Author Question: Calculating Real GDPYearQuantity of TweezersPrice of TweezersQuantity of PillowsPrice of ... (Read 11 times)

dusk108 · **on:** Nov 23, 2022

Question 1

Calculating Real GDP

If nominal GDP is $4 trillion and the GDP deflator is 141, then real GDP is ________ trillion. (Round to the nearest hundredth.)
◦ $5.64
◦ $14,500
◦ $2.84
◦ $3525

Question 2

Calculating Real GDP

Year	Quantity of Tweezers	Price of Tweezers	Quantity of Pillows	Price of Pillows	Quantity of Bicycles	Price of Bicycles
1	60	$5	25	$29	4	$600
2	90	6	40	37	8	750
3	105	9	75	47	12	975

Refer to the table. A small economy produces three goods: tweezers, pillows, and bicycles. The quantities produced and their corresponding prices for years 1, 2, and 3 are shown in the table. What is real GDP in Year 3, using Year 1 as the base year?
◦ $5615
◦ $9900
◦ $3425
◦ $16,170

sakura282000 · **Reply #1 on:** Nov 23, 2022

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