Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 21, Problem 8SPA
To determine
Determine the value of chained-dollar real GDP in 2017.
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Students have asked these similar questions
France produces two goods: milk and wheat. Below is a table showing prices and quantities of output for three years:
Year Price of milk
Quantity of milk
Price of wheat
Quantity of wheat
2019
€1
200
€2.9
300
2020
€1.2
250
€3
330
2021
€1.4
280
€3.2
375
The nominal GDP for 2021 is
Assuming 2019 to be the base year, the real GDP for 2021 is
GD deflator for 2021 is
a)
France's Office of National Statistics decides to determine the following representative bundle of goods and services purchased by a typical consumer: 5 milk products and 4 wheat products. The
CPI in 2021 (assume 2019 to be the base year) is
The yearly inflation rate for 2021 is
In 2016, country A faced unfavorable weather conditions. Wheat production decreased
to 450kg. Wheat-growers continued to sell 100kg to consumers, but could only sell
350kg to flour mills. To maintain production, flour mills imported 50kg of wheat from
abroad, and maintained their production and sales unchanged. Prices did not move
between 2015 and 2016.
What is the GDP for 2016?
Consider the following data for a hypothetical economy that produces two goods, milk and cheese.
Quantity Produced
Mak (litres)
Cheese (kg)
110
121
Year 1
Year 2
Prices
Milk (Slitro) Cheese (S/kg)
6
7
66
3
Using year 1 as the base year, the 53 35% increase in nominal GDP may be explained by a % increase in real GDP and a 1% increase in prices
(Round your responses to two decimal places)
Chapter 21 Solutions
Macroeconomics
Ch. 21.1 - Prob. 1RQCh. 21.1 - Prob. 2RQCh. 21.1 - Prob. 3RQCh. 21.2 - Prob. 1RQCh. 21.2 - Prob. 2RQCh. 21.2 - Prob. 3RQCh. 21.2 - Prob. 4RQCh. 21.2 - Prob. 5RQCh. 21.3 - Prob. 1RQCh. 21.3 - Prob. 2RQ
Ch. 21.3 - Prob. 3RQCh. 21.3 - Prob. 4RQCh. 21.3 - Prob. 5RQCh. 21 - Prob. 1SPACh. 21 - Prob. 2SPACh. 21 - Prob. 3SPACh. 21 - Prob. 4SPACh. 21 - Prob. 5SPACh. 21 - Prob. 6SPACh. 21 - Prob. 7SPACh. 21 - Prob. 8SPACh. 21 - Prob. 9APACh. 21 - Prob. 10APACh. 21 - Prob. 11APACh. 21 - Prob. 12APACh. 21 - Prob. 13APACh. 21 - Prob. 14APACh. 21 - Prob. 15APACh. 21 - Prob. 16APACh. 21 - Prob. 17APACh. 21 - Prob. 18APACh. 21 - Prob. 19APACh. 21 - Prob. 20APACh. 21 - Prob. 21APACh. 21 - Prob. 22APACh. 21 - Prob. 23APACh. 21 - Prob. 24APACh. 21 - Prob. 25APACh. 21 - Prob. 26APACh. 21 - Prob. 27APACh. 21 - Prob. 28APA
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