Page 1 of 1
For questions 9 through 13, consider the following situation: Suppose that a simple economy produces only four goods and
Posted: Thu May 19, 2022 9:26 am
by answerhappygod
- For Questions 9 Through 13 Consider The Following Situation Suppose That A Simple Economy Produces Only Four Goods And 1 (67.56 KiB) Viewed 110 times
For
questions 9 through 13, consider the following situation: Suppose that a simple economy produces only four goods and services: Cars, homes, cheeseburgers and cheese. Assume all of the cheese are used in the production of the cheeseburgers. Quantity Price Quantity Price Product (Year 1) (Year 1) (Year 2) (Year 2) Cars 100 100 200 125 Homes 50 200 60 220 Cheeseburgers 200 10 300 15 Cheese 400 2 2 600 3 Using the information in the table, nominal GDP for this simple economy in year 1 equals 22000 26500 36200 22800
Question 10 Using the information in the table, nominal GDP in this simple economy in year 2 equals 26500 42700 36200 44500
Question 11 Using the information in the table, assume that year 1 is the base year. What is the real GDP in this simple economy in year 2? 27700 36200 44500 35000
Question 12 The GDP deflator in year 2 is 104.53 160.65 122.00 95.96
Question 13 In year 3, the GDP deflator is 147. The inflation rate between year 2 and year 1 is 9.3% 40.6% 20.5% 53.2%