Econ-201-G 12:30-1:50 pm FA-2017 Stanislas Setondjl Quiz: Chapter 5 Quiz This Qu

Question

Econ-201-G 12:30-1:50 pm FA-2017 Stanislas Setondjl Quiz: Chapter 5 Quiz This Question: 1 pt 4 of 16 This Quiz The country of Sylvaria produces and consumes only three goods: Red But, pizza, and T-shirts. The quanity produced and price of each good in 2011 and 2012 are given in the folowing table: 2011 2012 Quantity Price Quantity Price 525 $3 S8 108 T-Shirts Red Bul (cans) Pizza (slices) 90 520 1010 $25 $3 930 Nominal GDP in 2011 was Sard nominal GOP in 2012 was SL (Enter your rosponses as noon) "2011 is the base year, real GDP in 2011 was and real GOP in 2012 was S(Enter your responses as integers, r2012 is the base year, real GOP in 2011 was and real GDP in 2012 was s(Enter your responses as integers) Using 2011 as te base year, the GDP de ator w (Randy responses toone dona p was percent. (Round your response to two deaimal places and use a minus sign if necessary) charge in real GOP between 2011 and 2012 waspenert. (Rund your response to ho decinalplaces and use a minus spfnocessary) in2011 was [..]and the GOP donator in 2012 change in prices between 2011 and 2012 was percent (Round your responses to de rnal place and use o mns sgn "necessary ) above, te percentage Enter your answer in each of the answer boxes Save for Later esc

Explanation / Answer

1)Nominal GDP in 2011 = (90*25) +(520*2)+(1010*3)= 2250+1040+3030=6320.

Nominal GDP in 2012 =(108*25)+(520*3)+(930*6)=2700+1560+5580=9840.

2) Real GDP in 2011=6320.

Real GDP in 2012 =(108*25)+(520*2)+(930*3)=2700+1040+2790=6530.

3) percentage change in real GDP= (6530-6320)/6320 *100 =3.32%

4) if 2012 is base year.

Real GDP in 2011= (90*25)+(520*3)+(1010*6)=2250+1560+6060=9870.

Real GDP in 2012 = 9840

5) percentage change in real GDP = (9840-9870)/9870*100= -0.30%

6) GDP deflator = nominal gdp/real gdp )*100

In 2011 is =(6320/6320)*100= 100

In 2012 is = (9840/6530)*100=150.6

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