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The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 2011 2012 T-Shirts Red Bull (cans) Pizza (slices) Nominal GDP in 2011 was t Quantity 100 540 1030 $$and nominal GDP in 2012 was $(Enter your responses as integers) Price $25 $1 $3 if 2011 is the base year, real GDP in 2011 was $ and real GOP in 2012 was $ Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Quantity 120 540 950 (Enter your responses as integers) Price $25 $2 $6 percent (Round your response to two decimal places and use a minus sign if necessary)

The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 2011 2012 T-Shirts Red Bull (cans) Pizza (slices) Nominal GDP in 2011 was t Quantity 100 540 1030 $$and nominal GDP in 2012 was $(Enter your responses as integers) Price $25 $1 $3 if 2011 is the base year, real GDP in 2011 was $ and real GOP in 2012 was $ Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Quantity 120 540 950 (Enter your responses as integers) Price $25 $2 $6 percent (Round your response to two decimal places and use a minus sign if necessary)

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter19: Measuring Economic Performance
Section: Chapter Questions
Problem 3P
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The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2012 T-Shirts Red Bull (cans) Pizza (slices) 2011 Quantity 100 540 1030 Price $25 $1 $3 Quantity 120 540 950 Price $25 $2 $6 Nominal GDP in 2011 was $ and nominal GDP in 2012 was $ (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary) If 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $(Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your answer above, the percentage change in prices between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary) (Round your responses to one decimal place) percent. (Round your responses to one decimal place and use a minus sign if necessary)
Transcribed Image Text:The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2012 T-Shirts Red Bull (cans) Pizza (slices) 2011 Quantity 100 540 1030 Price $25 $1 $3 Quantity 120 540 950 Price $25 $2 $6 Nominal GDP in 2011 was $ and nominal GDP in 2012 was $ (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary) If 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $(Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your answer above, the percentage change in prices between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary) (Round your responses to one decimal place) percent. (Round your responses to one decimal place and use a minus sign if necessary)
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