ECONOMICS:PRIN.+POLICY-MINDTAP (1 TERM)
14th Edition
ISBN: 9781337912396
Author: Baumol
Publisher: CENGAGE L
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Question
Chapter 22.A, Problem 2TY
a)
To determine
The real GDP for each year.
b)
To determine
The percentage change in nominal GDP and real GDP from 1996 to 2006 and from 2006 to 2016.
c)
To determine
The percentage change in the GDP deflator from 1996–2006 and 2006–2016.
Expert Solution & Answer
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Students have asked these similar questions
Consider a simple economy that produces two goods: fries and burgers. The table shows the economy's production over several
years. Calculate the real GDP for 2006 using 2004 as the base year.
Year
2004
2005
2006
real GDP:
Price of fries
(in dollars)
6.00
8.00
9.00
Number
of fries
4
4
5
Price of burgers
(in dollars)
2.00
4.00
7.00
Number
of burgers
3
5
8
dollars
Use the following data to answer this question.
a. Calculate real GDP in 2006, 2008, & 2010 in 2005 dollars.
b. What was the percent change in real GDP between 2006 and 2008? What was the percent change between 2008 and 2010?
Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts. Calculate the GDP deflator for 2015. Use 2009 as the base year for the calculations. Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$," "=," "%," or "," in your answer.
Chapter 22 Solutions
ECONOMICS:PRIN.+POLICY-MINDTAP (1 TERM)
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