Question
Table 23-12 A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year. Year Price
Table 23-12
A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year.
Year
Price of Ice Cream
Quantity of Ice Cream
Price of Cake
Quantity of Cake
Year: 2011
Price of ice cream 2011: $2.00
Quantity of ice cream 2011: 250
Price of cake 2011: $10
Quantity of cake 2011: 40
Year: 2012
Price of ice cream 2012: $2.30
Quantity of ice cream 2012: 200
Price of cake 2012: $14
Quantity of cake 2012: 50
Year: 2013
Price of ice cream 2013: $5
Quantity of ice cream 2013: 280
Price of cake 2013: $16.5
Quantity of cake 2013: 80
Answer these 3 questions
- Refer to Table 23-12. Calculate the nominal GDP for the year 2012.
- Refer to Table 23-12. Calculate the real GDP for the year 2012.
- Refer to Table 23-12. Calculate the GDP deflator for 2011[____] and the GDP deflator for 2013 [___].
.
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Financial Reporting And Analysis
Authors: Lawrence Revsine, Daniel Collins
5th Edition
0078110866, 978-0078110863
