An economy produces three goods: A, B and C. Quantities (Q) and prices (P) per unit...
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An economy produces three goods: A, B and C. Quantities (Q) and prices (P) per unit for years 2010, 2011 and 2012 are as follows: A B C 2010 2011 2012 P 12 3 4 275 225 275 3 4 6 Ⓡ 375 375 275 P 4 15 7 Q 475 450 520 a. What is nominal GDP in 2012? b. Using the prices for 2012 as the set of common prices, what is real GDP in 2011? c. Using the prices for 2012 as the set of common prices, by what percentage does real GDP change from 2011 to 2012? ✓a. Nominal GDP in 2012 ✓ b. Real GDP in 2011 ✓c. Percentage change in real GDP from 2011 to 2012 4.28% 1. II. 6390 III. 6275 IV. 1.43% V. 2.16% VI. 6300 VII. 6210 VIII. 6285 IX. 3.15% An economy produces three goods: A, B and C. Quantities (Q) and prices (P) per unit for years 2010, 2011 and 2012 are as follows: A B C 2010 2011 2012 P 12 3 4 275 225 275 3 4 6 Ⓡ 375 375 275 P 4 15 7 Q 475 450 520 a. What is nominal GDP in 2012? b. Using the prices for 2012 as the set of common prices, what is real GDP in 2011? c. Using the prices for 2012 as the set of common prices, by what percentage does real GDP change from 2011 to 2012? ✓a. Nominal GDP in 2012 ✓ b. Real GDP in 2011 ✓c. Percentage change in real GDP from 2011 to 2012 4.28% 1. II. 6390 III. 6275 IV. 1.43% V. 2.16% VI. 6300 VII. 6210 VIII. 6285 IX. 3.15%
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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