real GDP was $480.
2. Refer to Table. In 2012,
a. GDP deflator was 100.00
b. GDP deflator was 158.33.
c. GDP deflator was 214.28.
d. GDP deflator was 285.71.
3. Refer to Table. Output growth from 2011 to 2012
a. 80.95%. c. 57.89%.
b. 14.28%. d. 16.66%.
4. Refer to Table. Inflation rate from 2011 to 2012
a. 14.28% c. 35.33%.
b. 16.66%. d. 58.33%.
5. The labor-force participation rate
a. equals 1 minus the unemployment rate.
b. measures the percentage of the total adult population that is in the labor force.
c. measures the percentage of the total adult population that is employed.
d. measures the percentage of the labor force that is employed.
6. For an economy as a whole,
a. wages must equal profit.
b. consumption must equal saving.
c. income must equal expenditure.
d. the number of buyers must equal the number of sellers.
7. A decrease in the required reserve ratio
A) will increase the money supply.
B) will decrease the money supply.
C) will not change the money supply.
D) will decrease the discount rate
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