MACROECONOMICS FOR TODAY
10th Edition
ISBN: 9781337613057
Author: Tucker
Publisher: CENGAGE L
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Chapter 5, Problem 14SQ
To determine
The calculation of the real
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please answer part a-d using the data given below
following data for Bacon County, Georgia, an area that produces only two products: firewood and cattle.
a. The nominal GDP in 2017 in Bacon County is:
760
420
1140
1450
b. Real GDP for Bacon County for 2017 using 2007 as the base year equals
1450
690
420
560
c. What is the GDP deflator in 2017, using 2007 as the base year?
131.825
126.19
73.68
165.22
d. Assume the average annual CPI values for 2010 and 2014 were 225 and 256, respectively. What was the inflation rate for 2014 according to the CPI?
13.8%
12.1
15.6%
31.0%
You are given the following:
Year
Quantity of Cars
Price of Cars
Quantity of Buses
Price of Buses
2013
5 million
$20,000
1 million
$100,000
2014
5.1 million
$22,000
1.2 million
$102,000
Base Year = 2013
2a. Calculate nominal GDP for 2013.
2b. Calculate nominal GDP for 2014.
2c. Calculate real GDP for 2014.
2d. Calculate the GDP Deflator to the nearest tenth for 2014.
2e. What does your previous number mean?
2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)
Chapter 5 Solutions
MACROECONOMICS FOR TODAY
Ch. 5.6 - Prob. 1YTECh. 5 - Prob. 1SQPCh. 5 - Prob. 2SQPCh. 5 - Prob. 3SQPCh. 5 - Prob. 4SQPCh. 5 - Prob. 5SQPCh. 5 - Prob. 6SQPCh. 5 - Prob. 7SQPCh. 5 - Prob. 8SQPCh. 5 - Prob. 9SQP
Ch. 5 - Prob. 10SQPCh. 5 - Prob. 11SQPCh. 5 - Prob. 12SQPCh. 5 - Prob. 13SQPCh. 5 - Prob. 1SQCh. 5 - Prob. 2SQCh. 5 - Prob. 3SQCh. 5 - Prob. 4SQCh. 5 - Prob. 5SQCh. 5 - Prob. 6SQCh. 5 - Prob. 7SQCh. 5 - Prob. 8SQCh. 5 - Prob. 9SQCh. 5 - Prob. 10SQCh. 5 - Prob. 11SQCh. 5 - Prob. 12SQCh. 5 - Prob. 13SQCh. 5 - Prob. 14SQCh. 5 - Prob. 15SQCh. 5 - Prob. 16SQCh. 5 - Prob. 17SQCh. 5 - Prob. 18SQCh. 5 - Prob. 19SQCh. 5 - Prob. 20SQ
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