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 Quantity 90 T-Shirts Red Bull (cans) Pizza (slices) Price $24 $2 $3 2012 Quantity 108 500 940 Price $24 $3 $6 500 1020 Nominal GDP in 2011 was $ 6220 and nominal GDP in 2012 was $ 9732). (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $6220 and real GDP in 2012 was $6912. (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was 1 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 $ and real GDP in 2012 was $ (Enter your responses as integers.) percent. (Round your response to two decimal places and use a Based on your answer above, the percentage change in real GDP between 2011 and 2012 was minus sign if necessary.) Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was (Round your responses to one decimal place.) percent. (Round your responses to one decimal place and use a Based on your answer above, the percentage change in prices between 2011 and 2012 was minus sign if necessary.)

Answer 1

Blanks:-

1) 90*24+500*2+1020*3 = 6220

2) 108*24+500*3+940*6 = 9732

3) 6220

4) 108*24+500*2+940*3 = 6412

5) 6412-6220/6220*100 = 3.09%

6) 90*24+500*3+1020*6 = 9780

7) 9732

8) 9732-9780/9780*100 = -0.49%

9) 6220/6220*100 = 100

10) 9732/6412*100 = 151.8

11) 151.8-100/100*100 = 51.8%