Answered: Nominal GDP in 2011 was $... and…

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter23: Measuring A Nation's Income

Section: Chapter Questions

Problem 4PA

See similar textbooks

Related questions

Question

100%

The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:

	2011		2012
	Quantity	Price	Quanity	Price
T-Shirts	90	$25	108	$25
Red Bull (cans)	510	$2	510	$3
Pizza (slices)	980	$3	900	$6

Nominal GDP in 2011 was $... and nominal GDP in 2012 was $.....

(Enter your responses as integers.)

If 2011 is the base year, real GDP in 2011 was $.... and real GDP in 2012 was

$......

(Enter your responses as integers.)

Based on your answer above, the percentage change in real GDP between 2011 and 2012 was...... percent.

(Round your response to two decimal places and use a minus sign if necessary.)

If 2012 is the base year, real GDP in 2011 was $..... and real GDP in 2012 was $.....

(Enter your responses as integers.)

Based on your answer above, the percentage change in real GDP between 2011 and 2012 was..... percent.

(Round your response to two decimal places and use a minus sign if

necessary.)

Using 2011 as the base year, the GDP deflator in 2011 was ..... and the GDP deflator in 2012 was ......

(Round your responses to one decimal place.)

Based on your answer above, the percentage change in prices between 2011 and 2012 was..... percent.

(Round your responses to one decimal place and use a minus sign if

necessary.)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions