Nominal GDP for 2000= 100 *1 +50 *1 = 150 2001=200*2 +100*1.50= 550 2002=300*3 +150*3 = 1350 Real GDP for 2001=100 *1 +50 *1 = 150 2001=200 *1 +100 *1 = 300 2002=300 *1 +150 *1 = 450 a) Assume now in 2001 half of the Hummus consumed is imported. How does that change the nominal GDP? (b) Assume now in 2001, 100 units of the 200 units of Hummus produced is exported. How does that change the nominal GDP?
Nominal GDP for 2000= 100 *1 +50 *1 = 150 2001=200*2 +100*1.50= 550 2002=300*3 +150*3 = 1350 Real GDP for 2001=100 *1 +50 *1 = 150 2001=200 *1 +100 *1 = 300 2002=300 *1 +150 *1 = 450 a) Assume now in 2001 half of the Hummus consumed is imported. How does that change the nominal GDP? (b) Assume now in 2001, 100 units of the 200 units of Hummus produced is exported. How does that change the nominal GDP?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
ChapterD: The Expenditure-output Model
Section: Chapter Questions
Problem 24CTQ: Exercise D24 Compare two policies: a tax cut on income or an increase in government spending on...
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Nominal
2000= 100 *1 +50 *1 = 150
2001=200*2 +100*1.50= 550
2002=300*3 +150*3 = 1350
Real GDP for
2001=100 *1 +50 *1 = 150
2001=200 *1 +100 *1 = 300
2002=300 *1 +150 *1 = 450
a) Assume now in 2001 half of the Hummus consumed is imported. How does that change the nominal GDP?
(b) Assume now in 2001, 100 units of the 200 units of Hummus produced is exported. How does that change the nominal GDP?
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