Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2012 Statistics Quantity Price $60.00 2020 Statistics Quantity 100 110 55 10,000 2.50 30.00 0.08 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). 90 80 60 11,000 2021 Statistics Price Quantity 100 $65.00 125 2.75 75 30.00 11,000 0.07 Price $50.00 2.50 35.00 0.09 a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2012 Statistics Quantity Price $60.00 2020 Statistics Quantity 100 110 55 10,000 2.50 30.00 0.08 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). 90 80 60 11,000 2021 Statistics Price Quantity 100 $65.00 125 2.75 75 30.00 11,000 0.07 Price $50.00 2.50 35.00 0.09 a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 10SCQ: Explain briefly whether each of the following would cause GDP to overstate or understate the degree...

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