Chapter 10 Problem 7: Table: Remember to show all work and briefly discuss your results. Switzerland produces only chocolates and watches. Below is a table with recent information on Switzerland production and prices. The base year is 2009. Prices and Quantities Price of A Box of Boxes of Year Price of Watches Quantity of Watches Chocolates Chocolates f6 2008 $4 $5 $5 $6 100 $50 $50 $60 $65 10 2009 90 15 2010 15 100 2011 12 80 a. What was nominal GDP, real GDP, and the GDP deflator for 2008? b. What was nominal GDP, real GDP, and the GDP deflator for 2009? Show your work. c. What was nominal GDP, real GDP, and the GDP deflator for 2010? Show your work d. What was nominal GDP, real GDP, and the GDP deflator for 2011? Show your work. e. What was the inflation rate for 2010? For 201 1? Show and briefly discuss your work.
Chapter 10 Problem 7: Table: Remember to show all work and briefly discuss your results. Switzerland produces only chocolates and watches. Below is a table with recent information on Switzerland production and prices. The base year is 2009. Prices and Quantities Price of A Box of Boxes of Year Price of Watches Quantity of Watches Chocolates Chocolates f6 2008 $4 $5 $5 $6 100 $50 $50 $60 $65 10 2009 90 15 2010 15 100 2011 12 80 a. What was nominal GDP, real GDP, and the GDP deflator for 2008? b. What was nominal GDP, real GDP, and the GDP deflator for 2009? Show your work. c. What was nominal GDP, real GDP, and the GDP deflator for 2010? Show your work d. What was nominal GDP, real GDP, and the GDP deflator for 2011? Show your work. e. What was the inflation rate for 2010? For 201 1? Show and briefly discuss your work.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Production And Growth
Section: Chapter Questions
Problem 5CQQ
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