The annual output and prices of a 3-good economy are shown in the table below. Good...
The annual output and prices of a 3-good economy are shown in the table below.
| Good | Price Year 1 | Quantity of Goods Year 1 | Price Year 2 | Quantity of Goods Year 2 | ||
|---|---|---|---|---|---|---|
| Quarts of ice cream | $5.00 | 4 | $5.00 | 6 | ||
| Botties of shampoo | $3.00 | 2 | $3.00 | 3 | ||
| Jars of peanut butter | $2.00 | 4 | $2.00 | 3 |
Instructions: Enter your answers as whole numbers.
a. What was GDP in year 1?
b. What was GDP in year 2?
Homework Answers
A) GDP in year 1 = 5*4 + 3*2 + 2*4 = 20 + 6 + 8 = $ 34
B) GDP in year 2 = 5*6 + + 3*3 + 2*3 = 30 + 9 + 6 = $ 45
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The annual output and prices of a 3-good economy are shown in the table below. Good...
The annual output and prices of a 3-good economy are shown in the table below.
The annual output and prices of a 3-good economy are shown in the table below. GoodPrice Year 1Quantity of Goods Year 1Price Year 2Quantity of Goods Year 2Quarts of ice cream$44$46Bottles of shampoo3233Jars of peanut butter243Instructions: Enter your answers as whole numbers. a What was GDP in year 1? b. What was GDP in year 2?
The annual output and prices of a 3-good economy are shown in the table below
The annual output and prices of a 3-good economy are shown in the table below. GoodPrice Year 1Quantity of Goods Year 1Price Year 2Quantity of Goods Year 2Quarts of ice cream$63$65Bottles of shampoo4142Jars of peanut butter3332Instructions: Enter your answers as whole numbers. a. What was GDP in year 1? b. What was GDP in year 2?
The annual output and prices of a 3-good economy are shown in the table below. Assume...
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 CreamPrice of Ice CreamQuantity of ShampooPrice of ShampooQuantity of Peanut ButterPrice of Peanut ButterYear 13$51$43$3Year 25$92$62$4What was nominal GDP in year 1?$ What was real GDP in year 1?$ What was nominal GDP in year 2?$ What was real GDP in year 2? $
The annual output and prices of a 3-good economy are shown in the table below. Assume...
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Consider an economy that only produces two goods: strawberries and cream. Use the table below to...
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The annual output and prices of a 3-good economy are shown in the table below. GoodPrice Year 1Quantity of Goods Year 1Price Year 2Quantity of Goods Year 2Quarts of ice cream$44$46Bottles of shampoo3233Jars of peanut butter243Instructions: Enter your answers as whole numbers. a What was GDP in year 1? b. What was GDP in year 2?
The annual output and prices of a 3-good economy are shown in the table below. Assume Year 1 is the base year. Quantity Price of Ice Quantity of of Ice Cream Shampoo Cream Price of Shampoo Quantity of Peanut Butter Price of Peanut Butter Year 1 $3 Year 2 $10 What was nominal GDP in year 1?$ What was real GDP in year 1?$ What was nominal GDP in year 2?$ 0 What was real GDP in year 2?$O
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