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. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 110 $55.00 120 $70.00 120 $75.00 Hamburgers 80 2.50 110 2.50 125 2.75 Shirts 70 40.00 60 35,00 85 35.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 9275.00 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).

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. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 110 $55.00 120 $70.00 120 $75.00 Hamburgers 80 2.50 110 2.50 125 2.75 Shirts 70 40.00 60 35,00 85 35.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 9275.00 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterA: Working With Diagrams

Section: Chapter Questions

Problem 1QP

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