Principles of Macroeconomics
7th Edition
ISBN: 9781260110982
Author: Frank, Robert
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 7, Problem 2P
(a)
To determine
Determine the value of labor productivity after 20 years.
(b)
To determine
Determine the value of labor productivity after 20 years if the growth rate declines.
(c)
To determine
Compare the labor productivity for different growth rates.
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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.
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=4
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Principles of Macroeconomics
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