EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 25, Problem 11DQ
To determine
Thenominal GDP and real GDP.
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Students have asked these similar questions
Table 15-11
Nominal GDP
$8,782
$9,274
Year
1998
1999
Real GDP
$8,509
$8,859
Refer to Table 15-11. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The
GDP deflator for 1999 equals
O 95.5.
O 104.7.
O 105.6.
O 104.1.
Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions. Assume that the base year is 2015.
Good
2015 Price
2015 Quantity 2016 Price 2016 Quantity
A
$2
250
$3
200
B
$3
300
$2
400
$4
400
$5
500
What was the gross domestic product (GDP) deflator in 2016?
O 108.3
O 103
O 120
O 130
O 110
Production
Prices
Year1
Year 2 Year 3
Year 1 Year 2 Year 3
Good X50
50
60
$1.00 $1.20 $1.20
Good Y 100
120 140
$06 $0.60 $1.00
Assume that this economy produces only two goods Good X and Good Y. If year 2 is the base year, the value
for this economy's GDP deflator in year 3 is
Select one:
O a. 135.9
O b. 73.6
O . 147.2
O d. 67.9
O e. 117.8
Chapter 25 Solutions
EP ECONOMICS,AP EDITION-CONNECT ACCESS
Ch. 25 - Prob. 1DQCh. 25 - Prob. 2DQCh. 25 - Prob. 3DQCh. 25 - Prob. 4DQCh. 25 - Prob. 5DQCh. 25 - Prob. 6DQCh. 25 - Prob. 7DQCh. 25 - Prob. 8DQCh. 25 - Prob. 9DQCh. 25 - Prob. 10DQ
Ch. 25 - Prob. 11DQCh. 25 - Prob. 12DQCh. 25 - Prob. 13DQCh. 25 - Prob. 1RQCh. 25 - Prob. 2RQCh. 25 - Prob. 3RQCh. 25 - Prob. 4RQCh. 25 - Prob. 5RQCh. 25 - Prob. 6RQCh. 25 - Prob. 7RQCh. 25 - Prob. 8RQCh. 25 - Prob. 9RQCh. 25 - Prob. 1PCh. 25 - Prob. 2PCh. 25 - Prob. 3PCh. 25 - Prob. 4PCh. 25 - Prob. 5PCh. 25 - Prob. 6PCh. 25 - Prob. 7PCh. 25 - Prob. 8P
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