The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The...

 

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The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2012 T-Shirts Red Bull (cans) Pizza (slices) 2011 Quantity 100 530 970 Price $25 $1 $3 Quantity 120 530 890 Price $25 $2 56 Nominal GDP in 2011 was $ and nominal GDP in 2012 was $ (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary.) If 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your answer above, the percentage change in prices between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary.) (Round your responses to one decimal place.) percent. (Round your responses to one decimal place and use a minus sign if necessary) The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2012 T-Shirts Red Bull (cans) Pizza (slices) 2011 Quantity 100 530 970 Price $25 $1 $3 Quantity 120 530 890 Price $25 $2 56 Nominal GDP in 2011 was $ and nominal GDP in 2012 was $ (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary.) If 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your answer above, the percentage change in prices between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary.) (Round your responses to one decimal place.) percent. (Round your responses to one decimal place and use a minus sign if necessary)

Answer rating: 100% (QA)

To calculate the nominal GDP we multiply the quantities produced by their respective prices and sum them up 2011 Nominal GDP Price of TShirts in 2011 Quantity of TShirts in 2011 Price of Red Bull in 2... View the full answer