Question

The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:

	2011				2012
	Quantity		Price		Quantity		Price
T-Shirts	90		$25		108		$25
Red Bull (cans)	510		$2		510		$3
Pizza (slices)	980		$3		900		$6

Nominal GDP in 2011 was

$nothing

and nominal GDP in 2012 was

$nothing.

(Enter

your responses as

integers.)

If 2011 is the base year, real GDP in 2011 was

$nothing

and real GDP in 2012 was

$nothing.

(Enter

your responses as

integers.)

Based on your answer above, the percentage change in real GDP between 2011 and 2012 was

nothing

percent.

(Round

your response to two decimal places and use a minus sign if

necessary.)

If 2012 is the base year, real GDP in 2011 was

$nothing

and real GDP in 2012 was

$nothing.

(Enter

your responses as

integers.)

Based on your answer above, the percentage change in real GDP between 2011 and 2012 was

nothing

percent.

(Round

your response to two decimal places and use a minus sign if

necessary.)

Using 2011 as the base year, the GDP deflator in 2011 was

nothing

and the GDP deflator in 2012 was

nothing.

(Round

your responses to one decimal

place.)

Based on your answer above, the percentage change in prices between 2011 and 2012 was

nothing

percent.

(Round

your responses to one decimal place and use a minus sign if

necessary.)

Answer 1

ref::  https://www.homeworklib.com/question/1563081/the-country-of-sylvania-produces-and-consumes