Practice 3SovylBelow are some data from the productions of milk andhoney.52price of quantity of price of quantity of price of quantity ofyearricericewaterwaterclothescothes2008 $350.0025,500 $15.0052,500$25.0012,5002009 $355.0027,500 $16.5072,400$26.0012,8002010 $365.0028,000 $16.5082,500$28.0012,950i) Compute nominal GDP, real GDP, and the GDPdeflator for each year, using 2008 as the base year.ii) Compute the percentage change in nominal GDP,real GDP, and the GDP deflator in 2009 and 2010from the preceding year. Practice 2SovylConsider the following data on the X-product:50GDP deflatoryear price of X quantity of XNominal GDP(base year 2005)2010 $11.50105,0001252011 $11.96106,000130a) What was the growth rate of nominal GDP between2010 and 2011?b) What was the growth rate of the GDP deflatorbetween 2010 and 2011?c) What was real GDP in 2010 measured in 2005 price?d) What was real GDP in 2011 measured in 2005 price?

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Below are some data from the productions of milk and honey. price of quantity of price of quantity of price of quantity of year rice water water clothes clothes rice 25,500 $15.00 52,500 $25.00 2008 $350.00 2009 $355.00 27,500 $16.50 72,400 $26.00 2010 $365.00 28,000 $16.50 82,500 $28.00 i) 12,500 12,800 12,950 Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2008 as the base year.

Below are some data from the productions of milk and honey. price of quantity of price of quantity of price of quantity of year rice water water clothes clothes rice 25,500 $15.00 52,500 $25.00 2008 $350.00 2009 $355.00 27,500 $16.50 72,400 $26.00 2010 $365.00 28,000 $16.50 82,500 $28.00 i) 12,500 12,800 12,950 Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2008 as the base year.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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