Suppose that an economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2019 and 2020 are shown in the table below: Price ($) Laptops = 220 Books Laptops = 200 Year Quantities produced Laptops = 60 2019 Books = 1200 ? %3D Laptops = 100 2020 Books = ? Books = 8 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2019, so that real GDP in 2019 equals nominal GDP in 2019. If the real GDP was $18,000 in 2019, the price of books must have been $ Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 15 percent, have been produced. books must Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2019 and 2020 was ]percent.
Suppose that an economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2019 and 2020 are shown in the table below: Price ($) Laptops = 220 Books Laptops = 200 Year Quantities produced Laptops = 60 2019 Books = 1200 ? %3D Laptops = 100 2020 Books = ? Books = 8 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2019, so that real GDP in 2019 equals nominal GDP in 2019. If the real GDP was $18,000 in 2019, the price of books must have been $ Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 15 percent, have been produced. books must Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2019 and 2020 was ]percent.
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 6PA
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Transcribed Image Text:Suppose that an economy produces two goods: laptops and books. The quantity produced and the
prices of these items for 2019 and 2020 are shown in the table below:
Year
Quantities produced
Price ($)
Laptops = 60
= 220
Laptops
?
Books
2019
Books = 1200
Laptops = 100
Books = ?
Laptops
= 200
2020
Books
8
=
Instructions: Round your answer to two decimal places.
a. Let's assume that the base year was 2019, so that real GDP in 2019 equals nominal GDP in 2019.
If the real GDP was $18,000 in 2019, the price of books must have been $
Instructions: Round your answer to the nearest whole number.
b. Using your answer from part (a), if the growth rate in nominal GDP was 15 percent,
have been produced.
books must
Instructions: Round your answer to one decimal place.
c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2019 and 2020 was
percent.
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