Suppose that we are in a small, local economy that produces three goods. They are: (i)...
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Suppose that we are in a small, local economy that produces three goods. They are: (i) Food, (ii) Gas, and (iii) Housing. The prices for reach of these goods from 2019-2022 are: Good Food Gas Housing Good 2019 Price 10 2 2,000 2019 Quantity 12 2 2,500 2021 Quantity 15 2 2,200 2020 Price 14 1.50 2,200 2022 Price 15 4 2,400 2020 Quantity 15 1.50 1,800 2021 Price Food 12 Gas 3 Housing 2,300 1. Calculate the Nominal GDP for this economy for 2019, 2020, 2021, and 2022. [2 points] 2. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2019 as the base year. [2 points] 2022 Quantity 16 2.50 2,300 3. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2020 as the base year. [2 points] 4. Calculate the Real GDP Deflators for 2021 and 2022 using the Nominal GDPs you calculated in Q1 and the Real GDPs you calculated in Q3. [2 points] 5. What is the annual inflation rate for 2022 according to the Real GDP Deflators you calculated in Q4? [2 points] Suppose that we are in a small, local economy that produces three goods. They are: (i) Food, (ii) Gas, and (iii) Housing. The prices for reach of these goods from 2019-2022 are: Good Food Gas Housing Good 2019 Price 10 2 2,000 2019 Quantity 12 2 2,500 2021 Quantity 15 2 2,200 2020 Price 14 1.50 2,200 2022 Price 15 4 2,400 2020 Quantity 15 1.50 1,800 2021 Price Food 12 Gas 3 Housing 2,300 1. Calculate the Nominal GDP for this economy for 2019, 2020, 2021, and 2022. [2 points] 2. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2019 as the base year. [2 points] 2022 Quantity 16 2.50 2,300 3. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2020 as the base year. [2 points] 4. Calculate the Real GDP Deflators for 2021 and 2022 using the Nominal GDPs you calculated in Q1 and the Real GDPs you calculated in Q3. [2 points] 5. What is the annual inflation rate for 2022 according to the Real GDP Deflators you calculated in Q4? [2 points]
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Related Book For
Probability And Statistics
ISBN: 9780321500465
4th Edition
Authors: Morris H. DeGroot, Mark J. Schervish
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