The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in the years 2011 and 2014. Pucks Root beer Sandals Price $5 $7 Quantity 300 250 Quantity Price $20 $25 Year Quantity Price $20 100 110 2011 100 2014 125 $20 Instructions: Enter your responses as whole numbers. Assume that 2011 is the base year. Find nominal GDP and real GDP for both years. Year Nominal GDP Real GDP 2011 2014

The table below presents a brief summary of City Y’s total spending, local GDP, and population changes. Read the table and answer the following questions.     2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05   Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar.    Calculate the compound annual growth rate of per capita spending from 2010 to 2020 Interpret what the two spending-to-GDP ratios tell us about City Y’s spending trend. Assuming City Y’s population grows at a constant rate in the next decade. Based on the information in the table, estimate City Y’s population in 2030.

The country of Huskies produces two goods: footballs and basketballs. Below is a table showing prices and quantities of output for three years: Quantity of Footballs Quantity of Basketballs Price of Price of Year Footballs Basketballs Year 2016 $10 120 $12 200 Year 2017 12 200 15 300 Year 2018 14 180 18 275 a) Calculate nominal GDP for three years b) Calculate real GDP using 2016 as a base year c) Calculate GDP deflator for these three years

Laptops 2010 2011 2012 Price $1,700 $1,400 $1,200 Complete the following table by calculating nominal GDP and real GDP (using 2010 as the base year) for each year. (Enter your responses as integers.) 2010 2011 2012 Quantity 7 9 9 Textbooks Price Quantity $180 $190 6 8 $210 9 Nominal GDP $ 13,040 $ 14,260 $ 12,850 Using the chain-weighted method outlined above, real GDP for 2011 is $ 16,810. (Round your response to the nearest dollar.) Using the chain-weighted method again, real GDP for 2012 is $ (Round your response to the nearest dollar.) Energy Drinks Price Quantity $2 30 $4 35 $4 40 Real GDP (2010 Base) $ 13,040 $ 16,810 $ 17,000

Year 2001 2002 2003 2004 2005 Output Price Nom. GDP Real GDP 50 $23.00 $1,150.00 $1,350.00 52 $ 27.00 $1,404.00 $1,404.00 53 $ 30.00 $1,590.00 $1,431.00 51 $ 34.00 $1,734.00 $1,377.00 56 $31.00 $1,736.00 $1,512.00 Was the economy better off in 2003 or 2004? Explain

V4