Situation 3: Price goes up, quantity goes down. Year 2009 Product Cheese Chocolates Watches Nominal GDP 2009 Year 2010 Product Lalaland Production (Q2009) Price (P2009) GDP 225 $2 $20 20 $2 $40 $10 $50 $110 Production (Q2010) Price (P2010) GDP Cheese 7 $2.50 Chocolates 13 $3 Watches 2 $11 Nominal GDP 2010 Calculate the real GDP, the implicit price deflator, the inflation rate, and the GDP growth rate.
Situation 3: Price goes up, quantity goes down. Year 2009 Product Cheese Chocolates Watches Nominal GDP 2009 Year 2010 Product Lalaland Production (Q2009) Price (P2009) GDP 225 $2 $20 20 $2 $40 $10 $50 $110 Production (Q2010) Price (P2010) GDP Cheese 7 $2.50 Chocolates 13 $3 Watches 2 $11 Nominal GDP 2010 Calculate the real GDP, the implicit price deflator, the inflation rate, and the GDP growth rate.
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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