Macroeconomics
13th Edition
ISBN: 9780134744452
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 6, Problem 7SPA
To determine
Illustrate whether the quantity of labor (aggregate hours) will increase or decrease.
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Students have asked these similar questions
The country of Batavia produces only chocolates and watches. Below is a table with recent information on Batavia production and prices. The base year is 2009.
Prices and Quantities
Year
Price of A Box of Chocolates
Boxes of Chocolates
Price of Watches
Quantity ofWatches
2008
$4
100
$50
10
2009
$5
90
$50
15
2010
$5
100
$60
15
2011
$6
80
$65
12
What was nominal GDP, real GDP, and the GDP deflator for 2008?
What was nominal GDP, real GDP, and the GDP deflator for 2009? Show your work.
What was nominal GDP, real GDP, and the GDP deflator for 2010? Show your work.
What was nominal GDP, real GDP, and the GDP deflator for 2011? Show your work.
What was the inflation rate for 2010? Show your work.
What was the inflation rate for 2011? Show your work.
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?
Suppose there is a very small country called Micro-opolis. It makes only two goods: cell phones and pears. Their prices and quantities are the following:
Price of Number of Price of Number of
Pears Pears Phones Phones
2019 $2 100 $200 100
2020 $2.50 110 $225 110
2021 $3 120 $250 120
If 2019 is the base year, what is the growth in real GDP from 2020 to 2021?
A. 9.1%
B. 31.8%
C. 35%
D. 45%
Chapter 6 Solutions
Macroeconomics
Ch. 6.1 - Prob. 1RQCh. 6.1 - Prob. 2RQCh. 6.1 - Prob. 3RQCh. 6.2 - Prob. 1RQCh. 6.2 - Prob. 2RQCh. 6.2 - Prob. 3RQCh. 6.3 - Prob. 1RQCh. 6.3 - Prob. 2RQCh. 6.3 - Prob. 3RQCh. 6.3 - Prob. 4RQ
Ch. 6.3 - Prob. 5RQCh. 6.3 - Prob. 6RQCh. 6.4 - Prob. 1RQCh. 6.4 - Prob. 2RQCh. 6.4 - Prob. 3RQCh. 6.5 - Prob. 1RQCh. 6.5 - Prob. 2RQCh. 6.5 - Prob. 3RQCh. 6 - Prob. 1SPACh. 6 - Prob. 2SPACh. 6 - Prob. 3SPACh. 6 - Prob. 4SPACh. 6 - Prob. 5SPACh. 6 - Prob. 6SPACh. 6 - Prob. 7SPACh. 6 - Prob. 8SPACh. 6 - Prob. 9APACh. 6 - Prob. 10APACh. 6 - Prob. 11APACh. 6 - Prob. 12APACh. 6 - Prob. 13APACh. 6 - Prob. 14APACh. 6 - Prob. 15APACh. 6 - Prob. 16APACh. 6 - Prob. 17APACh. 6 - Prob. 18APACh. 6 - Prob. 19APACh. 6 - Prob. 20APACh. 6 - Prob. 21APACh. 6 - Prob. 22APACh. 6 - Prob. 23APACh. 6 - Prob. 24APACh. 6 - Prob. 25APA
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