Assume that in the Economy only two goods are produced: Computers and TV’s. Macroeconomic information for...

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Assume that in the Economy only two goods are produced: Computers and TV’s. Macroeconomic information for...

Assume that in the Economy only two goods are produced: Computers and TV’s. Macroeconomic information for this economy is given in Table.

a. How much is Nominal GDP in 2017 and 2018? What is the percentage change?

b. How much is Real GDP in 2017 and 2018, by considering 2017 as the base year? What is the percentage change?

c. How much is the GDP deflator in the two years? By what percentage does the price level change from the base year to 2018?

d. What was the growth rate of average labour productivity for the whole economy between 2017 and 2018?

	2017	2018
Output (Computers)	100	101
Output (TV's)	200	201
Employment (Computers)	1000	1100
Employment (TV's)	500	400
Price per Computer	$1000	$900
Price per TV	$500	$400

business economics

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Answer 1

Answer #1

00,000 a-100. 201,500 85.01 5.O-00 L-2013) 500 Nornirul GDP.-in-20.13 - 100000-t-10 0,000 200,000 10LX900一上一201x400 13 l300 ) s 100X1000...-t 200米500 Ral GDP in 2018 101Xi0oot ox 500 101,000一一土一100,500 201,500 e 20), S00

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Answer 2

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