MACROECONOMICS
14th Edition
ISBN: 9781337794985
Author: Baumol
Publisher: CENGAGE L
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Question
Chapter 6.A, Problem 2TY
To determine
(a)
Real
To determine
(b)
Percentage change in nominal and real GDP from 1996 to 2006 and from 2006 to 2016.
To determine
(c)
Percentage change in GDP deflator from 1996 to 2006 and from 2006 to 2016.
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Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts. Calculate the GDP deflator for 2015. Use 2009 as the base year for the calculations. Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$," "=," "%," or "," in your answer.
Compute the percentage change in the real GDP in 2018 and 2019 from the preceding year.
In an economy, Nominal GDP for year 2005 (base year = 1996) is $60 billion and the GDP deflator 2005 (base year = 1996) is 120. Calculate the Real GDP for 2005.
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