The next four questions involve the following situation: Consider an economy with only two products: guns and butter. There is no international trade and no gov- ernment. The following table shows production and prices in 2019 and 2020. Use 2019 as the base year for any relevant calculations. Year Good Price per unit Production (units) 2019 Guns $1,000 10,000 2019 Butter $100 5,000 2020 Guns $500 20,000 2020 Butter $200 5,000 9. What is nominal GDP in 2019? (A) $10,000,000. (B) $20,500,000. (C) $11,000,000. (D) $10,500,000. 10. What is nominal GDP in 2020? (A) $10,000,000. (B) $20,500,000. (C) $11,000,000. (D) $10,500,000. 11. What is real GDP in 2020? (A) $10,000,000. (B) $20,500,000. (C) $11,000,000. (D) $10,500,000. 12. What is the GDP deflator in 2020? (A) 537. (B) 186. (C) 18.6. (D) 53.7.

The next four questions involve the following situation: Consider an economy with only two products: guns and butter. There is no international trade and no gov- ernment. The following table shows production and prices in 2019 and 2020. Use 2019 as the base year for any relevant calculations. Year Good Price per unit Production (units) 2019 Guns $1,000 10,000 2019 Butter $100 5,000 2020 Guns $500 20,000 2020 Butter $200 5,000 9. What is nominal GDP in 2019? (A) $10,000,000. (B) $20,500,000. (C) $11,000,000. (D) $10,500,000. 10. What is nominal GDP in 2020? (A) $10,000,000. (B) $20,500,000. (C) $11,000,000. (D) $10,500,000. 11. What is real GDP in 2020? (A) $10,000,000. (B) $20,500,000. (C) $11,000,000. (D) $10,500,000. 12. What is the GDP deflator in 2020? (A) 537. (B) 186. (C) 18.6. (D) 53.7.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 7SCQ: Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at...

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