Pearson eText for Economics of Public Issues -- Instant Access (Pearson+)
20th Edition
ISBN: 9780137525331
Author: Roger Miller
Publisher: PEARSON+
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Question
Chapter 22, Problem 6DQ
To determine
The inflation-corrected price of college education.
Concept introduction:
Inflation:
Inflation is a situation in the economy when the
Explanation:
- The difference in the educational system today and 50 years ago can be identified easily. There are huge changes in the courses, adoption of technology, methods of teaching, and approaches.
- But if the college education is concerned, then there is hardly any change in the study material, only the way of teaching has changed.
- As the quality of education has changed, thus the inflation corrected prices have not changed much in college education.
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Active Learning 4: Computing GDP
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2021
(base year)
2022
2023
P
Q
P
Q
P
Q
$1 900
$2 1,000
$3
1,250
200 $1,200
210
Smartphones $900 185 $1,000
Use the above data to solve these problems:
A. Compute nominal GDP in 2021.
B. Compute real GDP in 2022.
C. Compute the GDP deflator in 2023.
Mankiw, Principles of Macroeconomics, 10th Edition. 2024 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
34
=4
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Pearson eText for Economics of Public Issues -- Instant Access (Pearson+)
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