Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

So, they end up with two different growth rates, which are then averaged. Given this averaged growth rate, and the Iev of GDP in 2008

image text in transcribed
So, they end up with two different growth rates, which are then averaged. Given this averaged growth rate, and the Iev of GDP in 2008 at 2008 prices, the bureau then calculates real GDP for 2009 as one plus the average growth rate previously calculated. times 2008 output in 2008 dollars. The growth rate between 2009 and 2010 is then calculated similarly. Suppose that laptops, economics textbooks. and energy drinks are the only three goods produced in the United States The following table gives the quantity of each produced (in millions) and their price in the years from 2019 to 2021: Laptops Textbooks Energy Drln ks Price Quantity Price Quantity Price Quantity 2019 $1,400 7 $180 8 $4 30 2020 $1,100 9 $190 10 $6 35 2021 $900 9 $210 11 $6 40 Complete the following table by calculating nominal GDP and real GDP {using 2019 as the base year) for each year. (Enter your responses as integers.) Nominal GDP Real GDP(2019 Base) 2019 $ 11360 $ 11360 2020 $ 12010 $ 14540 2021 $ 10650 $ 14740 Using the chain-weighted method outlined above, real GDP for 2020 is $EI. {Round your response to the nearest dollar.) Using the chain-weighted method again, real GDP for 2021 is 5?. (Round your response to the nearest dollar.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mining And The State In Brazilian Development

Authors: Gail D Triner

1st Edition

1317323580, 9781317323587

More Books

Students also viewed these Economics questions