Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton isused to produce shirts.ProductShoesHamburgersShirtsCotton2012 StatisticsQuantity90857012,000Price$50.003.0040.000.092020 StatisticsQuantity1001206012,0002021 StatisticsQuantity1001358513,000Price$60.003.0035.000.07(round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).a. If the base year is the year 2012, then real GDP for 2020 equals $b. The (annual) growth rate of real GDP in 2021 is%. (Enter your response as a percentage rounded to two decimal places.)Price$65.003.5035.000.08

Real GDP is considered as the value that is calculated after adjusting the overall productivity…

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2012 Statistics Quantity 90 85 70 12,000 Price $50.00 3.00 40.00 0.09 2020 Statistics Quantity 100 120 60 12,000 2021 Statistics Price Quantity Price $60.00 3.00 35.00 0.07 100 135 85 13,000 a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.) $65.00 3.50 35.00 0.08 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2012 Statistics Quantity 90 85 70 12,000 Price $50.00 3.00 40.00 0.09 2020 Statistics Quantity 100 120 60 12,000 2021 Statistics Price Quantity Price $60.00 3.00 35.00 0.07 100 135 85 13,000 a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.) $65.00 3.50 35.00 0.08 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Measuring The Cost Of Living

Section: Chapter Questions

Problem 3PA

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