Year Price of Hot Dogs Quantity of Hot Dogs Price of Hamburgers Quantity of Hamburgers 2018 $1 100 $1 100 2019 $1.5 150 $1.5 150 2020 $2 200 $2 200 1-1. Calculate Nominal and Real GDP (Use 2018 as base year). Show your work! 1-2. Calculate the GDP Deflator. What's the percentage increase in Price Level between 2018 and 2019? Show your work!

Read Eye on Potential GDP in the eText or click on the icon i to open a copy. Then work the following exercise. In Korea, real GDP per hour of labor is $22, the real wage rate is $15 per hour, and people work an average of 46 hours Question Help per week. In the United States, real GDP per hour of labor is $76, the real wage rate is $50 per hour; and people work an average of 34 hours per week. Real wage rate (2012 dollars per hour) 65 60- Explain the difference in the two labor markets. 55- 50- In the graph, draw the Korean demand for labor curve (label it LDK) and the Korean supply of labor curve (label it LSk). Now mark the Korean labor market equilibrium. 45- 40- Draw the U.S demand for labor curve (label it LDUS) and the U.S. supply of labor curve (label it LSUS). Now mark the U.S. labor market equilibrium. 35- 30- 25- 20- 15- 10+ 22 Question Viewer 28 34 40 46 52 58 Labor (hours per worker per week) >>> Draw only the objects specified in the question. Click the graph, choose a…

Consider the table.   Shirts Pants Year Price Quantity Price Quantity 2013 $5.50 1500 $10.00 5000 2014 $7.50 1500 $15.00 4000 The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $58,250. Use the information in the table to answer the questions. What is nominal GDP in 2014? $     What is real GDP in 2014? Use 2013 as the base year. $     Real output from 2013 to 2014 has decreased. increased. stayed the same. experienced inflation.

• Holly has recently graduated from college and has bought a house that was built 50 years ago for $100,000. She used a real estate agent to help her find and purchase the house, and the real estate agent received 5 percent of the value of the sale, or $5,000, to be paid by the seller of the house. The value of GDP in this case would increase by $95,000. increase by $105,000 increase by $5,000. increase by $100,000.