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The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices of these products in 2018 and 2019 are shown in the table below. 2018 Price $5 15 20 Rice Pajamas Beer Total Nominal GDP Real GDP Quantity 460 160 Item 95 Rice Pajamas Beer Total $ $ Quantity 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price $ $ Quantity 520 a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. 2019 175 100 2018 Basket cost Price $5.7 b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 10 units each of beer and rice and 5 units of pajamas each year, complete the following table. 14 23 2019 Price . Answer to one decimal place. < Prev Search 2019 Nominal GDP $ 2019 Basket cost Price $5 15 13 of 14 H 20 Next > $ Real GDP

The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices of these products in 2018 and 2019 are shown in the table below. 2018 Price $5 15 20 Rice Pajamas Beer Total Nominal GDP Real GDP Quantity 460 160 Item 95 Rice Pajamas Beer Total $ $ Quantity 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price $ $ Quantity 520 a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. 2019 175 100 2018 Basket cost Price $5.7 b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 10 units each of beer and rice and 5 units of pajamas each year, complete the following table. 14 23 2019 Price . Answer to one decimal place. < Prev Search 2019 Nominal GDP $ 2019 Basket cost Price $5 15 13 of 14 H 20 Next > $ Real GDP

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
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The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices of these products in 2018 and 2019 are shown in the table below. 2018 Price $5 Rice Pajamas Beer Total Quantity 460 160 95 Item Rice Pajamas Beer Total 15 Quantity 20 $ $ 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price Quantity 520 175 100 a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. 2019 $ $ Nominal GDP Real GDP b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 10 units each of beer and rice and 5 units of pajamas each year, complete the following table. 2018 Basket cost Price $5.7 14 23 2019 Price Answer to one decimal place. < Prev Search 2019 Nominal GDP $ 2019 Basket cost 13 of 14 www Price $5 15 SAMSUNG 20 Next > $ Real GDP 4
Transcribed Image Text:The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices of these products in 2018 and 2019 are shown in the table below. 2018 Price $5 Rice Pajamas Beer Total Quantity 460 160 95 Item Rice Pajamas Beer Total 15 Quantity 20 $ $ 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price Quantity 520 175 100 a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. 2019 $ $ Nominal GDP Real GDP b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 10 units each of beer and rice and 5 units of pajamas each year, complete the following table. 2018 Basket cost Price $5.7 14 23 2019 Price Answer to one decimal place. < Prev Search 2019 Nominal GDP $ 2019 Basket cost 13 of 14 www Price $5 15 SAMSUNG 20 Next > $ Real GDP 4
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