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Calculating Real GDP Please use the information in the tables to answer the following questions. Price 2007 Quantity 2007 $5.00 $10.00 $2.00 -$5.00 $6.00 $12.00 Total 2007 Nominal GDP $2.50 Price 2015 Quantity 2015 -$5.50 200 1200 12 1080 200 1360 50 1600 200 Total 2015 Nominal GDP 20 220 80 Expenditures 2007 C = 1000. 1 = 120. G=400. Xn- - 250. $1,270. Expenditures 2015 C = 1200 1=240 Please determine Real GDP in this economy for 2015 G-550 Xn--440. $2430

Calculating Real GDP Please use the information in the tables to answer the following questions. Price 2007 Quantity 2007 $5.00 $10.00 $2.00 -$5.00 $6.00 $12.00 Total 2007 Nominal GDP $2.50 Price 2015 Quantity 2015 -$5.50 200 1200 12 1080 200 1360 50 1600 200 Total 2015 Nominal GDP 20 220 80 Expenditures 2007 C = 1000. 1 = 120. G=400. Xn- - 250. $1,270. Expenditures 2015 C = 1200 1=240 Please determine Real GDP in this economy for 2015 G-550 Xn--440. $2430

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 2QP
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Calculating Real GDP Please use the information in the tables to answer the following questions. Price 2007 Quantity 2007 $5.00 $10.00 12 $2.00 -$5.00 $6.00 Total 2007 Nominal GDP Price 2015 Quantity 2015 $2.50 200 200 $12.00 20 50 O 1200 1080 -$5.50 80 1360 200 Total 2015 Nominal GDP 1600 220 Expenditures 2007 C = 1000. 1 = 120. G=400. Xn-- 250. $1,270. Expenditures 2015 C = 1200 1=240 Please determine Real GDP in this economy for 2015 G-550 Xn--440. $2430
Transcribed Image Text:Calculating Real GDP Please use the information in the tables to answer the following questions. Price 2007 Quantity 2007 $5.00 $10.00 12 $2.00 -$5.00 $6.00 Total 2007 Nominal GDP Price 2015 Quantity 2015 $2.50 200 200 $12.00 20 50 O 1200 1080 -$5.50 80 1360 200 Total 2015 Nominal GDP 1600 220 Expenditures 2007 C = 1000. 1 = 120. G=400. Xn-- 250. $1,270. Expenditures 2015 C = 1200 1=240 Please determine Real GDP in this economy for 2015 G-550 Xn--440. $2430
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