Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period. Year Apples Muffins Price Quantity Price Quantity (Dollars per apple) (Number of apples) (Dollars per muffin) (Number of muffins) 2018 1 110 2 150 2019 2 155 4 215 2020 3 120 4 180 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2018, dollars) 2018 2019 2020
Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period. Year Apples Muffins Price Quantity Price Quantity (Dollars per apple) (Number of apples) (Dollars per muffin) (Number of muffins) 2018 1 110 2 150 2019 2 155 4 215 2020 3 120 4 180 Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2018, dollars) 2018 2019 2020
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 7QR
Related questions
Question
Consider a simple economy that produces two goods: apples and muffins. The following table shows the prices and quantities of the goods over a three-year period.
Year
|
Apples
|
Muffins
|
||
---|---|---|---|---|
Price
|
Quantity
|
Price
|
Quantity
|
|
(Dollars per apple)
|
(Number of apples)
|
(Dollars per muffin)
|
(Number of muffins)
|
|
2018 | 1 | 110 | 2 | 150 |
2019 | 2 | 155 | 4 | 215 |
2020 | 3 | 120 | 4 | 180 |
Use the information from the preceding table to fill in the following table.
Year
|
Nominal
|
Real GDP
|
GDP Deflator
|
---|---|---|---|
(Dollars)
|
(Base year 2018, dollars)
|
||
2018 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning