(a) Year 1 Year 2 Quantity Price Quantity Price Oranges 100 $5 150 $5 Pears 100 $3 75 $4 The growth rate of constant-dollar real GDP with Year 1 as base.

Question

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Answer 1

Question

Chapter 5, Problem 3E

To determine

(a)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 1 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP is negative 3.21% with year 1 as the base price.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 1 as base	Value of goods with Year 1 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$300	$225
Total					$800	$775

The growth rate of GDP from Year 1to Year 2 is given by:

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (775 – 800)800×100

Growth Rate of GDP = (25)800×100 = -3.125%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all services and goods produced within the country in a year expressed in base year price.

To determine

(b)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 2 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP with year 2 as base price is 16.67%.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 2 as base	Value of goods with Year 2 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$400	$300
Total					$900	$1050

The growth rate of GDP from Year 1to Year 2 is given by

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (1050 – 900)900×100

Growth Rate of GDP = 150900×100 = 16.67%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all goods and services produced within the country in a year expressed in base year price.

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Answer 2

Question

Chapter 5, Problem 3E

To determine

(a)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 1 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP is negative 3.21% with year 1 as the base price.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 1 as base	Value of goods with Year 1 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$300	$225
Total					$800	$775

The growth rate of GDP from Year 1to Year 2 is given by:

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (775 – 800)800×100

Growth Rate of GDP = (25)800×100 = -3.125%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all services and goods produced within the country in a year expressed in base year price.

To determine

(b)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 2 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP with year 2 as base price is 16.67%.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 2 as base	Value of goods with Year 2 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$400	$300
Total					$900	$1050

The growth rate of GDP from Year 1to Year 2 is given by

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (1050 – 900)900×100

Growth Rate of GDP = 150900×100 = 16.67%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all goods and services produced within the country in a year expressed in base year price.

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Answer 3

Question

Chapter 5, Problem 3E

To determine

(a)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 1 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP is negative 3.21% with year 1 as the base price.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 1 as base	Value of goods with Year 1 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$300	$225
Total					$800	$775

The growth rate of GDP from Year 1to Year 2 is given by:

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (775 – 800)800×100

Growth Rate of GDP = (25)800×100 = -3.125%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all services and goods produced within the country in a year expressed in base year price.

To determine

(b)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 2 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP with year 2 as base price is 16.67%.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 2 as base	Value of goods with Year 2 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$400	$300
Total					$900	$1050

The growth rate of GDP from Year 1to Year 2 is given by

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (1050 – 900)900×100

Growth Rate of GDP = 150900×100 = 16.67%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all goods and services produced within the country in a year expressed in base year price.

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Answer 4

Question

Chapter 5, Problem 3E

To determine

(a)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 1 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP is negative 3.21% with year 1 as the base price.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 1 as base	Value of goods with Year 1 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$300	$225
Total					$800	$775

The growth rate of GDP from Year 1to Year 2 is given by:

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (775 – 800)800×100

Growth Rate of GDP = (25)800×100 = -3.125%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all services and goods produced within the country in a year expressed in base year price.

To determine

(b)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 2 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP with year 2 as base price is 16.67%.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 2 as base	Value of goods with Year 2 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$400	$300
Total					$900	$1050

The growth rate of GDP from Year 1to Year 2 is given by

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (1050 – 900)900×100

Growth Rate of GDP = 150900×100 = 16.67%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all goods and services produced within the country in a year expressed in base year price.

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Answer 5

Chapter 5, Problem 3E

To determine

(a)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 1 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP is negative 3.21% with year 1 as the base price.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 1 as base	Value of goods with Year 1 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$300	$225
Total					$800	$775

The growth rate of GDP from Year 1to Year 2 is given by:

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (775 – 800)800×100

Growth Rate of GDP = (25)800×100 = -3.125%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all services and goods produced within the country in a year expressed in base year price.

To determine

(b)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 2 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP with year 2 as base price is 16.67%.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 2 as base	Value of goods with Year 2 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$400	$300
Total					$900	$1050

The growth rate of GDP from Year 1to Year 2 is given by

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (1050 – 900)900×100

Growth Rate of GDP = 150900×100 = 16.67%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all goods and services produced within the country in a year expressed in base year price.

Answer 6

Chapter 5, Problem 3E

To determine

(a)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 1 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP is negative 3.21% with year 1 as the base price.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 1 as base	Value of goods with Year 1 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$300	$225
Total					$800	$775

The growth rate of GDP from Year 1to Year 2 is given by:

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (775 – 800)800×100

Growth Rate of GDP = (25)800×100 = -3.125%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all services and goods produced within the country in a year expressed in base year price.

Answer 7

Chapter 5, Problem 3E

To determine

(a)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 1 as base.

Answer 8

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP is negative 3.21% with year 1 as the base price.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 1 as base	Value of goods with Year 1 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$300	$225
Total					$800	$775

The growth rate of GDP from Year 1to Year 2 is given by:

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (775 – 800)800×100

Growth Rate of GDP = (25)800×100 = -3.125%

Answer 13

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all services and goods produced within the country in a year expressed in base year price.

Answer 14

To determine

(b)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 2 as base.

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP with year 2 as base price is 16.67%.

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 2 as base	Value of goods with Year 2 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$400	$300
Total					$900	$1050

The growth rate of GDP from Year 1to Year 2 is given by

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (1050 – 900)900×100

Growth Rate of GDP = 150900×100 = 16.67%

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all goods and services produced within the country in a year expressed in base year price.

Answer 15

To determine

(b)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 2 as base.

Answer 16

Expert Solution

Answer to Problem 3E

The growth rate of constant dollar GDP with year 2 as base price is 16.67%.

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Expert Solution

Answer 20

Explanation of Solution

	Year 1	Year 2	Year 1	Year 2
	Quantity	Price	Quantity	Price	Value of goods with Year 2 as base	Value of goods with Year 2 as base
Oranges	100	$5	150	$5	$500	$750
Pears	100	$3	75	$4	$400	$300
Total					$900	$1050

The growth rate of GDP from Year 1to Year 2 is given by

Growth Rate of GDP = (GDP Year 2 – GDP Year 1)GDP Year 1×100

Growth Rate of GDP = (1050 – 900)900×100

Growth Rate of GDP = 150900×100 = 16.67%

Answer 21

Economics Concept Introduction

Constant dollar real GDP - The nominal GDP adjusted for the inflation which reflects the value of all goods and services produced within the country in a year expressed in base year price.

Answer 22

Ch. 5 - Prob. 1E Ch. 5 - Prob. 2E Ch. 5 - Prob. 3E Ch. 5 - Prob. 4E Ch. 5 - Prob. 5E Ch. 5 - Prob. 6E Ch. 5 - Prob. 7E Ch. 5 - Prob. 8E Ch. 5 - Prob. 9E Ch. 5 - Prob. 10E

(a) Year 1 Year 2 Quantity Price Quantity Price Oranges 100 $5 150 $5 Pears 100 $3 75 $4 The growth rate of constant-dollar real GDP with Year 1 as base.

(a) Year 1Year 2QuantityPriceQuantityPriceOranges100$5150$5Pears100$375$4 The growth rate of constant-dollar real GDP with Year 1 as base.

Answer to Problem 3E

Explanation of Solution

(b) Year 1Year 2QuantityPriceQuantityPriceOranges100$5150$5Pears100$375$4 The growth rate of constant-dollar real GDP with Year 2 as base.

Answer to Problem 3E

Explanation of Solution

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Chapter 5 Solutions

(a)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 1 as base.

(b)

Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4

The growth rate of constant-dollar real GDP with Year 2 as base.