Consider a country in which three goods (A, B, and C) are produced. The following table shows data for prices and quantities produced for two years. Quantities produced Unit prices   Quantities produced Unit prices   Q1 Q2 P1 P2 Good A 51 45 10 14 Good B 23 54 10 6 Good C 6 12 10 8   Using year 1 as the base year, what is the value of the GDP deflator between years 1 and 2? Hint: Remember that the GDP deflator is a way of measuring the aggregate change in prices from one period to another. a. -25% b. 8% c. 12.5% d. 0%

For the next questions, suppose that a simple economy produces only four goods and services: cars, homes, cheeseburgers and cheese. Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year1 is the base year. Using the information in the table, nominal GDP for this simple economy in year 1 equals Quantity Quantity Product Price (Year 1) Price (Year 2) (Year 1) (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 150 6 Cheese 50 2 75 3 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 2250 b 4150 2350 d 2700

year Good A Good B Litres of water Kilos of apples PA X QA Pa X Qu 2018 2t X 100 3t X 400 2019 36X 200 4E X 500 2020 46 X 300 6t X 600 Let P = the per-unit market price: Q- the number of units produced and sold of each of the final goods produced within the nation, in a given year (le. GDP). Let 2018 be the base year. The percentage (%) change in nominal GDP from 2019 to 2020 (regardless of base year) is: OA) 0.85 (= 85%) B) 0.66 (- 66%) O9 0.56 (- 56%) D) 0.76 (- 76%) E) 0.46 (- 46%)

The following data shows the quantities of output a hypothetical economy produced in 2002,2005 and 2010, and the amounts consumed by a typical post- secondary student. Base Year = 2002 Product New Houses (units) Coffee (cups) Pizza (pieces) Beef (Kg) Photocopy (pages) Price $ 41,850 1.2 3 11 0.5 2002 Quantity Produced 47 80,200 16,440 70,080 58,400 Quantity Consumed A. Nominal GDP in 2002 B. Nominal GDP in 2005 C. Nominal GDP in 2010 D. Nominal GDP Growth 2002-2005 E. Nominal GDP Growth 2005-2010 F. Real GDP 2002 G. Real GDP 2005 H. Real GDP 2010 I. Real GDP Growth 2002-2005 J. Real GDP Growth 2002-2010 K. GDP Deflator 2002 L. GDP Deflator 2005 M. GDP Deflator 2010 N. Rate of inflation 2005-2010 O. Rate of inflation 2002-2010 P. Cost of 2002 Consumption Basket at 2002 Prices Q. Cost of 2002 Consumption Basket at 2005 Prices R. Cost of 2002 Consumption Basket at 2010 Prices 1 36 21 6 157 Price $ 40,580 1.95 9.5 14 0.65 2005 Quantity Produced 45 83,850 16,500 65,340 62,600 Calculate the…