Solutions for question 12 2011QuantityPriceTotal Value1.Cars50$20,0002.Computers200$3,0003.What is 2011's nominal GDP?2012QuantityPriceTotal Value4.Cars70$23,0005.Computers250$3,5006.What is 2012's nominal GDP?7.Calculate the rate of growth of nominal GDP.8.Is this rate an accurate reflection of economic growth?Why or why not?To see true growth, we need to recalculate nominal GDP intoreal GDP. To do this, recalculate both GDP for both yearsusing 2012 as your base year,9.2011 real GDP (using 2012's prices)10.2012 real GDP (using 2012's prices)11.What is real economic growth for this nation?12.What do you notice about real and nominal GDP in the base year?hp

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Answered: Solutions for question 12

Business

Economics

Solutions for question 12

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Solutions for question 12

2011
Quantity
Price
Total Value
1.
Cars
50
$20,000
2.
Computers
200
$3,000
3.
What is 2011's nominal GDP?
2012
Quantity
Price
Total Value
4.
Cars
70
$23,000
5.
Computers
250
$3,500
6.
What is 2012's nominal GDP?
7.
Calculate the rate of growth of nominal GDP.
8.
Is this rate an accurate reflection of economic growth?
Why or why not?
To see true growth, we need to recalculate nominal GDP into
real GDP. To do this, recalculate both GDP for both years
using 2012 as your base year,
9.
2011 real GDP (using 2012's prices)
10.
2012 real GDP (using 2012's prices)
11.
What is real economic growth for this nation?
12.
What do you notice about real and nominal GDP in the base year?
hp

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