11:14Suppose the information in the table is for asimple economy that produces and consumesonly four goods and services: textbooks,hamburgers, shirts and cotton.Base Year = 2011ShirtsCotton●●ProductQuantity Price Quantity Price Quantity PriceTextbooks 90$50 100$60 100$65Hamburgers 752 1002 1202.255030 5025 6525100 0.80 8000.702011●2012●Calculate the nominal GDP for 2011.• Calculate the real GDP for 2011.●Calculate the nominal GDP for 2012.0.60 120Calculate the nominal GDP for 2013.Calculate the real GDP for 2012.Calculate the real GDP for 2013.2013Calculate the growth rate in real GDP for2012. (using 1 decimal place19

Nominal GDP is the product of current year quantity and current year price This means , Nominal GDP…

Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 = Shirts Cotton 2011 100 2012 Product Quantity Price Quantity Price Quantity Price Textbooks 90 $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 50 30 50 25 65 0.80 800 0.60 120 • Calculate the nominal GDP for 2011. ● • Calculate the nominal GDP for 2012. 2013 • Calculate the nominal GDP for 2013. 2.25 25 0.70

Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 = Shirts Cotton 2011 100 2012 Product Quantity Price Quantity Price Quantity Price Textbooks 90 $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 50 30 50 25 65 0.80 800 0.60 120 • Calculate the nominal GDP for 2011. ● • Calculate the nominal GDP for 2012. 2013 • Calculate the nominal GDP for 2013. 2.25 25 0.70

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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