Question

An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2006 and 2007 are shown in the table below. 2006 2007 Quantity Quantity Cars Computers Oranges Price $1,800 $1,200 $1.00 Price $3,200 $400 $1.00 1,000 900 Nominal GDP for 2006 is $(Round your response to two decimal places.) Nominal GDP for 2007 iound your response to two decimal places.) Using the prices for 2006 as the set of common prices, real GDP in 2006 is $ -(Round your response to two decimal places.) Using the prices for 2006 as the set of common prices, real GDP in 200is(Round your response to two decimal places.) Using the prices for 2006 as the set of common prices, the GDP deflator for 2006 is. (Round your response to two decimal places.) Using the prices for 2006 as the set of common prices, the GDP deflator for 2007 isRound your response to two decimal places.) Using the GDP deflators you calculated above and using the prices from 2006 as your set of common prices, the rate of inflation from 2006 to 2007 is %. (Round your response to two decimal places.) Using the prices for 2007 as the set of common prices, real GDP in 2006 is S. (Round your response to two decimal places.) Using the prices for 2007 as the set of common prices, real GDP in 2007 is $ . (Round your response to two decimal places.)

Answer 1

Nominal uDPfs 2006 14.100 t 3600-t,100 o 1 000 52600 t 2300t 4 o o -.. 61,500 61, 300 uhl horl in 200 = 8X1800 t.3X 1200. t 1000x1 = \yMoo-4-3600 上 1000 1 19,000 32,400 t g, y00-t 900