Answer Happy

The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 4 $ 5 6 Price Good Year 1 Quarts of ice cream $ 5 Bottles of shampoo $ 4 Jars of peanut butter $ 2 2 $ 4 3 4 $ 2 3 Instructions: Enter your answers as a whole number. Show your work [2 points] a. What was the economy's nominal GDP in year 1? b. What was its nominal GDP in year 2?
The following table shows the data for a hypothetical economy in a specific year. All figures are in billions of dollars. Billions of Category Dollars Personal consumption expenditures $ 50 Purchases of stocks and bonds 30 Net exports -10 Government purchases 20 Sales of secondhand items 8 Gross investment 25 Instructions: Enter your answer as a whole number. Show your work (3 points) What is the country's GDP for the year? billion
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Show your work [5 points) Year Nominal GDP, Price Index (2005 = Real GDP, Billions Effect on Nominal GDP 100) Billions 1978 2.293.80 140.40 1988 5,100.40 66.98 1998 8,793.50 85.51 2008 14,441.40 108.48 2018 20,501.00 128.59