Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 21.A, Problem 5SPP
To determine

To compare:

Growth rates of nominal and real GDP in 2016.

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2011 (base Year) 2011 2012   2012 2013 2013   P Q P   Q P Q Good A $30 900 $31   1000 $36 1050 Good B $100 192 $102   200 $100 205 to calculate Nominal GDP in 2012 and 2013. What is the growth of such nominal GDP from 2011 to 2012, and from 2012 to 2013. Do the same for the real GDP. Which has grown more, nominal GDP or real GDP? What does this imply?
Consider an economy that produces only chocolate bars. In year 1, the quantity produced: is 6 bars and the price is $6. In year 2, the quality produced is 8 bars and the price is $10. In year 3, the quantity produced is 10 bars and the price is $12. Year 1 is the base year. (A) what is the nominal GDP for each of these three years? (B.) what is real GDP for each of these years? (C.) what is the percentage growth rate of real GDP from year 2 to year 3?
Use the following information to calculate the growth rate. Round to two decimal places. Nominal GDP Year 1:  7.5 trillion        Real GDP Year 1:  9.2 trillion Nominal GDP Year 2:  7.9 trillion        Real GDP Year 2:  9.4 trillion
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