Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Quantities Produced Laptops = 50 Books = 1,000 Year Price ($) Laptops = 200 Books = ? 2015 Laptops = 90 Books = ? Laptops = 170 Books = 8 2016 Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round your answer to one decimal place. a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015. If the real GDP in Britain was $15,000 in 2015, the price of books was: $ b. Using your answer from part (a), if the growth rate in nominal GDP was 15%, |books must have been produced in 2016. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: %.

Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Quantities Produced Laptops = 50 Books = 1,000 Year Price ($) Laptops = 200 Books = ? 2015 Laptops = 90 Books = ? Laptops = 170 Books = 8 2016 Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round your answer to one decimal place. a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015. If the real GDP in Britain was $15,000 in 2015, the price of books was: $ b. Using your answer from part (a), if the growth rate in nominal GDP was 15%, |books must have been produced in 2016. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was: %.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 4WNG

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