Questions 7, 8, 9, 10 and 11 Calculate the nominal GDP for 2011.Calculate the nominal GDP for 2012.Calculate the nominal GDP for 2013.• Calculate the real GDP for 2011.• Calculate the real GDP for 2012.Calculate the real GDP for 2013.• Calculate the growth rate in real GDP for 2012. (using 1 decimal place• Calculate the growth rate in real GDP for 2013. (using 1 decimal place• Calculate the cost of the market basket for 2011 (using 1 decimal place).Calculate the cost of the market basket for 2012 (using 1 decimal place).• Calculate the cost of the market basket for 2013 (using 1 decimal place).• Calculate the CPI for 2012 (using 1 decimal place).• Calculate the CPI for 2013 (using 1 decimal place).• Calculate the inflation rate for 2012 using the CPI (using 1 decimal place).Calculate the inflation rate for 2013 using the CPI (using 1 decimal place).. Calculate the GDP deflator for 2012.• Calculate the GDP deflator for 2013 (using 1 decimal place).• Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place).• Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimal place).%%%%%of Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton.Base Year 2011ProductTextbooksHamburgersShirtsCottonQuantity Price190755020111002012Quantity Price$602$50 100210030500.80800250.602013Quantity10012065120Price$652.25250.70

Dear student as you have posted multipart question, we are supposed to do only the first three…

• Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place • Calculate the cost of the market basket for 2011 (using 1 decimal place). % %

• Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place • Calculate the cost of the market basket for 2011 (using 1 decimal place). % %

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.3: What Do Economists Do?

Problem 5R

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AABI AaBbCc AaBbC AaßbCcDc AaBbCcDc úlgaell 2 ülgis 1 ülgas blaí 1 T 3 4 5 6 Production Year 1 Year 2 Good X 50 Prices Year 3 Year 1 Year 2 Year 3 60 $1.20 $1.00 $0.60 $1.20 $0.60 50 Good Y 100 120 140 $1.00 1-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is 2-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is 3-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 2 is 4-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is 5-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is 6-Assume that this economy produces only two goods Good Xand Good Y. If year 1 is the base year, the value for this…
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