P1 Suppose the information in the following table is for a simple economy that produces only the followingfour goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used toproduce shirts.2020 Statistics2021 Statistics2012 StatisticsQuantity PriceProductQuantityPriceQuantityPriceShoes100$52.00115$65.00110$70.00Hamburgers802.501102.501252.75Shirts5030.005025.006525.00Cotton12,0000.0912,0000.0713,0000.08a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to thenearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).b. The (annual) growth rate of real GDP in 2021 is%. (Enter your response as a percentagerounded to two decimal places.)

ReaL GDP = current year output * prices in base year = Current year output of shoes * price in 2012…

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 Quantity Quantity Price Price Pries

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 Quantity Quantity Price Price Pries

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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