Question

1a. Suppose Kim purchases a new personal computer produced in China for $ 3,300. What is...

1a.

Suppose Kim purchases a new personal computer produced in China for $ 3,300. What is the effect on the components of GDP and GDP as a whole?

Instructions: If there is no impact on that component enter a 0 for $0. If there is a positive contribution to the component enter in a the whole dollar amount. If there is a negative contribution to the component enter a negative sign before the dollar amount. Be sure all boxes include a number.

Consumption $

Investment $

Government Expenditures $

Net Exports $

Change in GDP as a result of the transaction $

1b.

The annual output and prices of a 3-good economy are shown in the table below. Assume Year 1 is the base year.

Quantity of Ice Cream Price of Ice Cream Quantity of Shampoo Price of Shampoo Quantity of Peanut Butter Price of Peanut Butter
Year 1 4 $5 2 $3 4 $2
Year 2 6 $7 3 $5 3 $4


What was nominal GDP in year 1? $

What was real GDP in year 1? $     

What was nominal GDP in year 2? $

What was real GDP in year 2? $    

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Answer #1

1. (a) Kine Aurchases a new personal computer mean it 404 personal nouseeuflisch so, Coustenibhion Corepousuta by $3300 ConsuReal GDP (Year 2) = Price x Quantity (Yeary) (Year) E $5 (6) + $(3)(3) + $ 2 (3) = $30 + $9 + $6 - $45 - Real GDP in Yeal 2 -

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