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Author Question: Refer to Table 20-15. Looking at the table above, real average hourly earnings were equal to ... (Read 108 times)

mmm

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on: Jun 29, 2018
Refer to Table 20-15. Looking at the table above, real average hourly earnings were equal to ________ in 2015.
 
  A) 9 B) 9.52 C) 10 D) 12

Question 2

Refer to Table 19-21. Consider the following data for a simple economy: Calculate nominal GDP and real GDP for 2016, using 2014 as the base year. Show your work.
 
  What will be an ideal response?


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sokh

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

Nominal GDP for 2016 equals (250  21 ) + (2,300  2 ) + (50  140 ) = 16,850.
Real GDP for 2016 equals (250  20 ) + (2,300  1 ) + (50  200 ) = 17,300.


mmm

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Reply #2 on: Jun 29, 2018
Correct answers!


sokh

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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