5. a) Assuming the following were the only goods and services purchased in an economy in a year, what is GDP? ETE Product Quantity Price Apples 100 $0.50 Shirts 30 $10.00 Haircuts 20 $3.00 b) Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information, what is real GDP?
5. a) Assuming the following were the only goods and services purchased in an economy in a year, what is GDP? ETE Product Quantity Price Apples 100 $0.50 Shirts 30 $10.00 Haircuts 20 $3.00 b) Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information, what is real GDP?
Chapter19: Measuring Economic Performance
Section: Chapter Questions
Problem 1P
Related questions
Question
How would I do b?
![5. a) Assuming the following were the only goods and services purchased in an economy in a year,
what is GDP?
Product
Quantity
Price
Apples
100
$0.50
Shirts
30
$10.00
Haircuts
20
$3.00
b) Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information,
what is real GDP?
NOV
15
DII
DD
000
000
F10
80
F9
F7
F8
F5
F6
F2
F3
F4
&
$
%
8
9
5
6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9363fbf8-1ca8-4725-9136-263a3c8a662e%2Fc5663333-f74a-4f22-bebd-bfc557a4ce8f%2Fmsbo08q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5. a) Assuming the following were the only goods and services purchased in an economy in a year,
what is GDP?
Product
Quantity
Price
Apples
100
$0.50
Shirts
30
$10.00
Haircuts
20
$3.00
b) Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information,
what is real GDP?
NOV
15
DII
DD
000
000
F10
80
F9
F7
F8
F5
F6
F2
F3
F4
&
$
%
8
9
5
6
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![Brief Principles of Macroeconomics (MindTap Cours…](https://www.bartleby.com/isbn_cover_images/9781337091985/9781337091985_smallCoverImage.gif)
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![Brief Principles of Macroeconomics (MindTap Cours…](https://www.bartleby.com/isbn_cover_images/9781337091985/9781337091985_smallCoverImage.gif)
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613040/9781337613040_smallCoverImage.gif)
![MACROECONOMICS FOR TODAY](https://www.bartleby.com/isbn_cover_images/9781337613057/9781337613057_smallCoverImage.gif)
![Economics: Private and Public Choice (MindTap Cou…](https://www.bartleby.com/isbn_cover_images/9781305506725/9781305506725_smallCoverImage.gif)
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning