Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 3 bars and the price is $4. In year 2, the quantity produced is 4 bars and the price is $5. In year 3, the quantity produced is 5 bars and the price is $6. Year 1 is the base year.What is nominal GDP for each of these three years?What is real GDP for each of these years?What is the GDP deflator for each of these years?What is the percentage growth rate of real GDP from year 2 to year 3?What is the inflation rate as measured by the GDP deflator from year 2 to year 3?
Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 3 bars and the price is $4. In year 2, the quantity produced is 4 bars and the price is $5. In year 3, the quantity produced is 5 bars and the price is $6. Year 1 is the base year.What is nominal GDP for each of these three years?What is real GDP for each of these years?What is the GDP deflator for each of these years?What is the percentage growth rate of real GDP from year 2 to year 3?What is the inflation rate as measured by the GDP deflator from year 2 to year 3?
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 6PA
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Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 3 bars and the price is $4. In year 2, the quantity produced is 4 bars and the price is $5. In year 3, the quantity produced is 5 bars and the price is $6. Year 1 is the base year.
What is nominal
What is real GDP for each of these years?
What is the GDP deflator for each of these years?
What is the percentage growth rate of real GDP from year 2 to year 3?
What is the inflation rate as measured by the GDP deflator from year 2 to year 3?
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